Do you think a 10% tax on Bitcoin profits is fair for long-term investors?

[Z_MBFM]

However, I would like to know how you view this decision?
Is a 10% tax on Bitcoin profits a reasonable rate? And is such a tax system good for the cryptocurrency market,? And what is it like for crypto users? or will it discourage long-term investors?

10% tax on profits is not a big deal. In some European countries, the government takes 30% tax from crypto. And in a country like Denmark, if the income exceeds a certain amount of income, the citizen of that country has to pay up to 60% tax, it has been shown in research. In that case, paying 10% tax on Bitcoin profits will not create much pressure on Bitcoin investors. And as a Bitcoin investor, I will definitely feel comfortable paying this amount of tax. However, the thing is that Bitcoin has not been legalized in my country so far, due to which we are using Bitcoin secretly and in this case we do not have to pay any tax to the government. The interesting thing here is that although Bitcoin is illegal in my country, it is in the top 13 position in the use of crypto in the whole world, which is very interesting. Here the government is neglecting it even though it has the opportunity to collect a large amount of tax

[decodx]

Honestly I think 10% is rather reasonable from what some other countries within EU are doing. Like 30% and more, which honestly I think is just a pure robbery. If I could choose I would rather go for 10% than get raped completely by a capital gains tax.

[Odusko]

I would even strongly disagree, it is too high and would be burdensome even though specifically mentioned as a capital gains tax. I think there will be effects on many areas. For exchanges, for crypto development in Greece. There might be a large exodus to avoid this very high tax. They might even not report the full gains. It seems Greece is moving in a better direction regarding crypto. But this condition is something I clearly do not agree with. Although there is a policy of tax-free income of €500. But I read that the tax on lending and staking is 15%, which is very high, like robbery.

The problem is if you are a citizen of that country you have no choice but to comply with the law. Of course it's your choice not to report it, but you should also be aware of the consequences since tax evasion is a serious offense, you could even go to jail for that. Actually that 10% might seem high for those who have not experienced being taxed yet, but compared to other countries that's still low.

Even in our religious houses we are meant to give a 10% tith on income to God as said by our pastor's, so being mandated to lay a 10% tax on our bitcoin investment I mean declared bitcoin investment is somewhat a good and fair policy for someone who is already use a tough tax regime from the government, and knowing how tax invasion can be treated as a jailable offense this make it ok to face the 10% tax demanded on declared crypto assets.

[CryptopreneurBrainboss]

According to the new law, no tax will be paid if the net profit earned from crypto is up to €500 per year. However, if this limit is exceeded, a 10% tax will be applied to the entire net profit. And even if a product or service is purchased with Bitcoin, you may have to pay tax based on the profit calculation. On the other hand, if you just buy Bitcoin and hold it for a long time and do not sell it, you will not have to pay tax because its value increases.

As far long term holders aren't getting taxed then it's cool because this encourages holding for long term and maybe we might begin to get more holders and interest in Bitcoin in the country. As for the 10% tax, I'm not familiar with how tax works in the country but if that's too much then they have to protest because it isn't fair to over tax those making use of Bitcoins and making profits.

But if it's in line with how taxes is been taken over there, then so be it. Govenwmmt use taxes to handle the affairs of the country as such, I won't say anyone should default paying their taxes but just that when it's being overcharge then something has to be done to fight that.

On the other hand, if you don't fill in you taxes how then do the government know you own Bitcoin and made a profits? isn't the government still depend on you to be truthful with your taxes and the ball still being in your court to report as you want? not giving out any ideas but just saying, you can invest and still nobodys knows anything you're doing.

[Ever-young]

Honestly I think 10% is rather reasonable from what some other countries within EU are doing. Like 30% and more, which honestly I think is just a pure robbery. If I could choose I would rather go for 10% than get raped completely by a capital gains tax.

10% is actually reasonable if we are to check it based on how some countries tax digital currencies and even other assets, but for people who don't want to pay tax, that's still a lot with the reason. The government don't care about how you go about earning your crypto. What they are more concerned about is what you remit to them and how they can benefit from that your success story it has always been their pattern which is why some stands against them.

[Bitcoin Smith]

10% capital gains is a very fair tax rate and anyone who don't want to lose their assets will comply to this rate because in my country the tax rate is 30% and even worse is we can't offset the losses on crypto profits that feels unfair and also government wants to make all the revenue from the crypto but they don't want to market to grow any further.

[buwaytress]

Well if you consider that Greece -- am assuming here they simply follow suit many other EU member states -- taxes any kind of investment income (I believe even savings, based on how my country of residence does), then it would actually be fair to also tax Bitcoin profits as part of investment income.

In fact, it would be unfair not to... price of acceptance, legitimisation, etc.

(But are you actually asking if investment tax is fair?)

[Alphakilo]

10% capital gains is a very fair tax rate and anyone who don't want to lose their assets will comply to this rate because in my country the tax rate is 30% and even worse is we can't offset the losses on crypto profits that feels unfair and also government wants to make all the revenue from the crypto but they don't want to market to grow any further.

Government can come up with whatever tactics they want just to ensure they either benefit from crypto currency or discourage users but the fact remains about the decentralized systems and that's it is a government on its own that doesn't rely on this national government to survive even if we must convert our Bitcoin to fiat for use, in some cases we can just spend Bitcoin directly and this boycott any taxes the government wants.
Still, taxes are good only if you make the government know you can pay them and until they do, holders remain exempt from this until they interact with CEX that makes this tax deduction compulsory without their knowledge.