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Author Topic: Israeli draft bill may ease the heavy taxation.  (Read 102 times)
fiulpro (OP)
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September 25, 2020, 10:09:26 AM
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Apparently right now Bitcoin Gains are taxable upto 25% in Israel , they are considered Taxable Asset instead of Digital currencies.

Now a new bill seems to help the cryptocurrencies and the people using them by reducing this 25%.

It would not only benefit the people but at the same time it would benefit the small cryptocurrencies which may enter the market in the future.

https://www.coindesk.com/israel-bitcoin-tax

Quote
The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story


_*_

This aside 25% Taxation is very ridiculous. The government is not only taking advantage of cryptocurrencies like Bitcoins but they are also taking advantage of the people who hold them.

Hopefully this would all be good in the near future , for now the government may or may not pass the bill. This is the height of corruption, despite cryptocurrencies supporting the countries during pandemic and making the life easier for most of the people somehow governments cannot digest this.

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September 25, 2020, 10:37:48 AM
 #2

Hopefully this would all be good in the near future , for now the government may or may not pass the bill. This is the height of corruption, despite cryptocurrencies supporting the countries during pandemic and making the life easier for most of the people somehow governments cannot digest this.

I wouldn't go so far and call this corruption but rather unsound judgment from those who initially passed the bill. The reshaping of this particular bill would probably do the trick knowing that they have gathered some data from the whole time the bill existed and people paying taxes. Back then everyone was still gauging how much is too much when it comes to taxing people from their cryptocurrencies, and it seems that governments are now realizing that people would cooperate more if the taxes are lower and 'friendlier' towards those who are using and trading with it.

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September 25, 2020, 12:07:29 PM
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25% tax in cryptocurrency is just too much even at initial assessment so they are probably thinking that profit in cryptocurrency is huge and the government took advantage of it. That's probably hindering the growth of the users there in Israeli. If by chance that they really lessen the tax burden, companies that deals with cryptocurrency might go there.
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September 25, 2020, 12:53:45 PM
 #4

25% tax in cryptocurrency is just too much even at initial assessment so they are probably thinking that profit in cryptocurrency is huge and the government took advantage of it. That's probably hindering the growth of the users there in Israeli. If by chance that they really lessen the tax burden, companies that deals with cryptocurrency might go there.

Please read the fine print here - 25% tax on gains! Yes it's heavy for sure but inline with the normal taxation rate of many countries. Japan actually started imposing a tax of 56% of cryptocurrency gains, which is abnormal!

However, it's good that Israel is possibly taking steps to reduce that burden which may encourage a lot of people to enter into crypto. Let's hope for the best!

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September 25, 2020, 01:14:32 PM
 #5

While government don't have any control to manipulating Bitcoin price, they use heavy taxation to get profit.

Bitcoin isn't an easy money, it's high risk investment and not always will earn gains. I see many people are still loss especially for those who Buy bitcoin near ATH and daily traders.
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September 25, 2020, 02:38:07 PM
Last edit: September 25, 2020, 02:48:43 PM by Hydrogen
 #6

The american income tax in 1913 was 1%. Economic growth in that era normalized at around 10% per year.

Today income taxes are far far higher and economic growth is doing exceedingly well if it manages 2% annually.

High taxes are suffocating. They strangle job markets and cripple economic growth. The mentality many have where they believe the solution to every problem on earth is granting governments higher tax revenues and greater power is a negative hindrance to society.
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September 25, 2020, 03:31:20 PM
 #7

25% is a little bit high, though you are free in using cryptocurrencies in your country freely but you will end up losing most of your effort because the  tax is kinda high. It will be good if the new bill can really help the crypto users in Israel to drop the tax even a little so small investors can sustain their earnings.

But still what is happening there is still better compare to other countries who are prohibited to use cryptocurrencies.
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September 25, 2020, 04:25:05 PM
 #8

Apparently right now Bitcoin Gains are taxable upto 25% in Israel , they are considered Taxable Asset instead of Digital currencies.

Now a new bill seems to help the cryptocurrencies and the people using them by reducing this 25%.

It would not only benefit the people but at the same time it would benefit the small cryptocurrencies which may enter the market in the future.

https://www.coindesk.com/israel-bitcoin-tax

Quote
The proposed re-designation applies to cryptocurrencies with: a distributed issuance network, a 1 billion shekel ($288 million) market cap or more, a general use purpose and an independent origin story


_*_

This aside 25% Taxation is very ridiculous. The government is not only taking advantage of cryptocurrencies like Bitcoins but they are also taking advantage of the people who hold them.

Hopefully this would all be good in the near future , for now the government may or may not pass the bill. This is the height of corruption, despite cryptocurrencies supporting the countries during pandemic and making the life easier for most of the people somehow governments cannot digest this.
Is this up to 25% tax a progressive tax? In that case, it might start pretty low and get this high only for very rich people. And if it doesn't, then a more realistic bill would be on changing the eligibility criteria of paying a certain percentage, making all minimum gains higher. Since it's just a project law, it's early to put hopes up regarding this one. Those who offer the bill claim that Bitcoin should be treated as currency, not asset. Good luck to them, of course, but pushing for change is more difficult than pushing for status quo, unfortunately.

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