Tax on the crypto currency! What do you think?

[burnchan]

If paying tax is the only bargain than the Ban of Bitcoin in my country,  then I shall pay tax. And the appropriate is profit tax. I think tax on bitcoin gas to be studied very well before making such implementation. At least we have complied our obligation as citizen and we also have earned from our crypto.

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[Sir Cross]

I think it is hard to impose taxes on cryptocurrencies as it is of course, decentralized. It is also hard to take tabs on how much a person is earninng/spending with crypto as there are different wallets, which are again not controlled by the government. Imposing taxes on crypto somehow makes it centralized, which defeats the purpose of it.

[mrs_bitcoin]

I think that the most reasonable will be the introduction of income tax, but at the same time it should not be too large for all people to willingly pay taxes and this does not cause them disgust.

[smartemo]

Tax is important for country but when tax rate is too high in various country thats why people cant save money but bitcoin has no charge.

[magmar]

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?

we will perceive what will be the fate of digital currency if expense will be approved. We realize what are the results of assessment, especially if our benefits is basically too low. We can't get the entire wage, there may be constantly a percent for impose. isn't generally similar to our benefits, a touch benefit for little speculation can reason a monstrous issue for us.

[Pumapipa]

I hope they will not impose tax on cryptocurrency. Though it will be a good source of government income, but the thing is you really can't keep track of the history and the identity of users. This is why it is very difficult to do so..

[marsmyname]

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.

Are you out of your mind a 1% to 2% tax on each transaction that you make? What if you want to send your coins to another address? Are you going to pay 2% on taxes every time you do this? This is why satoshi based the fee on the size of the transaction and not the value of the transaction so we could avoid such a high transaction fee, which by the way is what the banks already charge anyway, so you just want bitcoin to be like banks.

Tax is a way for government to collect money in order to make better economies and want to implement tax on cryptocurrencies as well but they do not think that it is decentralized and we can not implement tax here so they have another way to benefit their economies too by doing with cryptocurrencies as we are doing. There are many countries which are tax free for the Bitcoin so they have a proper system and their people are enjoying this modern way.

[maydna]

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.

In my own opinion, cryptocurrency should not be taxable because investors are already paying for transaction fee's which can compensate for the tax.

but unfortunately, we cannot do this because we still live in a country that applies a tax for many things and the government still want to take benefits from what they see. so I think the government can easily to add some tax to the cryptocurrency and we cannot deny it and we can only obey the rule for our safety. I only hope that the tax is not too big so we can still take that money as our profit and we don't have to break any regulations.

[feelivent]

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.

I think it should never be done, because I do not want to pay tax on crypto. On one condition I want to pay tax on crypto if the tax collectors take responsibility of any deficit. If you talking about the government tax then I totally disagree with this because government already collects lot of taxes and give nothing in reward. They use all the money for themselves.

[nabinkhadka]

Average taxes on crypto currencies are indeed a good thing in my opinion because taxes proves that it is accepted by government  and is going towards mass adoption. Also. There are capital gain taxes in stocks as well. In future when security tokens come into play taxes would play a huge role in development of cryptos.

[Dimon888]

If the countries take control of the crypto currency and deal with it, they will, of course, levy a tax. The profit tax is most suitable. In the end, the difference between your money invested in the project and your money received from the project is profit.

[jayhawk1]

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.

I was astonished to look the situation of all developing countries that how beautifully their politicians are using them and making them a part of this downfall for so long time. But this is really different to see that in developed countries there are politicians who are looking forward for such chances. They always try to keep things hidden and fill their pockets first and ignore the public.

[0t3p0t]

I think whether we like it or not we have to pay taxes and we can't deny that because not all transactions we made are cryptocurrency related or accepted by merchants all over the world. Taxes are included most especially to countries that regulates local cryptocurrency exchanges. Not all the time we have to spend crypto alone we need to spend fiat for our daily needs that is why we pay taxes everytime we convert crypto into fiat money.

[lauder_larger]

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.

I am living in third world country and my government doesn’t give us any facility although they collect tax on everything. I am also a tax payer and I do not want to pay tax more tax to government because I know they will use it for their well. Other thing is that cryptocurrency is decentralized and the government has nothing to do with it, why we should pay tax.

[SaturnBay]

I don't think Tax on the cryptocurrency is a good idea for me, maybe it's a good idea for the government. I have to pay enough tax from my salary, cryptocurrency is another income for me to offset that amount

[Dimon8]

I think that very soon governments of countries that regulate and legalize crypto currency will adopt the appropriate laws that will provide for taxation on income from crypto currencies.

[leostrong.mo]

Taxing cryptocurrencies means that the cryptocurrency is legal!
With the regulation of cryptocurrencies in countries around the world, cryptocurrencies become legitimate investment assets will gradually become a reality!
As an asset, collecting taxes is a necessary act!

[bosimpson54]

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?

As your specific comment on the taxes. I think Value Added Tax (VAT) and Tax on goods and services are the two most appropriate taxes for electronic money. Crytocurrencys as I think is a transaction item and there are a lot of people who profit from it. Therefore, personal income tax with crytocurrencys is reasonable

[dioanna]

this is a big issue ,most people including me worried about the privacy of each bitcoin holder if they are going to be taxed, meaning all their trading or just any transactions involving bitcoin would be obliged to be submitted ,and i dont how wpuld the government implement this law.

[jademacoy]

Well there are already tax being taken away from the use of cryptocurrency but is not felt because we will just count on cryptocurrency transaction and we can see only transaction fee on it. Unfortunately those transaction fee are being used to pay for the government regulations that will help promote cryptocurrency. However, there are still indirect tax being taken from us and that is during the payment for local exchange before you can decide on what crypto you will going to invest.