Bitcoin Forum
June 22, 2024, 10:10:20 PM *
News: Voting for pizza day contest
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Crypto Taxes & Regulations catalogue  (Read 67 times)
tetuto (OP)
Newbie
*
Offline Offline

Activity: 16
Merit: 3


View Profile
May 12, 2020, 09:35:30 PM
 #1

Is this defi wiki article relevant? Wish we had kind of a catalog of regulatory cases https://defiwiki.org/wiki/Crypto_And_DeFi_Tax_Regulations
coupable
Hero Member
*****
Offline Offline

Activity: 2394
Merit: 757


View Profile
May 12, 2020, 10:00:38 PM
Merited by bitmover (1)
 #2

Yes it's relevant. But it seems to be published long time ago and never updated later. The article mentioned just five countries that apply taxation over crypto users [Australia,Brazil,France,Singapore,United Kingdom] when actually we have more countries.
I found this great article which include more countries applying taxes either over individual possession or business possession. I can mention:
Switzerland:
Quote
If you earn income by mining cryptocurrency in Switzerland, this qualifies as self-employment income. If you earn crypto via the professional trading of cryptocurrency, this counts as business tax. If you earn your main wage in the form of cryptocurrency, then you must declare your assets on your income taxes.
Investors in cryptocurrency are those who only trade from their personal accounts. In this case, crypto gains are tax-exempt capital gains. This means you should report them to the Swiss government but will not need to pay taxes on them.

South Corea: where ICO industry and the digital currency market are both taxed.

Portugal: where businesses have to pay taxes on profits they make from crypto gains.

The list should be long as the article was published in September last year.
iconoclast
Full Member
***
Offline Offline

Activity: 770
Merit: 102


Matrix Built On An Ethereum Smart Contract


View Profile
May 12, 2020, 10:08:30 PM
 #3

Yes it's relevant. But it seems to be published long time ago and never updated later. The article mentioned just five countries that apply taxation over crypto users.
You could try this is you are looking for a more comprehensive source. https://www.loc.gov/law/help/cryptocurrency/world-survey.php

coupable
Hero Member
*****
Offline Offline

Activity: 2394
Merit: 757


View Profile
May 12, 2020, 10:18:49 PM
 #4

Yes it's relevant. But it seems to be published long time ago and never updated later. The article mentioned just five countries that apply taxation over crypto users.
You could try this is you are looking for a more comprehensive source. https://www.loc.gov/law/help/cryptocurrency/world-survey.php
The article is a little bit missleading as it doesn't classify countries where crypto gains are taxable. However, it helps to know the legal situation of the crypto in any country by just doing simple search as it contains over 130 countries. Comparing all the entries, it's early to talk about a decentralised finance as old school governments still can't update their methods to handle progression in technology.
I have edited my previous post with a link to a great article which i found more relevant about taxation in the crypto industry.   
tetuto (OP)
Newbie
*
Offline Offline

Activity: 16
Merit: 3


View Profile
May 13, 2020, 02:47:24 PM
 #5

Yes it's relevant. But it seems to be published long time ago and never updated later.
its says they've updated the article on April 28th
Ucy
Sr. Member
****
Offline Offline

Activity: 2576
Merit: 402


View Profile
May 13, 2020, 03:30:16 PM
 #6

Yes it's relevant. But it seems to be published long time ago and never updated later. The article mentioned just five countries that apply taxation over crypto users [Australia,Brazil,France,Singapore,United Kingdom] when actually we have more countries.
I found this great article which include more countries applying taxes either over individual possession or business possession. I can mention:
Switzerland:
Quote
If you earn income by mining cryptocurrency in Switzerland, this qualifies as self-employment income. If you earn crypto via the professional trading of cryptocurrency, this counts as business tax. If you earn your main wage in the form of cryptocurrency, then you must declare your assets on your income taxes.
Investors in cryptocurrency are those who only trade from their personal accounts. In this case, crypto gains are tax-exempt capital gains. This means you should report them to the Swiss government but will not need to pay taxes on them.

South Corea: where ICO industry and the digital currency market are both taxed.

Portugal: where businesses have to pay taxes on profits they make from crypto gains.

The list should be long as the article was published in September last year.






This interests me:
Quote
If you earn crypto via the professional trading of cryptocurrency,
I wonder what the regulatory authority means by earning via "Professional Trading".  I had to check the word "professional/profession" to understand exactly what they mean there:
Quote
Profession According to online dictionary:
1. a paid occupation, especially one that involves prolonged training and a formal qualification.
So, it probably means that casual traders won't be affected by tax on professional traders, as most probably don't have the formal qualification?

Quote
Investors in cryptocurrency are those who only trade from their personal accounts.
I Guess this ^ is where they may have involved the regular traders
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!