Putting tax on cryptocurrency?

[yonkii 3205]

I'm afraid that there is taxation everywhere after you profit a lot. I don't have a lot invested and maybe only $100 for not but who knows what happens. We should know that banks will ask where the money came from if this is too much and they will want us to report to the tax authority.

[Maharba 237]

You are right, cryptos are decentralaized, just, those goverments are like sharks, they want to bite all they can, of course they dont want pass the huge bussiness crypto coin represents, if our bitcoinswill  have valor cero, they don't pay attention to what we do with them. I dont like they taxes norefor  buy or sale. that make me think in some bad words to that politicians in my mind!

[Onden 2098]

I agree that taxes should be applied when we sell Bitcoin, but if the taxes are too high, I don't agree. As a cryptocurrency trader, of course you really object if there are taxes that are too big, because getting money in the crypto market is not easy.

[Braulio Eurea 720]

In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

[annayks 2314]

I did not know about the UK tax on cryptocurrencies. Is this means that when you sell in an exchange you instantly pay a tax? This is very strange and it limits profits of the english traders. There should be a tax on the end of the year earnings report but not on trading this makes trading harder.

[Tetrisreal 219]

I did not know that they were already taxing cryptos, but this would not make sense as you say, even in many places it is not even considered as money, but if you want to take a slice of our effort, unfortunately with the fiat they always control for now at the moment to make an exchange, but if there were more services and businesses that accepted cryptos we would not have to exchange for fiat.

[zhoutong 2188]

You ask us if we agree with a taxation law in the UK my friend? I'm sorry I don't live there to know exactly what happens. But if there is a rule to tax trading it seems very strict and I hope they have low percentage. Do you know by chance since you created the post how much is this tax the british trader are paying?

[kryptonick 2659]

Such a shame. I knew it and it also happens in many places. I think in the USA and in Korea and Japan. I don't know the rates of these taxes but they are probably similar to the exchange fees charging the double to trade. Lucky they don't get taxed when they buy too. This means we can buy and not pay any tax unless we sell.

[prabesh2058 171]

If every country can apply tax on the cryptocurrency then they can freely unban cryptocurrency where cryptocurrencies are banned.

most of the government has the reason that cryptocurrency transactions are anynomous and they cant collect tax and have no record of money transaction.So if this problem is solved then they will definitely unban cryptocurrency in their country.

But i think applying tax is pretty hard in case of cryptocurrency because Their transaction is totally anynomous and many exchange available for cryptocurrency.Which is too difficult for government to get over control.

[setifien 1016]

19 hours ago, Braulio Eurea said:

In some countries like Israel, cryptocurrency holders are taxed, they take cryptocurrencies as an asset. What happens is that if nations start taxing cryptocurrencies it would be in recognition of them. Paying taxes for transactions or operations with cryptocurrencies gives rise to entrepreneurs who participate in the world of cryptocurrencies to claim their legality.

But in the other hand, many investors will quit and withdraw their support to bitcoin (and other currencies) because they do not want to give their hard earned money to governments)

[Shaza Ahmad 1682]

Well, the problem is if governments do not impose taxes, they will not legislate the use of cryptocurrencies and bitcoins, so there is no escape from paying taxes, but the problem is who sells at a loss, will he pay taxes in this case? This point must be clarified by governments.

[Jromz 2158]

Unfortunately, Spain has been recently added to the list of country that taxes cryptos. According to this approved draft law, it seeks to fight fraud. Now all Spanish citizens should inform the government about their crypto holdings and pay taxes accordingly. This will even include operations made outside the country.

 

 

 

  

Edited October 31, 2020 by Jromz
typo

[khan22 3478]

Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

[Goyaa 2414]

I disagree with taxes on bitcoin sales, as crypto traders with large capital can be taxed on every transaction, but small merchants and bounty hunters with small incomes will object. Crypto business has helped many people who are unemployed, now have jobs in the crypto world and do not give a burden to the country but instead the state gives a burden to its people.

[bogdanoff 3173]

Taxes are always put when there are regulations. This means that cryptocurrencies are recognized and allowed but there are some countries that put restrictions and may not allow them to be used for commerce.

[Sykkuno 2887]

I don't agree with high taxes but as in all markets profits are taxed so this is not something you can say that it should not happen. Taxes happen in stocks in gold and in all the exchanges but there should be a limit and not need to tax $100 but higher profits than that maybe higher than 10 thousand dollars.

[tienda 8776]

On 10/31/2020 at 4:41 AM, khan22 said:

Soon the governments apply high tax on the crypto market becasue soon the crypto market is going to be legal in all over the world and this will happen soon becasue the Corona virus 2nd layer is come and this time crypto is legal in almost all over the world.

If cryptocurrency will be regularized in this case yes I agree with your opinion @khan22. I don't understand how the governments still are not considered a cryptocurrency as a digital currency official, but they ask people to pay tax! how will pay tax about an illegal thing?.... first they need to adopt it and to consider it as an official and legal currency.

[Amiami 1362]

The imputation of taxes on something that is supposed to be decentralized does not make sense, however, although they do not have control over btc, if they have control over the economic operations that are carried out in their territory, it seems fine to me that taxes are placed but that they are small  At the end of the day, most do not become a millionaire with this.

[BrolySSJ 7899]

I understand your concern when it comes to the crypto being decentralized, but look at it from the perspective of the government. If they are unable to tax it or impose any sort of levy on the currency then there is no incentive for them to allow the crypto as legal tender in their country. Therefore it is necessary to have a tax on it, so that the government can benefit and promote it use within the country. This will work in the best interest of the crypto world in the long run. I think that the debate should be on the tax rate for these sales. Personally i believe that tax should not be more than 10% on crypto, however i have seen some countries go as far as to make a tax rate of 20%. 

[MrSpasybo 1049]

If we want crypto to be accepted as a currency or commodity, we need to accept the obligation to pay taxes on crypto-based profits 🙂
However, the tax on crypto should be the same as for fiat, many countries are taxing too high to stifle their crypto development and protect their fiat.

This makes the crypto community really uncomfortable.

[Zafar123 906]

Payments made to independent contractors for services provided using cryptocurrency are subject to income tax and self-employment tax and must be reported on Form 1099. Again, the fair market value of the cryptocurrency establishes the taxable amount.

[iberahim 401]

If worldwide can accept the crytop currency we don't have problem with paying tax but all what we want the bitcoin should be accept in anywhere you go

[KHALED ADWANI 1216]

This is not fair at all, and people will use decentralized platforms to prevent the government from viewing its daily dealings in cryptocurrencies, but he will have to pay that tax if he wants to convert cryptocurrencies into real currencies because they will pass through a bank account

[godislovefll 1880]

On 8/8/2020 at 9:46 AM, Moontong said:

Did you know that in the UK, there is taxation in cryptocurrency?

You won't pay tax once you buy a bitcoin but you will pay tax once you sell it, what do you think about it? Do you agree or not?

 

There are some other countries that are planning to put a tax on cryptocurrency which is really unreasonable for me because as well all know cryptocurrency is decentralized and there is no right for the government to take place on it. They know how beneficial cryptocurrency is and they know how much money they can get once they pa ut tax on it. 

I think that what they should do is charge a tax only when the person wants to transfer their BTC to the local currency of any country but not taxes for each sale, it should be correct only when you need to transfer from BTC to the currency l

[pablomarwan 3082]

This is totally unacceptable. Cryptocurrencies were developed in order to limit these manipulations. There are no papers or any data that will impose you to pay taxes only to trade in cryptocurrencies. They are trying to use this to their advantage. As long as they will not be able to profit from you through your trading with them, they will necessarily impose some methods for that.