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Author Topic: Best Solution for taxes  (Read 243 times)
Polo7
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October 13, 2020, 11:57:44 AM
 #1

Is to take taxes of each transactions automaticly some small  %


Its beneficial idea and smart and sustainable way.
And blockchain Technology can be helpful to make it this!


There is no need for tax office to take your tax declarations!!
As we all use internet bank so Every transaction we do the small% goes to government Automaticly.

And government will be on blockchain and Everybody will see the balance where the money goes and so.

Transparent Easy and sustainable

Think about how many transactions people do online each day?  If Even little% to be taken... The government will be Strong because more money Exchanges more transactions means more Economic actvity and more Economic actvity the more government will get taxes.
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October 13, 2020, 12:31:03 PM
 #2

You can't avoid tax, the best way to avoid government and officials bodies problems is to pay that tax. Many companies have been ruin because of they chose to dodge tax. They need your tax to sustain the economy.
Some industries have fully adopt blockchain in different sectors, the problem is, the government will never approve a system that isn't favorable to the cycle of their system.
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October 13, 2020, 02:19:51 PM
 #3

Taxing a decentralized network/system by governments that exist outside of the network/system isn't really a good idea. The best the "foreign governments" could do is to tax their own companies within the decentralized network.
If taxing most companies and transactions within the network becomes necessary, it should be done by the native Blockchain/decentralized-network Government.

I agree that things should be transparent.
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October 13, 2020, 02:22:45 PM
 #4

Is to take taxes of each transactions automaticly some small  %

Nice idea, but I think this overlooks the fact that (ideally) taxation needs to be progressive.
If say everything is taxed at a flat 20%, then someone on the breadline pays the same percentage tax as a billionaire.
You also have the issue of determining what is income (and how money in is balanced against money out), what is profit, etc.

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October 13, 2020, 02:45:24 PM
 #5

They can actually add tax in every cryptocurrency income. There are governments that are actually implementing this law.
Remember that "when there is money, there is tax".
In our country, there are also proposed bill about those who are earning through cryptocurrency but with of course set minimum/maximum annual income.

However, take note that there are still bitcoin friendly countries that made it to non taxable like Portugal and France.
The solution?  Follow government laws for less conflicts.
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October 13, 2020, 03:32:43 PM
 #6


Think about how many transactions people do online each day?  If Even little% to be taken... The government will be Strong because more money Exchanges more transactions means more Economic actvity and more Economic actvity the more government will get taxes.

With this I think you are talking about transparency and accountability. I think the whole transparency comes to corruption. A corrupt system will always find somehow to beat the system and this is bad for a nation. Even if it means not computing figures into blockchain , that can happen between two parties. Also where corruption thrives, even the figures reflected, the accuracies figures might not be given. Blockchain is good but it depends on the system to make it work

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October 13, 2020, 03:37:59 PM
Last edit: October 13, 2020, 05:13:20 PM by Rodeo02
 #7

Is to take taxes of each transactions automaticly some small  %


Its beneficial idea and smart and sustainable way.
And blockchain Technology can be helpful to make it this!


There is no need for tax office to take your tax declarations!!
As we all use internet bank so Every transaction we do the small% goes to government Automaticly.

And government will be on blockchain and Everybody will see the balance where the money goes and so.

Transparent Easy and sustainable

Think about how many transactions people do online each day?  If Even little% to be taken... The government will be Strong because more money Exchanges more transactions means more Economic actvity and more Economic actvity the more government will get taxes.

This will not work. every country has different government so how do you know in which country the transaction came from?
Taxes should be paid in fiat not in crypto currency the idea of  bitcoin is not to paid taxes to government but to use by the people freely without any restrictions need to follow.

If they want  that they need to create thier own crypto currency that they can monitor every transaction and know whos the owner of the address.
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October 13, 2020, 03:54:38 PM
 #8

Nice idea, but I think this overlooks the fact that (ideally) taxation needs to be progressive.
If say everything is taxed at a flat 20%, then someone on the breadline pays the same percentage tax as a billionaire.

Quite ironic, bitcoin doesn't care about the sum involved but the amount of space used, so if we would impose taxes after the blockchain model they will be neither a fixed percentage nor a progressive percentage but a fixed sum for everybody. So no 1% of 1000 or 20% of 2000000 but rather 100 for everyone. Remember, Bitcoin is the total opposite of socialism or socialism measures. And just to hammer that idea once more, Bitcoin is the perfect tool for rich people to avoid taxation at all, so in your ideal world there would be no place for it.

However, take note that there are still bitcoin friendly countries that made it to non taxable like Portugal and France.
The solution?  Follow government laws for less conflicts.

In France, crypto trades are no taxable, or transfers between addresses but when you exchange crypto to fiat you're taxed, and if you try to purchase something directly with crypto you're also taxed with VAT just as with fiat.

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October 13, 2020, 04:06:02 PM
 #9

You have to remember that there are different legal rulings for every country regarding the taxation of cryptocurrencies. One country differs from another when it comes to these things. Even if a successful implementation of your idea is to happen on the blockchain, governments would still be scratching their heads figuring out who sent what from where, and by how much. They still need their own centralized ledge for taxation, and taxation will only be orderly and systematic if the government will ask people to file their taxes accordingly. It is not a perfect system, yes, but it has worked okay since it was adopted on a large scale.

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October 13, 2020, 11:51:37 PM
 #10

You cannot certainly run or avoid taxes as long as you are residing on a country and being ruled by a government. All of the goods and services have their own topped up taxes that are used for different purposes such as maintenance for the industrial needs and as well as construction of different highways and buildings to be able to develop the economy of the country which will provide better living supposedly for the people of the country. There are legal laws concern that must be followed so you cannot escape or run from paying taxes.





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October 13, 2020, 11:55:53 PM
 #11

You have to remember that there are different legal rulings for every country regarding the taxation of cryptocurrencies. One country differs from another when it comes to these things. Even if a successful implementation of your idea is to happen on the blockchain, governments would still be scratching their heads figuring out who sent what from where, and by how much. They still need their own centralized ledge for taxation, and taxation will only be orderly and systematic if the government will ask people to file their taxes accordingly. It is not a perfect system, yes, but it has worked okay since it was adopted on a large scale.
There would really be pros and cons but actually it do really resolved out when it comes to transparency yet it would really be seen if there are outgoing funds on said wallet
which would really be questioned out on where it being spent.

but to think up on the entire process or system like verifying on whose the one been paid out then it will really be still a hassle thing.

Also, not all government would really be positive on this idea specially to those who are on corrupted countries.This will truly wipe out their traditional shady stuffs.

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Wexnident
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October 14, 2020, 01:03:44 AM
 #12

True enough, but instead of a percentage it'd probably instead be a flat amount if used directly in the blockchain. Of course, we can probably send it into multiple central groups first that split the amount into two, the taxed amount and the amount to be given minus the tax, and the taxed amount would be based on the wallet address given. Though there would be conflicts in the sense of "how much" tax one should give, especially in the middle-lower class since the definition of one would be sometimes vague and even if we use household income, it would still depend on the number of members inside that certain household.

Besides, if this were to happen additionally, it'd either be exchanges working with the government right now, or the government would create their own, and probably ask down to close those private exchanges, which is ofc absurd imo.

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manfredmann
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October 14, 2020, 01:15:43 AM
 #13

It is possible as what you have mention that taxes will be smaller percentage with the use of cryptocurrency. However, we know that banks services are being use when we transfer money to buy cryptocurrency and so does when we will going to sell cryptocurrency will be using third party service to withdraw the money we had during the exchange of cryptocurrency to fiat currency. Actually it did a double kill on getting transaction from the third party and the same time from bitcoin miners or cryptocurrency miners itself.

But if we could remove these third party and make a local trade with cryptocurrency that could be use in daily life living expenses then pretty sure cryptocurrency will be a great help. For now we are slowly heading towards adaptation of cryptocurrency and hopefully it will going to happen sooner that many people will going to adapt on this system.
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October 14, 2020, 01:19:42 AM
 #14

This is the reason why the government earning money with the use of taxes. This is the reason why your country has a budget to use to build a different infrastructure. If all of the people today now are using cryptocurrency as a transaction with the use of blockchain to prevent the taxes for sure many countries today will ban the use of the crypto because the country is not earning. Also we are only using the blockchain like a cloud database or cloud storage to make more easier to access the information but at the same time this is secured.

Besides, if this were to happen additionally, it'd either be exchanges working with the government right now, or the government would create their own, and probably ask down to close those private exchanges, which is ofc absurd imo.

There is a chance might happen because AFAIK there are a lot of countries have a centralized exnchage at the same time they are earning with the use of cryptocurrency so they don't need to worry about the taxes because they are earning with the use of transactions of their different users.

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Kong Hey Pakboy
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October 14, 2020, 02:16:46 AM
 #15

This is the reason why the government earning money with the use of taxes. This is the reason why your country has a budget to use to build a different infrastructure. If all of the people today now are using cryptocurrency as a transaction with the use of blockchain to prevent the taxes for sure many countries today will ban the use of the crypto because the country is not earning. Also we are only using the blockchain like a cloud database or cloud storage to make more easier to access the information but at the same time this is secured.
The government will ban cryptocurrency and blockchain technology if every citizen cannot pay their taxes because taxes are why a country has funds to create infrastructure and where the government earns money. So we cannot avoid paying taxes with the use of blockchain and cryptocurrency because it is mandatory for every citizen to pay their taxes. But I think we are already paying our taxes and fees in centralized exchanges when we make transactions or converting our cryptos into fiat and vice versa.

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Salauddin1994
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October 14, 2020, 03:52:02 AM
 #16

There is no solution to the problem of paying taxes no matter where you live because the government spends on improving the country's economic infrastructure with taxes and subsidies from the people. The national board of revenue sets the tariff price for all goods and services and this price later determines the vat revenue the best solution is to use crypto is not under the control of a decentralized government so there is no tax blockchain technology is improving.
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October 14, 2020, 05:29:17 AM
 #17

This is all very well and really sounds like a sound idea - but you do understand that it is not profitable for any government to have a system of crystal clear taxes? How then will they Finance the "black" sectors of the economy (military industry, research in the military-industrial complex, and other things about security and weapons)? This is at least. And as a maximum - it's no secret that in any state in the world there is theft of budget money. That is why even the most kind and fair President in the world will never come up with the idea of making such a system - because relations between people, their support and votes under different laws will always be much more valuable than your desire to know where your 2 dollars of taxes went.
Lorence.xD
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October 14, 2020, 09:06:34 AM
 #18

We can't get rid of taxes easily, if I am being honest impossible. Tax is the lifeblood of the state and that is the reason that tax evaders go to great lengths such as off shore accounts and shell companies. We can't do anything if the nation we are in imposes tax on cryptocurrency. Honestly, tax is a good thing if it is utilized with efficiency and without corruption in the officials handling this matter. Some countries have high taxes but enjoy free health care and less working hours. Also good roads and infrastructures.
Fatunad
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October 14, 2020, 09:22:59 AM
 #19

We can't get rid of taxes easily, if I am being honest impossible. Tax is the lifeblood of the state and that is the reason that tax evaders go to great lengths such as off shore accounts and shell companies. We can't do anything if the nation we are in imposes tax on cryptocurrency. Honestly, tax is a good thing if it is utilized with efficiency and without corruption in the officials handling this matter. Some countries have high taxes but enjoy free health care and less working hours. Also good roads and infrastructures.
Everything would really depend on what government you do had, lucky if you do have that those who arent corupt then that would surely benefit its citizens.
I cant blame out people on why they do evade taxes or minding on not to pay its neither on common two reasons, its just they dont like to pay up just because
they dont like for their money to be deducted or just not really like just because its useless due to corrupt government officials.
Blockchain on taxation system? It will really still pass on many debates and argumentations before it would go on such transition.

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LogitechMouse
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October 14, 2020, 09:54:28 AM
 #20

When I learned a bit about financial things including this taxes, I really thought that there is no way to avoid paying taxes when you are working and you have an income.
Although I don't pay any taxes right now for some reasons, most of the people are paying taxes and that is a help for the country so why avoid paying it?? I don't see any reason avoiding it.

And government will be on blockchain and Everybody will see the balance where the money goes and so.
Also take note that not all of the government are accepting anything related to blockchain or crypto.
Not all of the government are that knowledgeable when it comes to blockchain so why will they invest time and money into something that in the end will not help them either or.
If they will do this, they can't do the things that they are doing right now Cheesy. I'm pertaining to the corrupt officials in the government Cheesy.

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