Tax on the crypto currency! What do you think?

[Adhichan]

  As for me, no model is suitable. The first was bitcoin and his idea was quick payments and no deposit transfers. It has already begun to intervene in the country and offer as usual its interest. In my opinion, there should be no commissions.
  Then everything will be cool)

I know everyone wants easy and free transactions dude, but we live in a different era now, all have to pay as well as payment
transactions, there will always be any a fee transaction you have to pay, and we should be reasonable with it

Suppose I pay tax on my crypto transactions, will the exchange be responsible for any lose like hacking? If the answer is no then I am not in favor of tax on crypto. I think that taxes are for the benefits of people and if there is no facility from the exchangers and controller then why they would impose taxes? I don’t understand this phenomenon.

taxes that we paid in exchange should make insurance for our fund saved in exchange wallet.we must get benefit from this taxes.if we dont get it, better for me to not paying taxes.

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[readygoaw]

How can crypto be taxed and who will be responsible for money from crypto taxes? whether the government will manage the tax crypto in the future?

In my own opinion, cryptocurrency should not have taxes because that is the reason why it was very profitable, another thing is that traders are already paying decent enough fee's to compensate with taxes.

If people start using crypto currency instead of paper money and will not pay taxes then the state will not have money to provide for the needy. Reasonable taxes need to be paid.

[Biggapp]

  As for me, no model is suitable. The first was bitcoin and his idea was quick payments and no deposit transfers. It has already begun to intervene in the country and offer as usual its interest. In my opinion, there should be no commissions.
  Then everything will be cool)

I know everyone wants easy and free transactions dude, but we live in a different era now, all have to pay as well as payment
transactions, there will always be any a fee transaction you have to pay, and we should be reasonable with it

Suppose I pay tax on my crypto transactions, will the exchange be responsible for any lose like hacking? If the answer is no then I am not in favor of tax on crypto. I think that taxes are for the benefits of people and if there is no facility from the exchangers and controller then why they would impose taxes? I don’t understand this phenomenon.

taxes that we paid in exchange should make insurance for our fund saved in exchange wallet.we must get benefit from this taxes.if we dont get it, better for me to not paying taxes.

Yes it is good and beneficial for us because the place where I do live, the rule of the crypto currency tax is quite well developed, it has some regular laws and those laws never change, but since long bitcoin was tax free which was pretty cool time but now is it time to see a change and trust me experiencing tax with bitcoin is also one the interesting and exciting factored of truth so I think it is nice to have some tax over crypto currency.

[Swenna]

How can crypto be taxed and who will be responsible for money from crypto taxes? whether the government will manage the tax crypto in the future?

The tax implemented for crpto depends on the laws and regulations of a country. A government must actually have a detailed information on how to implement tax on crypto and its basis as there are different kinds of taxes. Just like what I posted in a previous post,

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Just because  bitcoin is decentralised does not mean it is already non-taxable. Depending on the country where you use it, taxes are still being applied to it. In the US, for example, this:


Reference: https://www.google.com.ph/amp/s/www.theverge.com/platform/amp/2018/1/29/16928768/cryptocurrency-bitcoin-how-to-file-taxes-2018-return-compliance-irs

The table above states that the tax applied on the bitcoin entirely depends on the means of its acquisition. Therefore, depending on a countires regulations, bitcoin and its usage is not exactly tax-free.

Now, fir your question about who will handles the tax in crypto then the answer is that ut should be manage by the same government sector that manages the countries tax. After all, it is all just the sane, the only difference is its type  and revenue

[coinfinger]

We can see what will be the future of cryptocurrency if tax will be approved. We know what are the effects of tax, especially if our profits is too low. We cannot get the whole income, there will be always a percentage for tax. Is not like our income, a little profit for small investment can cause a big problem for us.

This is a game that is being played in a very charismatic way. People don’t even know where their money is going. They think, this might be used for their own betterment but the reality is a little bit different. Politicians are implementing and implying so many taxes on general public and when they get that, majority of the portion is just going to the pockets of these suck politicians.

[coinplus]

For me i think those taxe models are good to me. As long as the government wont make it big. Taxes help our country economy if you help your country you help your family friend and you. Because all of the taxes will return to us. So why not taxe

I also don't think it's a big deal. there must be consequences from the government if they want to tax the bitcoins. that is the legality of bitcoin. as long as they want to legalize bitcoin. I have no problem with the taxes that will be applied. It will be beneficial for both of them

It is really not a big deal but it becomes a big deal if the government decides to not just want to be lenient enough to at least come up with taxation policies or laws with respect to bitcoin and cryptocurrency as a whole which will benefit everyone including the government themselves.

Nevertheless, some of them are so blind with control, which the only thing they are just after is their pocket and not to give the citizens the freedom they deserve. However, with or without tax, the freedom is here and no one can take it away from us except ourselves.

[Ondre]

If tax is being implemented for a country, well it will be a big profit for the country with big people involve in it and many are earning through crypto than regular jobs out there. It will be a big contributions to ones countries funds. That is if they will take crypto in their countries and implement tax. Economy will increase by then.

[Sengoko]

I think e-government should also pay taxes to the state because after all, it is their property they use bad money to buy so if they own bitcoin or altcoin then they have to pay taxes  on the crypto currency

No, this isn’t much difficult. Don’t consider it difficult when it comes over government level. All governments have plans and strategies and departments to deal with this sort of taxation. They would refine a very interesting and friendly plan for imposing tax on bitcoin and other crypto but this dead lock must be needed to resolve. Both government and bitcoin development team have to look into this.

[TheClownSong]

I think taxes on profits from crypto trades is more i like. If we get profits from our trade and government collect taxes from thats profits, it seem fair to me. Government must be knowing our transaction on exchanger because many exchanger right now asking KYC.

[upsidedown75]

Tax is good. So how possible will it be to impose tax on cryptocurrency users considering the fact that , there's nothing like link between  onchain and off chain addresses of crypto owners?

At least, if the government is taxing the space, it shows they are benefiting from it as well and whatever they are benefiting hugely from, they sure are not going to want to discard it for anything.

Tax usually helps the development of countries, which is if used in a good way anyway and not just distributed and siphoned into pockets of politicians as we see in most cases of some countries while the masses still end up suffering a lot. The thing though is that is simple tax laws can be placed for the benefit of all, at least for peace and development; I see nothing bad in having it.

[katrimans]

I think e-government should also pay taxes to the state because after all, it is their property they use bad money to buy so if they own bitcoin or altcoin then they have to pay taxes  on the crypto currency

The government rather cares more about its own interest and tax collection on the money you earn with Bitcoin can sum up to billions which is what the government would love to have their hands on.

But this is something majority of the crypto users do not like and are of the view that it should not be taxed because it is not easy to deal in Bitcoin with the market values and let alone other factors that affect the prices the government taxation will make it worse for them.

[bitgolden]

For me i think those taxe models are good to me. As long as the government wont make it big. Taxes help our country economy if you help your country you help your family friend and you. Because all of the taxes will return to us. So why not taxe

Yes. You are correct. For a fact that countries that have high tax also have high quality of living. At the end of the day your taxes going to the goverment help contribute to a better life for you, families, children...

   We need to pay taxes cause that`s the money that should be used for all of the people that lives in one country. The money we pay fund many services,
our tax help to support police, health care, firefighters, building roads and many other things. Paying tax should be beneficial for the entire nation, from tax
money and how government use it depends country growth.
   I pay tax, for me that`s not a problem. I would pay tax for my Bitcoins, but there isn`t law about it in my country.

I have read an article in which it was sated that Indian and American system acts differently than other countries in some cases. There are a lot of tax free countries for Bitcoin and this is due to its decentralized nature but America and India besides few more countries are acting against and implementing tax on the Bitcoin.

It is out of mind and they should change this system because we earn Bitcoin with our own fiat currency which is already taxed so again tax on Bitcoin is irrelevant.

[rickadone]

Taxes will greatly help the country's economy if all the crypto assets that everyone owns apply to pay taxes on each transaction or send tokens and coins. eg 1% or 2% of total assets owned.

Wait wait, are you ok? Tax is needed for economy but it's ok on wages, business profits and etc, what you write is out of sense, tax on every transaction? This make people very, very poor and all the money will be in goverment, do you see any idea here? People try to integratw bitcoin paymends and do much to attract people to use bitcoin and now.you say 1-2% tax on every transaction? Very unlogical.

Yes, no logic with that and I am pretty sure he has no idea of what he was even saying and decided to just opt in. Even value added tax cannot be charged to that level let alone charging every transaction of bitcoin. First off, we are even referring to a decentralized space where we can do P2P transactions without the government monitoring any of it since there is no third party anyway, so charging of every transaction is impossible.

Capital gain tax is what we can apply to the idea of making use of crypto-fiat based exchanges, and in that case, you will be subjected to it, and that percentage will depend on what each government come up with anyway, but every transaction ? The guy is sure high on something.

[knggtrrz]

Tax is good. So how possible will it be to impose tax on cryptocurrency users considering the fact that , there's nothing like link between  onchain and off chain addresses of crypto owners?

At least, if the government is taxing the space, it shows they are benefiting from it as well and whatever they are benefiting hugely from, they sure are not going to want to discard it for anything.

Tax usually helps the development of countries, which is if used in a good way anyway and not just distributed and siphoned into pockets of politicians as we see in most cases of some countries while the masses still end up suffering a lot. The thing though is that is simple tax laws can be placed for the benefit of all, at least for peace and development; I see nothing bad in having it.

Yes, you are right, as what you have said taxes are good if and only if the government will use it in a good way. I am hoping that if ever bitcoin will be regulated and added tax on the taxes that will be collected will be use for the sake of poor people.

[South Park]

If you are thinking about legalizing crypto currency, taxes are inevitable!

The question is only in the number and in percentage, of the volume of the cryptocurrency.

In the report of the European Government I propose to introduce a tax in the form of an identical investment in the financial sector.

But this the first mistake people make, bitcoin is legal, what we are lacking is a defined regulation and a set of laws to pay our taxes, when I tried to inquire about how to do that in my country they did not even knew what bitcoin was, however what are the governments going to do with those that refuse to pay their taxes? Because thanks to the nature of bitcoin they cannot force them to pay.

[amirmass]

Better than forbidden. The tax law that will please both sides can be a good decision. I do not think investors will oppose it.

[isidrorex]

I don't think and I don't agree that there should be Tax in cryptocurrency because it is not and can't be controlled by the government in any way possible and it is not necessary to add Tax since everytime we deposit/withdraw, there is already fees in every transaction hence if we add tax, then the lesser money we can get because it can add up to the fees that takes away a part of our money.

[South Park]

I don't think and I don't agree that there should be Tax in cryptocurrency because it is not and can't be controlled by the government in any way possible and it is not necessary to add Tax since everytime we deposit/withdraw, there is already fees in every transaction hence if we add tax, then the lesser money we can get because it can add up to the fees that takes away a part of our money.

Governments are not going to care about such things they are going to want to get paid, every industry pays a huge amount of taxes with the exception of the banking industry that pays very low taxes because they have the laws in their favor, but governments have a problem, if they make bitcoin illegal they obtain nothing out of it and now they need to spend money to send people to jail but if they regulate it they have no way to force people to pay.

[Escan0r]

If tax payments are inevitably going to be a bit of a mess, it's also good because if we have to pay taxes it means that the crypto currency like bitcoin has been accepted by all countries and become a global currency. That is a very good thing.

[Reeas432]

we will see what will be the destiny of cryptocurrency if tax will be authorised. We know what are the outcomes of tax, particularly if our profits is simply too low. We cannot get the complete income, there might be continually a percent for tax. isn't always like our profits, a touch profit for small investment can purpose a massive hassle for us.