Tax on the crypto currency! What do you think?

[maydna]

I think Tax is Important for some countries .because with tax , government can build more infrastructure and can help The poor by providing funding. Tax is one of State revenue sources . If we are good people then we must pay taxes. I agree if bitcoin investor pay tax

and if bitcoin user can pay the tax, it is a big chance for bitcoin to get accepted in that country and many people will know about bitcoin and they will join into bitcoin and this will help bitcoin itself to exist and give the benefits to the people. but one thing that I hope if the tax is applied, I hope that the tax is not too big because the government will think that the income of every bitcoin user is big so they add a bigger tax for us. so let we see what will happen in the future.

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[coingrowth]

Still, we don't have much clarity about the Taxes from the government but how far they will start collecting the taxes we have to wait and see. One thing i can say paying taxes on trading assest is always good because so that government will start legalizing the crypto currency in their concerned countries.

[BigBos]

Still, we don't have much clarity about the Taxes from the government but how far they will start collecting the taxes we have to wait and see. One thing i can say paying taxes on trading assest is always good because so that government will start legalizing the crypto currency in their concerned countries.

well, maybe there will be a good side if the tax is applied from crypto users. it's just that, we don't know how many assets they have so we don't know how much it costs to pay taxes. besides, I think it's still very difficult to implement it for now.

[Lisadavis87]

I think if governments want to regulate cryptocurrencies then they should tax of cryptocurrencies which is inevitable and paying tax is the only way cryptocurrencies are allowed to trade in any country.

[ryzaadit]

The government already got some tax from user exchange, example my local exchange indodax iam sure the government getting some tax from cryptocurrency market from Indodax.

[tanyeza123]

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?

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 I'm worried about that. This has happened to a lot of people and I wonder what they did about it.

[nsmdgw]

Profit tax and capital increase tax would be most appropriate for the cryptocurrency, which would help to improve the legitimacy of cryptocurrency.

[Caitsith]

Currently, no tax should be applied to cryptocurrency because this may affect the development of cryptocurrency.

[Ubiaitthoi801]

Taxes on cryptocurrency should not be imposed at this time, which greatly affects future ICOs.

[johnalyn]

I agree of putting some taxes in any currency that we recieved but for now I don't want to make it happened because of it's not stable value in the market. And it won't help currencies that are on the stage of losing their value on the market.

[poptok1]

The problem i see is the fact that no country controls cryptocurrency. I don’t have problems being taxed if its proper and mandated by the gov’t. I believe that in the exchangers or remitances there are taxes that are being payed already. If its an obligation to really pay taxes, i don’t have problem because it is way for crypto to help the economy of the country.

That's why most exchanges are registered in tax-paradises. So much about helping economy...
Let's be frank, all the extra money from crypto related taxes will and are wasted. If you feel obligated to give your stuff to be wasted on issues created by the very people that claim to solve those problems, be my guest. Do not impose this madness on others though.
IMO there is only one regulation that make sense to me, I have written about it here, feel free to express your opinions there.

[Etn1se]

Most likely taxes on crypto currency will be, but it will happen only when at least 40% of the world's population will use the crypto currency.

[Fatanut]

I think taxes help individuals about the improvement and development of a particular place or institution. It makes the society more capable of innovation with the help of the government.

However, crypto currency can stand and will develop without the help of any leaders or elite like the government. It is an independent digital currency where people can use to avoid taxes and other criminalities. I think the government are trying to control crypto for their objectives.

While all of that is true, bitcoin users definitely cannot avoid taxes. Sure we can whenever we transact to other bitcoin users but can you really use bitcoin to buy your necessities? For the most of us, we can't and some can but they simply don't. We are always exchanging our bitcoins into fiat so we can use it in real life and it has a taxation going on.

Exchanges have to pay taxes. Some don't realize that they are paying taxes whenever they exchange their bitcoin into fiat because the exchange rate has already been adjusted so we automatically pay the taxes. You can only know about this once you've done your own research. They don't include it right when you're exchanging.

Now, I wonder what would happen to our ecosystem when the government adjusts that tax to a ridiculous amount. It seems like it's the only way for the government to have control of cryptocurrency.

[deppil]

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?

Tax is only good for people who are capable of earning a huge amount of salary but for those who did not have a decent income, tax is a pain in the ass and that is the reason why people are working to earn cryptocurrency.

well, the tax for cryptocurrency is quite good, especially if it is developed to expand cryptocurrency development. I think that is also a support from the government. but, I think it's still so difficult to develop this.

Actually tax is one of the requirements of the government to legalize btcoin like what some countries do. actually I agree with that. but you have to be prepared with your identity that will be exposed? do you want that to happen? yeah actually that will really help the development of bitcoin

[alentmay]

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.

I think even government apply the tax people still never gives tax they're greedy and never waste there coins in taxes since they're already giving highly fee. By applying taxes it will become legally it would be good but people won't accept it.

[efxtrader]

If government collecting taxes from cryptocurrency transaction, government should preparing regulation for it and government should legalizing crypto. I think its fine if transaction on crypto have a tax because its more comfort for investor. Paying taxes is obligation for every good citizen and we should be paying taxes when we get profits on our investment

[thevlox]

I think if country bitcoin allow, tax is required as a citizen of the country. And I do not see any reason for not paying taxes. And if the government does not accept bitcoin, I do not want to pay tax here.

[marginal]

The main thing for me is that government would not put the tax which will be depending on earnings and be represented by percents, so basically 60% of your income would go to government, or even more.

[embargo]

It is entirely possible in the future to take taxes from operations in the crypto currency. Only for this purpose should launch a control mechanism that could not be bypassed. But this is still a very distant prospect.

[Aidan_Davis]

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 I'm worried about that. This has happened to a lot of people and I wonder what they did about it.

That's exactly what I was thinking. There's no way to control the flows. I'm not sure if it's actually that easy for them to track every dollar you exchange. I wonder what country your in. It seems to me that governments are scrambling to get some "control" over crypto, but it's not working for anybody yet. I don't think you should really worry so much about every little transaction. Who do you plan to show that to? Your tax agency? Maybe in the future you'll be able to just buy a house with crypto. They'll never know then.