Get ready for more tax. Save your BTC!

[lienfaye]

In our country the government already have a bill regarding on additional taxes on tabacco and cigarettes this was called sin tax law which cause the price of the said product became more expensive and this is good initiative since it could make people away from their vices.

But hopefully they will not look on adding more tax on basic need since as you said we might gonna go on worse case scenario since many people will struggle on their daily life, the current price right now is so expensive and how much more if they think about adding a additional tax with it.

We didnt see this pandemic coming, its not the people's fault if the government is spending their budget to sustain the needs of everyone during this time. If the virus is over thats the time for us to start a new beginning, raising the tax will not help us to recover from this so the government should not give an additional burden to the people. It takes time before we can adjust due to bills payment waiving after us. Hence instead of thinking how to raise the tax to goods or for ordinary employees, they should give a work to those who lose their job because of the virus.

[1715158623]

1715158623

[1715158623]

1715158623

[mersal]

Even when the crude oil prices touched the bottom my country increased taxes on the petroleum products, noticed minor increase on the taxes for tobacco and liquor products as well so the process has been already started when people are crying out for foods.Well play by the governments.

The government could easily increase on products like tobacco and liquor but not on the basic needs.
In our country, when the tax was significantly increase on liquor, cigarettes, and beverages, people just feel it temporarily and still they are buying.

But if its the basic needs that will increase due to taxes, their, we might see some chaos because at the situation now where a lot of company closes and leads to unemployment, it's not possible to happen.

If government think this isn't a basic need and really do more harm to their citizen they should ban it but what they are trying to do is to make more money by making the people to get addicted to it and when it comes to petrol price increases it means it will get effected in every consumer product because it will increase the transportation cost a bit more to the production companies.

[PavelMed]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

Unfortunately, it is impossible to completely not pay taxes. You can not pay tax on real estate, car, work on informal work. But the price of products already has a tax, so alas, you still pay it. Yes, the economies of many countries will not be able to withstand such a load, and there is still no confidence in the future. In addition to raising taxes, of course.

[countryfree]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

Unfortunately, it is impossible to completely not pay taxes. You can not pay tax on real estate, car, work on informal work. But the price of products already has a tax, so alas, you still pay it. Yes, the economies of many countries will not be able to withstand such a load, and there is still no confidence in the future. In addition to raising taxes, of course.

I was only talking about income tax!
I pay tax each I'm buying gas, I'm paying property tax on my houses, I'm paying VAT on nearly everything...

[azmirihaque]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

Yes, it is right, most of the government have to face a deficit budget because govt. income has decreased but expenditure has increased largely for huge amount of budget for medical sector, different incentives, subsidy and tax holiday for economy etc. But the question is how the government will arrange this deficit. You are partially correct that there may be a pressure of the taxes but only tax is not the only source of income of the government. There have export/import income, VAT, tariff, different charges and fees, state owned business etc. You know countries have already started to break the locked down and coming back to the previous position. So, I think, all other govt income will increase and economy will recover its own position soon. Besides, for providing sufficient fund to the market govt is trying to give loan in lower rate, giving help to the general public, providing different incentives etc. so that the people can retain their purchasing power. In such case, there has less possibility to impose a larger tax for people.

[bitbunnny]

Actually, in my countries businesses and firns are asking to reduce taxes and other payments to the government because they are heavily hit by consequences of pandemic and they suffer losses.
Of course, because of pandemic governments will also have huge problems with their budgets and to increase the taxes might be one of solutions although not very popular.
However, I don't expect significant increas of taxes, if at all, but to keep some extra Bitcoins in.your wallet for rainy days is always good idea.

[smyslov]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

You are definitely right, once this pandemic is over, government will find ways to tax their people, this is to regain the funds they've lost, they have two options, tax their people or loan again, those countries with already weak economy before this pandemic will likely the one to suffer more, and likely to tax their people more
.

[Chrystora123]

snip..
Or could I be wrong? There will be no more taxes next year?

income tax will continue to appear at any time (maybe only a reduction in liability if the outbreak gets worse)..  types of businesses that are not affected can still help the country with their business tax contributions, I have noticed that there are also many businesses that are not affected by this "PANDEMIC" COVID-19 such as Logistics, Groceries, online business and others..

there is one thing that makes me nervous right now, the government in my country is more focused on helping state-owned businesses (not private businesses), if seen from reality, private businesses help the state more than state-owned businesses.  I am afraid that the engine driving the country's economy cannot generate more taxes if the government of my country only focuses on helping state businesses that do not produce big results..

[Lachrymose]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

Turkish Republic's economy collapsed completely due to the pandemic, and this has led to much more aggressive taxation policy. Before this economic crisis, we paid only two percent of the revenue we received from cryptocurrencies as taxes, but after the economic crisis, the cryptocurrencies that some big companies bought were seized by the government. Hayrettin Kurt, head of the Financial Crimes Investigation Board (MASAK) told that they'd seized $15 million worth of Bitcoin [1]. Unfortunately, states probably will demand more taxes for cryptocurrencies as soon as their economic situation worsens.

[sayulita]

We see it everywhere. To counter that coronavirus disaster, governments are spending money like there's no tomorrow. Budget's deficit will rise to new heights, never seen before except during war times. In US and EU, debts are staggering. The Federal Reserve and the European Central Bank are printing money faster that I'm writing it. If you ask what's next, I'm afraid there's only one answer.

In most countries, governments will have no other choice but to raise taxes. They will have to be smart to avoid killing the economy, but they will need to bring more money to balance their budget (or more likely to reduce their operating deficit).

As I haven't paid any income tax since 1997, that's all right with me, but I urge all fellow Bitcoiners to organize themselves, and to plan ahead to avoid the worst...

Or could I be wrong? There will be no more taxes next year?

You are definitely right, once this pandemic is over, government will find ways to tax their people, this is to regain the funds they've lost, they have two options, tax their people or loan again, those countries with already weak economy before this pandemic will likely the one to suffer more, and likely to tax their people more
.

The idea of giving a loan to the people is going to be the way to go for the government to restart the economy after the end of this pandemic. But the banks would have to lower the interest rates for getting the attention of more and more people who are willing to take loan, otherwise increased taxation would be the only option left with the government to make up for the lost money in this COVID crisis.