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Author Topic: Bitcoin holders will have to pay their tax?  (Read 3936 times)
Dudeperfect
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September 09, 2018, 09:00:52 AM
 #401

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

OP probably wanted to say that you may have to pay a tax on your cryptoholdings very much like you have to pay a  property tax every year in so many countries. For example, if you own a few acres of land or a piece of real estate, say, a shabby cabin by the lake, these are all taxable. Though I don't know how any government is going to collect such a tax if it levies it on possession of crypto. I don't know if there is such a government, but it would interesting to see how things are going to develop in this particular case and what their mileage will be

As for myself, such tax doesn't make much sense as it will be very hard to collect and yet harder to prove tax evasion

Yes, tracking crypto holdings and assessing the tax liability is the real trouble for the governments. I recently read this article,

* Japan’s National Police Installing Crypto Transaction Tracking System - Bitcoin News.

But there is always a loophole for such system and hence the whole system is based on self-declaration and assessment in the initial phase, that would create chaos across the crypto community. As of now, in my country, we are taxed when the amount is converted into the fiat currency and there is no other way for the government to believe on the information furnished by the taxpayer assessee.

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September 09, 2018, 09:19:28 AM
 #402

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.
I think for those countries that accept btc their governments have started to charge taxes because many people who make a profit from it actually do not affect the number of people who invest. The btc or cryptocurrency in the meantime helps the market to benefit
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September 09, 2018, 03:11:39 PM
 #403

In my opinion, it's good if all the Bitcoin users can pay their taxes. By this, we can say with confidence that Bitcoin is helping every Country's economy. and I know that more people will join the crypto World regardless of the tax that they need to pay.

Caotodoxunir
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September 09, 2018, 03:45:18 PM
 #404

It is really okay to pay but hey, some reasons are just nonsense. We also want to help one another by engaging on some charitable program. Governments, also have a lot of budgets so they won't bother.
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September 09, 2018, 04:01:30 PM
 #405

I think yes while the country has given permission and legalized bitcoin, so with the legalization of bitcoin, the government will certainly also ask for the user tax.

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September 09, 2018, 04:40:25 PM
 #406

Many countries have adopted Bitcoin and I think taxation is evident. Everything within the framework of the country should abide by and comply with even Bitcoin. Taxation helps maintain the budget and many areas of the country. I approve of this.
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September 09, 2018, 05:24:09 PM
 #407

Well, At present, more progressive-minded Governments see Bitcoin as a virtual currency, and are taxed under capital gains. Maybe it has opposed the initial idea of the discovery of Bitcoin, but over time, there are various kinds of laws in many countries that can cause taxes on Bitcoin.
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September 13, 2018, 09:53:06 AM
 #408

No. There is no TAX in cryptocurrency and a bitcoin holder will not pay for it except that if the government had stepped in to regulate cryptocurrency just like here in the Philippines where the exchange has a high transaction fee that you could not do a day trading unless you will going to use another exchange if you wish to do day trading.
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September 13, 2018, 10:11:13 AM
 #409

In my opinion paying tax in your profit is good. and also it gives a sense  of responsibility and sense of acceptance by the government. However , ones must not be taxed in losses.
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September 13, 2018, 10:49:42 AM
 #410

If people who use or hold a bitcoin will have to pay a tax. Certainly it would be difficult for the government to find out or know who these people are. But if people are cooperating with the government it is definitely a big impact on ours and it is possible to improve our economy and increase jobs.

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September 14, 2018, 09:38:02 AM
 #411

You should listen to news and read latest articles in order to stay update. Bitcoin has been successfully recognized by so many developed countries of the world such as America, England, Japan and so on. Recently Germany has also recognized bitcoin which means it is legal in these states. Bitcoin is decentralized so no one can put tax on it.
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September 14, 2018, 02:50:18 PM
Last edit: September 15, 2018, 09:35:07 AM by deisik
 #412

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

OP probably wanted to say that you may have to pay a tax on your cryptoholdings very much like you have to pay a  property tax every year in so many countries. For example, if you own a few acres of land or a piece of real estate, say, a shabby cabin by the lake, these are all taxable. Though I don't know how any government is going to collect such a tax if it levies it on possession of crypto. I don't know if there is such a government, but it would interesting to see how things are going to develop in this particular case and what their mileage will be

As for myself, such tax doesn't make much sense as it will be very hard to collect and yet harder to prove tax evasion

Yes, tracking crypto holdings and assessing the tax liability is the real trouble for the governments. I recently read this article,

* Japan’s National Police Installing Crypto Transaction Tracking System - Bitcoin News.

But there is always a loophole for such system and hence the whole system is based on self-declaration and assessment in the initial phase, that would create chaos across the crypto community. As of now, in my country, we are taxed when the amount is converted into the fiat currency and there is no other way for the government to believe on the information furnished by the taxpayer assessee.

It will create chaos in the tax system itself before anything else. For example, here, in Soviet Russia (lol) the tax authorities have officially stated that they are not going to do anything about crypto and those who are involved in cryptocurrency operations. And it is not about possessing crypto and declaring it, it is about anything crypto related as such including income tax on profits earned via cryptocurrency operations (aka "buy low, sell high"), the tax which you should pay in other countries lest you get in jail. Yes, it is an official position of the Russian tax service, and it is dictated by understanding that going after every potential tax dodger would create more problems than solve

So cryptocurrencies are officially tax-free or tax-exempt in Russia



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zubrr51
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September 14, 2018, 02:53:27 PM
 #413

As far as I understand, Bitcoin is arranged in such a way that governments can not oblige owners to pay a certain percentage of the profits of owning them.

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Dudeperfect
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September 14, 2018, 03:23:48 PM
 #414

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

OP probably wanted to say that you may have to pay a tax on your cryptoholdings very much like you have to pay a  property tax every year in so many countries. For example, if you own a few acres of land or a piece of real estate, say, a shabby cabin by the lake, these are all taxable. Though I don't know how any government is going to collect such a tax if it levies it on possession of crypto. I don't know if there is such a government, but it would interesting to see how things are going to develop in this particular case and what their mileage will be

As for myself, such tax doesn't make much sense as it will be very hard to collect and yet harder to prove tax evasion

Yes, tracking crypto holdings and assessing the tax liability is the real trouble for the governments. I recently read this article,

* Japan’s National Police Installing Crypto Transaction Tracking System - Bitcoin News.

But there is always a loophole for such system and hence the whole system is based on self-declaration and assessment in the initial phase, that would create chaos across the crypto community. As of now, in my country, we are taxed when the amount is converted into the fiat currency and there is no other way for the government to believe on the information furnished by the taxpayer assessee.

It will create chaos in the tax system itself before anything else. For example, here, in Soviet Russia (lol) the tax authorities have officially stated that they are not going to do anything about crypto and those who are involved in cryptocurrency operations. And it is not about possessing crypto and declaring it, it is about anything crypto related assuch including income tax on profits earned via cryptocurrency operations ("buy low, sell high"), the tax which you should pay in other countries lest you get in jail. Yes, it is an official position of the Russian tax service, and it is dictated by understanding that going after every potential tax dodger would create more problems than solve

So cryptocurrencies are officially tax-free or tax-exempt in Russia

Yes, some countries are like tax haven for the Bitcoin or cryptocurrencies. It would be exciting to watch the progress of cryptocurrencies in developed as well as developing nations. I really appreciate tax exemption for cryptocurrencies because, at the end of the day, it is going to benefit the country and its economy. However, I am not sure how it is going to sustain in the long run, if it is taking place across the world.

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September 14, 2018, 03:46:10 PM
 #415

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.
The Government should not impose taxes on the holders of Bitcoin. Bitcoin is a currency and you won't tell me to pay tax on my dollars deposited in a bank. They can only tax the registered companies (if any) offering Bitcoin services.
supandi wiharja
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September 14, 2018, 04:27:36 PM
 #416

It's should be like that, when a successful investor or someone who sells bitcoin into local currency should be taxed. Because if not like that their country will experience an economic crisis and even go bankrupt.
Obviously in the future surely the popularity of bitcoin will be lower, because in addition to successful investors there are also small people who are trying to get very low amounts of bitcoin. Maybe for successful investors this don't affect his business, because I am sure they make quite a lot of profits

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September 14, 2018, 04:38:55 PM
 #417

I am not sure what are you willing to say exactly but as of now, I am paying taxes for the earning made in Bitcoin or any other cryptocurrency for that matter. It is true that Bitcoin is not yet legalized by most of the governments but that doesn't mean we shouldn't pay tax on it. Any gain is subject to tax (with some provisions and exceptions) in my jurisdiction so even if it is not taxable as Bitcoin but it is taxable as a monetary gain in my country.

OP probably wanted to say that you may have to pay a tax on your cryptoholdings very much like you have to pay a  property tax every year in so many countries. For example, if you own a few acres of land or a piece of real estate, say, a shabby cabin by the lake, these are all taxable. Though I don't know how any government is going to collect such a tax if it levies it on possession of crypto. I don't know if there is such a government, but it would interesting to see how things are going to develop in this particular case and what their mileage will be

As for myself, such tax doesn't make much sense as it will be very hard to collect and yet harder to prove tax evasion

Yes, tracking crypto holdings and assessing the tax liability is the real trouble for the governments. I recently read this article,

* Japan’s National Police Installing Crypto Transaction Tracking System - Bitcoin News.

But there is always a loophole for such system and hence the whole system is based on self-declaration and assessment in the initial phase, that would create chaos across the crypto community. As of now, in my country, we are taxed when the amount is converted into the fiat currency and there is no other way for the government to believe on the information furnished by the taxpayer assessee.

It will create chaos in the tax system itself before anything else. For example, here, in Soviet Russia (lol) the tax authorities have officially stated that they are not going to do anything about crypto and those who are involved in cryptocurrency operations. And it is not about possessing crypto and declaring it, it is about anything crypto related assuch including income tax on profits earned via cryptocurrency operations ("buy low, sell high"), the tax which you should pay in other countries lest you get in jail. Yes, it is an official position of the Russian tax service, and it is dictated by understanding that going after every potential tax dodger would create more problems than solve

So cryptocurrencies are officially tax-free or tax-exempt in Russia

The population of the Russian Federation is 147 million.
The working population is 71.8 million.
Millions of them are officially not employed anywhere and do not pay taxes.
Citizens of the former Soviet republics + Chinese, Koreans and other people who live without registration can not be counted (several million 2-5, read some opinions). They also do not pay taxes. All issues are resolved through bribes.

This is our country, and mining has nothing to do with it. Catching miners is a difficult task and not the most urgent problem.


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September 14, 2018, 04:49:13 PM
 #418

In my opinion, it's good if all the Bitcoin users can pay their taxes. By this, we can say with confidence that Bitcoin is helping every Country's economy. and I know that more people will join the crypto World regardless of the tax that they need to pay.

How can you say that it is good if those people are investing and using Bitcoin to evade the eyes of the government and to evade the taxes from their profit? I will not accept the tax on it since the price of Bitcoin is volatile, that means the profit that we will be getting from trading will be dependent on the price movement.

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September 14, 2018, 05:22:37 PM
 #419

We will have time to decide whether to pay taxes or not. It will be possible to exchange all our bitcoins for fiat and then we will not have to pay taxes or if we want to earn money with bitcoin then we have to pay tax, because breaking the laws no one will want. We can also bypass all these taxes, but this of course will have to be done at our own peril and risk. I think it's better to work legally, because we will work without risks and problems.

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September 14, 2018, 05:40:08 PM
 #420

Bitcoin holders or users are not obliged to pay tax, as we know bitcoin is cryptocurrency and it is decentralized.

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