Tax on the crypto currency! What do you think?

[Blockfolioz]

When the usage increases, automatically governments will come up with plans to make some earning out of it. Upon that taxation on cryptocurrency usage will go effective over different ways. Here very few countries will succeed, because it is not that easy to tax people using bitcoin or other digital currencies.

[yitzjoe]

bitcoin and cryptocurrency are not yet fully recognized as a currency or medium of exchange so taxation is still difficult, but if the taxation of bitcoin and crypto is an investment asset, it is still possible where a person will be taxed if investing or withdrawing at a certain value limit tax deductions that have been regulated

[PaulRobertT]

If tax on the crypto currency can give a trade-off that government accept it as a legal currency , It can be OK

[jojowar]

Taxes on cryptocurrency cannot be implemented directly to individuals but for the company engaged on it yes. Government can collect taxes on individual when the hodlers converted their cryptos into fiat and used it for the purchase of goods and services.

[cctv0]

Although the current concept of taxation only has ideas in a few countries and currently does not like this way for investors. But in the long run, this is a very good event. This is usually the signal that cryptocurrency enters the mainstream financial market. The cryptocurrency will make human civilization progress again.

[CherryNMB]

Applying taxes on cryptocurrency affects the interests of investors, but this also contributes to a stable and long-term market. Help for the validity of higher crypto prefixes in many countries. I believe that this will make cryptocurrency more and more popular.

[rosemary4u]

I think it is possible for some taxation to happen in the near future. In most countries it is an obligation for individuals to pay taxes to government and this is no different. Maybe customers can pay some tax on business transaction that they do with cryptocurrency, in a form of some commission.

[UNOE]

In majority of countries tax is not payed on Bitcoin itself but only on transactions. And I think this is fair and don't have anything against such policy. This is also something that belongs to regulation.
But it's always very interesting to see how people are not willing to pay taxes but they want to use all benefits and protection from their governments.

I agree with you. We need better regulation before massive adoption, otherwise we can not expect implementation cryptocurrencies into real businesses.

[sumanto]

I think the tax can only be obtained from the exchange or when you are sending the bitcoin you have, so it should not be taxable on the part of the government that it will not be able to provide such regulations.

[shiming]

As far as taxation is concerned, I think that for the exchange Place, the income is too good and the government should let them tax. Perhaps the government has also seen the benefits of the exchange Place.

[smile1218]

No one can really imposed taxes now on crypto currency it is impossible because even the government cannot determine who are the users of crypto currency in their country because of the anonymous transactions.

[strunberg]

No one can really imposed taxes now on crypto currency it is impossible because even the government cannot determine who are the users of crypto currency in their country because of the anonymous transactions.

if they already legalized cryptocurrency market, they should have own methode to track owner of cryptocurrency asset.and also collaboration with exchanger could be best way for them.

[Triwiyono]

about crypto taxation, there are 2 tax models that I approve or maybe good for me,
1. Tax on goods and services. This is a kind of feedback about the services that are given to us such as provided exchangers, fast processes, and others. no problem paying taxes about service because we also get the best service
2. Personal income tax. This tax is a tax where we have to leave our income for taxes, the tax maybe used to help others, which means we also do charity.
that's the tax model that I like.

[biskitop]

in my opinion this is a good effort because with the tax, the government will be more open to crypto. although in the end every crypto transaction is cut pajka, but at least we get a guarantee of legal protection for every crypto we have.

[jak3]

Why even pay tax? What kind of help does government banks are doing us all they do is authorized to use the system in the country but they do not have any involvement about improving it or making any type of service or feature so why do we even pay tex to them. Cryptocurrency does not have any relation with banks so why they are so eager on protesting against cryptocurrency. We cannot stop a person from dealing with cryptocurrencies all they can do a stock exchange a company for making the deal easier or comfortable. But remember from 2010 to 2015. People mainly go for transactions which do not officially involve any kind of exchange or all the stuff which people rapidly used today.

[andrey111]

i think if we has get tax at our transaction it ill okey for our future crypto.
we must appreciate for this annauncement

Personally, I have a different opinion. I believe that the tax should be required. When a cryptocurrency is legalized, people will believe in it and capital will be injected, which is very much lacking now.

[buyinbtc]

In majority of countries tax is not payed on Bitcoin itself but only on transactions. And I think this is fair and don't have anything against such policy. This is also something that belongs to regulation.
But it's always very interesting to see how people are not willing to pay taxes but they want to use all benefits and protection from their governments.

Is it actually paid on bitcoin transactions or on changing the bitcoins into the fiat? As far as I know and what I have been doing up to now is paying taxes only after selling the bitcoins and as I don't have any buying receipts of it I just pay the taxes from the whole amount.

Edit: Also I guess it really depends on the country that you live in. Apparently in some of them you don't even need to pay capital gains if they're not big.

[Micerker]

This is one of the big ideas, and this is a great idea. But you should know that it is difficult to tax on individuals who participate in Cryptocurrency because most of these investors are anonymous. Taxing through exchanges is a good way, but the amount of tax collected will be low.

[usorin]

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 you put taxes on cryptocurrency then where is the free spirit of it? It should belong to everyone in the blockchain so why should there be a need for taxes? that is why there is fiat coins.

[Harrisonimo]

The tax system can be effected in areas/regions/countries where things are functioning effectively. Most areas in Africa where data compilation has been flawed time and time again will find it impossible to derive tax from cryptocurrency earnings. Some real homework will need to be done to set things in order before proper taxing can be effected.