Tax on the crypto currency! What do you think?

[jak3]

Currently, I am not worried about taxation because phone no I am not earning enough to cross the tax line. When I am going to start my career are going to go for my startup then I have to pay a lot of text to those and especially when I am going to accept Bitcoin as a payment method and other cryptocurrencies to so it will be very rude if they started charging tax on cryptocurrency I am sure nobody will like it ever.

[1714120871]

1714120871

[1714120871]

1714120871

[1714120871]

1714120871

[Indai24]

Currently, I am not worried about taxation because phone no I am not earning enough to cross the tax line. When I am going to start my career are going to go for my startup then I have to pay a lot of text to those and especially when I am going to accept Bitcoin as a payment method and other cryptocurrencies to so it will be very rude if they started charging tax on cryptocurrency I am sure nobody will like it ever.

In the very first place government do not consider crypto currencies so I'm not worried about paying tax. I paid my taxes already anyway by the time I buy my needs.

[Kambal2000]

Currently, I am not worried about taxation because phone no I am not earning enough to cross the tax line. When I am going to start my career are going to go for my startup then I have to pay a lot of text to those and especially when I am going to accept Bitcoin as a payment method and other cryptocurrencies to so it will be very rude if they started charging tax on cryptocurrency I am sure nobody will like it ever.

In the very first place government do not consider crypto currencies so I'm not worried about paying tax. I paid my taxes already anyway by the time I buy my needs.

Even though they are not considering this as a currency still we are earning from it so I think that they have the right to imposed tax on it no matter what, so for me we don't need to argue with them, we just need to follow the rules when time comes that in your country you are obliged to do so, so for me tax is not a burden we need to make contribution for our country as well.

[andylowe]

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?

If tax will be imposed,  it is appropriate to be included  under profit tax.  For now,  we don't know yet what will be the plans of our government. I believe that along with the imposed regulations is tax. I am against additional tax because tax in my country is too much. However,  we need to do what is our responsibility to pay taxes.

[Shiro21]

taxes will help restore development, I personally support this because it will benefit both sides. It will also support bitcoin to be legal and increase the interest of the bitcoin community.
So what exactly is the government waiting for if the dominant people have agreed to pay taxes so that bitcoin can be accepted in the country?

[Sled]

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?

If tax will be imposed,  it is appropriate to be included  under profit tax.  For now,  we don't know yet what will be the plans of our government. I believe that along with the imposed regulations is tax. I am against additional tax because tax in my country is too much. However,  we need to do what is our responsibility to pay taxes.

There is no excuse wherever you live because tax is an obligation where people need to pay in order to have a contribution to the country to provide and fund the different projects that they are planning so it will be an overall benefits for the government and the people so for me, i agree to the tax if it will be implemented for crypto users.

[KuromaYoichi]

They can add capital gain if they want to tax crypto income also i don't mind about tax on good and services, the thing is we already paid miner's fee in every bitcoin transaction so if they are going to add tax i feel like we need another coin like nano that has no transaction fee, otherwise it is going to be more expensive than paying in fiat.

[seneido]

I definitely agree on taxing. It shows that the government is starting to accept crypto and we can feel more comfortable using it knowing that it's completely legal. This might not be an issue where you live but in many countries this is a major problem. Taxing would allow the country to develop. But I feel like, if they put tax on crypto currency then the government is going to put a high fee on every transaction.

[diodorako]

Tax is justified on crypto. I have no problem paying taxes on crypto but it should be same as that for other income sources.

[bbnt81]

I think most people go with capital gains tax. But honestly I am fine with any.
People hate taxes but i support them. Really. Without taxes, a country like the US will never be good and have a rapid rate of economy development.
Think about taxes as to help our goverments to build the cities, education and future for our children. This will make us more willing to pay taxes and forget about selfish needs.

[maydna]

we still need to follow the rule in our country so we don't have to afraid to break any law and I think this will makes us safe. I don't mind to pay the tax for using cryptocurrency but I hope that the tax is not too big from what I got so I still have money from cryptocurrency. I think the government will think about this and they can make fair regulations for cryptocurrency user so we can still pay the tax while we can make more money from the cryptocurrency. and if this can work in one country, then I think the other country will follow too so finally, we can use cryptocurrency in all country without fear of anything.

[wuvdoll]

It’s good to pay tax, despite that most of us are living in countries where the government are not doing what they are supposed to be doing for the citizens and for the country. But as for Bitcoin and other cryptocurrencies, I don’t think anyone of us here would support the idea of paying tax to the government just for making use of Bitcoin.

People that usually bring up these idea of paying tax are just stupid and creepy government workers. Makes no sense to me, we shouldn’t pay tax for Bitcoin, the one we are paying in our countries are already enough, we can’t be paying double tax.

What is being paid when it comes to tax totally depends on each country and how lenient they are when it comes to tax. It is not like tax is not already compulsory in most places, so rather than users reducing as a result of tax they have to pay on bitcoin, they will rather see the need for the value nonetheless. This is applicable as well to converting to fiat anyway as capital gain tax, but whichever way, the only thing that is going to aid the growth more is for government to be lenient with taxing the crypto space.

Personally I am ready to pay tax for the money I do get from cryptos and definitely not for all my crypto value. I believe no once could come to know how much I am saving in cryptos. Hence, I guess I may move on as per I prefer among any government regulations against cryptos along with taxation on cryptos.

[dublados]

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.

When you need to money out to purchase genuine state or something, you will require records of the greater part of your exchanges and crypto bookkeeping, so attempt to monitor that. I have lost a portion of my history in exchanging due dead trades and now I'm stressed over that. This has happened to many individuals and I ponder what they did about it.
It's clearly unrealistic to control cryptographic money streams and in this way assess them likewise, yet they can undoubtedly track each and every dollar/fiat/whatever cash that is teaming up with a trade, at that point perceive how much fiat you spent in a solitary money.

[AirFlame]

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.

Since I'm not a trader I do not have those problems but I have never stopped to think about that, those that traded in exchanges that have disappeared already are going to have a lot of problems proving exactly what kind of movements they did in there so it is likely you are going to have huge hurdles in the future when you have to prove where your money came from when you want to pay your taxes.

I am not in favor of tax on crypto because it is not centralized. The government has nothing to do with crypto. If your account has been hacked you cannot claim your money and the government cannot help you in this regard. Then why should I pay tax on my crypto. The government doesn’t give you any facility and security then why they should collect tax?

[Tervelatuk]

I definitely agree on taxing. It shows that the government is starting to accept crypto and we can feel more comfortable using it knowing that it's completely legal. This might not be an issue where you live but in many countries this is a major problem. Taxing would allow the country to develop. But I feel like, if they put tax on crypto currency then the government is going to put a high fee on every transaction.

they charging fee from total our asset i think, not in every our transaction.they just need to regulate and legalize cryptocurrency trading in order to take tax from crypto.

[tbterryboy]

I think most people go with capital gains tax. But honestly I am fine with any.
People hate taxes but i support them. Really. Without taxes, a country like the US will never be good and have a rapid rate of economy development.
Think about taxes as to help our goverments to build the cities, education and future for our children. This will make us more willing to pay taxes and forget about selfish needs.

I don’t think so that there is any such governing authority which can impose tax over any of the crypto currency for now as these crypto currencies are decentralized in nature and that they don’t come under the rule of any of the government. Government will only be able to impose tax over these crypto currencies at time once the government will declare them as legal currencies.

[Altf4]

Crypto currency is a decentralized , no government can demand taxes from cryptos, because the government have no hold on cryptos, even if the cryptos is circulating in any country , cryptos can not be demanded with taxes.

[Underlord]

regardless of taxes I will pay taxes for the progress and development of bitcoin. If with taxes will make the government accept bitcoin I think it does not matter, it will increase people's interest in bitcoin. After all, paying taxes is the same as building our own country.

[Bitfling]

Crypto currency is a decentralized , no government can demand taxes from cryptos, because the government have no hold on cryptos, even if the cryptos is circulating in any country , cryptos can not be demanded with taxes.

If we want goverment issuing regulation on cryptocurrency market, paying taxes is our obligation. Government must be want to take benefits from cryptocurrency market and they will regulate the market as long they can collect taxes from crypto transaction. Government can track crypto transaction on exchange because right now many exchanger want to collect KYC from their customer

[viyumztf]

I think the capital income tax is more suitable to encrypt the industry. It is necessary to know that there are a lot of current exchanges, and there is not a unified standard and supervision system. The introduction of capital gains tax may better restrict the exchange.