Tax on the crypto currency! What do you think?

[harastvo]

There are several tax options today, and all of them can be applied to crypto-currencies, depending on how the latter are defined in the state. Most often, the following taxes are introduced:

• Value Added Tax (VAT). It can be levied by trade operations made with the help of crypto currency as a means of payment, as well as currency exchange. Basically - the exchange of crypto currency for fiat money, but in theory VAT can be levied on the exchange of crypto currency between each other. It operates mainly in those countries where crypto-currencies are recognized as a payment instrument, for example, in Japan. When buying goods and services for cryptocurrensies, VAT will also have to be paid to the residents of the UK, but they can exchange the crypto-currencies for fiat without paying VAT.
• Tax on goods and services. A kind of analogue of VAT for those countries that have recognized crypto-currencies are not a means of payment, but a commodity. Acts on the same principle as VAT. Only in the case of VAT, the taxpayer is in fact a buyer, and in the case of a tax on goods and services, a supplier of goods and services, in this case a holder of a crypto currency. He has been working in Singapore for several years. At the beginning of this year, a similar system was adopted by Israel with respect to the mining, which was equated with the production of goods.
• Personal income tax. Personal incomes in crypto-currencies are taxed, for example, the salary paid by the employer in bitcoins. Implemented, for example, in the US.
• Profits tax. They are subject to any companies that make a profit. Also, they are subject to profits earned as a result of trading on the exchange and the performance of other currency transactions. In the cryptosphere, this system is used specifically to tax the crypto traders and various crypto-currency organizations (from the exchange of crypto-currencies to the pools for mining). Mining may also be subject to profit tax. In the US, for example, take into account the profit from crypto-activity in the tax declaration will have to be traders and miners, and all people who somehow earn on crypto-currencies as a result of speculation. The same tax is levied on all crypto-currency transactions made by legal entities in Australia and Japan.
• Capital gains tax. They are subject to income of individuals and legal entities obtained as a result of investing in shares, bonds, securities, valuable assets and so on. In the cryptosphere, it starts acting as soon as the crypto-currencies are equated to valuable assets. Not only investors fall in, but all holders are also crypto currency. This system is implemented in the US, where it matters how long the holders of crypto currency keep them and in what quantity. He also works in Australia, Brazil, Canada and in many EU countries - Bulgaria, Finland, Germany, Spain and others.
• Property tax. For the cryptosphere, it becomes important when the crypto-currencies are recognized as property, a valuable asset that is owned. As soon as such an amendment is made, the holder of the crypto currency is required to notify the tax service of all transactions concluded with this asset. Such an amendment was introduced in the US tax legislation, where the crypto-currencies in this case are presented as a valuable asset, and in Australia, where they are recognized as property.

What do you think about the taxation of cryptocurrencies? Which model fits best?

[embargo]

I think it is not realistic to be deaf in the country for every citizen, how much he owns crypto-currencies. Yes, and still recover the tax from it. To be able to collect taxes, the state should control the system itself, where the crypto currency is actually used - and this is not realistic for a single country. Scales are too huge.

[Coffee135]

I don't think about taxes. I have an opportunity not to pay them and I won't do it. The government should make the tax but not to extort him. Do you see government support for all participants in the cryptocurrency market? What to pay tax for? I hope that someday I will have the opportunity not to use Fiat and I will not interfere with the government at all.

[pereira4]

I think it is not realistic to be deaf in the country for every citizen, how much he owns crypto-currencies. Yes, and still recover the tax from it. To be able to collect taxes, the state should control the system itself, where the crypto currency is actually used - and this is not realistic for a single country. Scales are too huge.

It's obviously not possible to control cryptocurrency flows and therefore tax them accordingly, but they can easily track every single dollar/fiat/whatever currency that's collaborating with an exchange, then see how much fiat you spent in a single currency.

When you want to cash out to buy real state or something, you will need records of all of your trades and crypto accounting, so try to keep track of that. I have lost some of my history in trading due dead exchanges and now im worried about that. This has happened to a lot of people and I wonder what they did about it.

[sheenshane]

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

[Kronos21]

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

I think you're mistaken. The fact that you pay taxes when you purchase goods, the government is not enough. They want to take away part of the income from people at any stage of Fiat turnover. Once you change your bitcoin to Fiat most governments will consider this your income and require payment of income tax. This requirement is postponed to the beginning of next year. You may still have a nasty conversation with the tax authorities of your country.

[glowing10]

I don't think about taxes. I have an opportunity not to pay them and I won't do it. The government should make the tax but not to extort him. Do you see government support for all participants in the cryptocurrency market? What to pay tax for? I hope that someday I will have the opportunity not to use Fiat and I will not interfere with the government at all.

Well do you think government when comes to know that you have not paid the taxes on your earning from crypto will be spared? Don't you think government in some countries are becoming stricter for the use of this currencies and they are doing a detail investigations and checking if taxes are paid or not?

[trecore4]

What I think ? I think its perfect way to legalise the crypto currencies itself and government can also benefit from the taxes that are conveyed through this procedure.
However, taxation is the first step towards making the crypto currencies as legal tender of that particular country and counties if it is big one.

I would say taxes should be applied everywhere for this so that we can sue the crypto currencies the normal way as if we are using the fiat currencies in the first place. So its more or less good thing to have in place.

[kive2k]

I think that there is still no and there can not be any tools for regulating and paying taxes for crypto-currencies. It's still early to talk about this, it takes more time.

[zakariajaki]

read the article from your writing is very interesting, but my opinion as a layman to the tax problem I think the government is too exaggerated with the rules addressed to crypto, it is not that easy the government can make the tax policy must be detailed and thorough, I can not contend further against tax issued by the government before any standard rules are adopted and passed globally or by country, but my opinion is very simple if crypto is restricted by government tax, then what does the crypto user get from that tax, security, comfort or facility?
hopefully useful and successful for us all
 

[South Park]

Technically you should already be paying taxes to whatever income you are making in cryptocurrencies but it seems governments want to make paying your taxes a very complicated matter, this instead of being an incentive is going to create the attitude among those that invest in cryptocurrencies to not bother to do it and only try to fix things up if the taxman comes knocking at your door.

[Findingnemo]

Technically you should already be paying taxes to whatever income you are making in cryptocurrencies but it seems governments want to make paying your taxes a very complicated matter, this instead of being an incentive is going to create the attitude among those that invest in cryptocurrencies to not bother to do it and only try to fix things up if the taxman comes knocking at your door.

The very much important thing for cryptocurrency to make them as stable and standard so we can do something for the future generations and well so our future life will be grateful late paying taxes also in the case that way we say pay taxes for all kind of things from Government

[Babyhouse]

Having task is way better than being elligal I guess.

[alfs75]

There are several tax options today, and all of them can be applied to crypto-currencies, depending on how the latter are defined in the state. Most often, the following taxes are introduced:
Value Added Tax (VAT). It can be levied by trade operations made with the help of crypto currency as a means of payment, as well as currency exchange. Basically - the exchange of crypto currency for fiat money, but in theory VAT can be levied on the exchange of crypto currency between each other. It operates mainly in those countries where crypto-currencies are recognized as a payment instrument, for example, in Japan. When buying goods and services for cryptocurrensies, VAT will also have to be paid to the residents of the UK, but they can exchange the crypto-currencies for fiat without paying VAT.
Tax on goods and services. A kind of analogue of VAT for those countries that have recognized crypto-currencies are not a means of payment, but a commodity. Acts on the same principle as VAT. Only in the case of VAT, the taxpayer is in fact a buyer, and in the case of a tax on goods and services, a supplier of goods and services, in this case a holder of a crypto currency. He has been working in Singapore for several years. At the beginning of this year, a similar system was adopted by Israel with respect to the mining, which was equated with the production of goods.
Personal income tax. Personal incomes in crypto-currencies are taxed, for example, the salary paid by the employer in bitcoins. Implemented, for example, in the US.
Profits tax. They are subject to any companies that make a profit. Also, they are subject to profits earned as a result of trading on the exchange and the performance of other currency transactions. In the cryptosphere, this system is used specifically to tax the crypto traders and various crypto-currency organizations (from the exchange of crypto-currencies to the pools for mining). Mining may also be subject to profit tax. In the US, for example, take into account the profit from crypto-activity in the tax declaration will have to be traders and miners, and all people who somehow earn on crypto-currencies as a result of speculation. The same tax is levied on all crypto-currency transactions made by legal entities in Australia and Japan.
Capital gains tax. They are subject to income of individuals and legal entities obtained as a result of investing in shares, bonds, securities, valuable assets and so on. In the cryptosphere, it starts acting as soon as the crypto-currencies are equated to valuable assets. Not only investors fall in, but all holders are also crypto currency. This system is implemented in the US, where it matters how long the holders of crypto currency keep them and in what quantity. He also works in Australia, Brazil, Canada and in many EU countries - Bulgaria, Finland, Germany, Spain and others.
Property tax. For the cryptosphere, it becomes important when the crypto-currencies are recognized as property, a valuable asset that is owned. As soon as such an amendment is made, the holder of the crypto currency is required to notify the tax service of all transactions concluded with this asset. Such an amendment was introduced in the US tax legislation, where the crypto-currencies in this case are presented as a valuable asset, and in Australia, where they are recognized as property.
What do you think about the taxation of cryptocurrencies? Which model fits best?

Maybe there is a big chances or possibilities that its will implement worldwide by the world government,but before they can do that,they must create also a worldwide legalization of digital currency investment in order to protect the interest of cryptocurrency investment globally.actually being a regulated in terms of cryptocurrency investment is a big impact to the economy,because those tax we paid in our daily transaction in exchanges,the benefited is our country because its helps in making a good infrastracture project.

[Hydrogen]

It helps to remember that taxes are one of the main reasons why wages are low, healthcare is expensive, economy and job markets suffer. A case could be made for taxes having many significant negative impacts upon civilization and society which do not outweigh any positive tangible benefits they provide.

If the US economy is doing well at the moment--its due to taxes being cut and a law being passed requiring 2 regulatory policies to be abolished for every new regulatory policy which is introduced.

Governments have tried to print, tax and spend their way out of debt over the past 3 decades. The ineffectiveness of these policies has led to both the USA and EU being trillions in debt. The ideal policy as far as job, economic growth and standard of living go could be to cut taxes. The improving US economy could be considered evidence that tax cuts lead to economic, job growth and prosperity while these attempts to introduce new taxes and raise taxes are poor policy as illustrated by the past 3 decades of poor economic growth and overall declining standard of living.

Crypto is better off unregulated and untaxed. Taxes collected from crypto will likely be redistributed to banks, large corporations like amazon and others who already receive unfair favortism or subsidies. There's no real benefit to taxation, while taxation does carry many negative maluses.

[Kingofbitcoin12345]

Profits tax would be appropriate in cryptocurrency.. I do care about my country’s economic future so if ever they impose or implement such law regarding the taxation and regulation of crypto investments then I’ll be open to such legal actions.. We as a bitcoin enthusiast must prefer a good relationship with our government to enhance our standing..

Laws are making our nations a better place and we should always follow it,, wholeheartedly..

[deloreswest]

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

yes many goverment even not support bitcoin, i do think its okay for tax for every money you gain in cryptocurrency. But crypto need to be accepted first and goverment should knowledge the existence of cryptocurrency so it must be legal to trading crypto.

[4p0l4k4y]

I dont realy like bitcoins to be taxable because we are the one who worked hard to earn it and the government doesnt have any right to collect any amunt from us. They already applied stupid taxes on food and drinks included transport so I think that already too much of generosity from us.

[kujaroth]

I don't think you tax crypto. But you can definitely make use of a transaction fee. And where will the tax go if there would be one?

[deafmaster]

Thank you so much about this topic. It help me learn about crypto and taxes.