Tax on the crypto currency! What do you think?

[Ozero]

Do you see government support for all participants in the cryptocurrency market? What to pay tax for?

Precisely, what to pay tax for even government did support bitcoin as a currency to use. Some reason why some countries are quite on cryptocurrency because they know that this is not controllable with someone else and having a forcing to tax those who have earned in bitcoin. Well, to make this long story short luckily in my country did not implement a tax on crypto we pay tax when we buy goods using our money from bitcoin.

Yes, governments care very little about their citizens in terms of cryptocurrency. Only this year, the fraudulent ICO projects have deceived investors by more than one billion dollars. The reaction of states to these crimes is minimal. The problem of regulating the ICO process on the part of the states has already become overripe for a long time, but little has been done so far in this direction by the states.
Therefore, the issue of taxation in cryptocurrency is a personal question for everyone.

[andika2018]

I am agree about cryptocurrency taxes but it should be on the profits. If we should pay taxes because our trades, sometimes we suffering loss on our trade and i think its not fair if paying taxes on our trade

[MoreMoneyHunt]

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.

I think that it is to much but of course tax will be one of the things that goverment will do to make crypto possible to use in their country, that will be one of the regulations which will be made in near future for me.

60% or more of the income made by investors from crypto as a tax do very huge. Indirectly, the governments are already taking taxes from every crypto user when you finally convert cryptocurrency to fiat.  Tax is good because it serves as the largest means to raise funds to develop a country but 60% of income going as tax is weird.

[Andrew Gergeo]

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?

Well, to my mind, it is really hard to tax on cryptocurrenies because cryptocurrency is decentralized and anonymity. The government only can think about taxation on cryptocurrency if they can control it.

[bce]

I don't think about taxes. I have an opportunity not to pay them and I won't do it. The government should make the tax but not to extort him. Do you see government support for all participants in the cryptocurrency market? What to pay tax for? I hope that someday I will have the opportunity not to use Fiat and I will not interfere with the government at all.

very true what you say in your opinion the government may issue taxes but not so big of course and not burdensome and maybe also with the existence of taxes may make investors more comfortable and safe in investing in crypto currencies

[kumala_abi]

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?

Well, to my mind, it is really hard to tax on cryptocurrenies because cryptocurrency is decentralized and anonymity. The government only can think about taxation on cryptocurrency if they can control it.

government could track it from exchange's data.if its already regulated crypto exchanger have to provide their client data to government to track how many asset they have.

[yanesna3]

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?

Well, to my mind, it is really hard to tax on cryptocurrenies because cryptocurrency is decentralized and anonymity. The government only can think about taxation on cryptocurrency if they can control it.

Absolutely right. They can even take the law about the taxes on the cryptocurrencies, but this law will not work in reality. How will they track the people, which are working with the cryptocurrencies?

[aad140386]

In fact, everything goes to the fact that cryptocurrency and earnings from operations with them will be controlled by the states. Perhaps this is even for the better. Because if cryptocurrency are in the area of ​​state regulation, they will have to be recognized as legal means of payment, and this will greatly help cryptocurrencies to become widespread among people all over the world. At the same time, cryptocurrency holders will be protected from strong inflation, which is typical of many countries.

[reverseflash]

I believe that the best option for a cryptocurrency tax may be a tax on converting crypto to fiat, since This method is the most transparent and easily traceable. The only negative side for the state in this case will be only the possibility of making a transaction bypassing the transfer to fiat.

[zhelis74]

I believe that the best option for a cryptocurrency tax may be a tax on converting crypto to fiat, since This method is the most transparent and easily traceable. The only negative side for the state in this case will be only the possibility of making a transaction bypassing the transfer to fiat.

I think if crypto currency was being tax then it will become semi decentralized for the government alreadt take a part of controls and I think income of every cryptonians will also lessen but its ok for me as long as the government will take concern about the scattering frauds and scam.

[AlehandroTheGreat]

I think in the end of the way we will never see TAX on crypto,cuz new nontaxed crypto easily will change taxed...

[wingsthegreat21]

For my own perspective, if bitcoin will be developed that fast like now it will be used like normal currency in future so goverments need to make some taxes cause people could just "escape" from paying them moving their money to bitcoin, that mean in future there will be special taxes for bitcoin.

[congresowoman]

There had been a lot of threads here in the forum asking for opinion about cryptocurrency taxation many had frowned the suggestion but some had favored such because of the big help that it may contribute to the government but the thing is, it will be very hard to put taxation on these things because of its anonymity. You can never really recognize whom transaction it is from it can be difficult and possibly tedious.

[Lexurdania]

Encrypted currency is a new thing. Many countries in the world have not reached a consensus on the regulation of cryptocurrencies!
The taxation of cryptocurrencies also requires a long-term exploration! Taxing cryptocurrencies is very useful for protecting cryptocurrencies!

Its good for cryptocurrency market if government collect taxes because government should protect crypto market. If government collect taxes from cryptomarket, its should from our profits, not from every trade we made

[Yaunfitda]

As long as the tax is reasonable and governments will regulate crypto then I don't have issue with that. But the problem is, government is taxing like 20%-30% so that's not good for crypto holder. It might even give a signal that they just wanted a outright ban. Crypto enthusiast will be forced to either pay the high taxes or just abandon crypto, it will be difficult for us.

[conected]

As long as the tax is reasonable and governments will regulate crypto then I don't have issue with that. But the problem is, government is taxing like 20%-30% so that's not good for crypto holder. It might even give a signal that they just wanted a outright ban. Crypto enthusiast will be forced to either pay the high taxes or just abandon crypto, it will be difficult for us.

- Exactly, the government has taxed too high while they do not do anything useful for crypto and users, and of course, with an unfairness, the benefits lie entirely on the government side, almost all users disagree with the tax on crypto, people always think that crypto is still developing well even without the appearance of the government. So unless the government can prove that they have a contribution and create a development space for the crypto, combined with a reasonable tax rate, otherwise, people will never agree and object to this ridiculous tax

[Xising]

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.

Well, for me, I see taxing as a way of protecting its users against negative entities that might eye to take advantage of its users. I think that as more and more people get their attention shift and set into cryptocurrency that gives more reasons for the assets of its users to be protected. If a government imposes laws and taxes on it, it gives and implied promise that the government would also protect and safeguard the rights of its users. So that, if something untoward will happen, the person won't just have to weep and swallow it without hope of getting something back, or at least, punishing those who did the offense to him. So, in general, I think it would be for the best.

[lelylely]

I think taxes on cryptocurrency are a bad idea, because with taxes, the use of cryptocurrency is like being controlled by the government, and that would be like a pressure on the owner of the cryptocurrency.

[B.]

I think taxes on cryptocurrency are a bad idea, because with taxes, the use of cryptocurrency is like being controlled by the government, and that would be like a pressure on the owner of the cryptocurrency.

You need to understand that if the government does not intervene in tax regulations, the world will be inhabited by people who feel unfair competition and achieve certain goals in any way.

if there is no more respect for the country it will make people very savage. But what we really want is that their intervention is within reasonable limits, at least not centralized like FIAT with all taxes which for me greatly suppress personal economic rights. but there is a point where we still have the right to make our assets not monitored by anyone because it is the aim of the cryptocurrency from the beginning. So the tax is still valid but it doesn't touch everything.

[stayeduptolate]

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.

Well, for me, I see taxing as a way of protecting its users against negative entities that might eye to take advantage of its users. I think that as more and more people get their attention shift and set into cryptocurrency that gives more reasons for the assets of its users to be protected. If a government imposes laws and taxes on it, it gives and implied promise that the government would also protect and safeguard the rights of its users. So that, if something untoward will happen, the person won't just have to weep and swallow it without hope of getting something back, or at least, punishing those who did the offense to him. So, in general, I think it would be for the best.

I don't agree with what you said, no one can protect us from the thefts or any other mishaps in the crypto world as the government doesn't guarantee to keep your crypto funds safe and all other crap, they just want to milk you and get some money while you keep on suffering so they take taxes from you even if you are holding some crypto even through there isn't any way possible to know who holds what amount, they still let you believe that they are watching everything and people pay the taxes in fear if they are applied.