Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Delgboke on July 28, 2019, 05:22:26 AM
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IRS has send letter of warning to the US cryptocurrency owners urging them to pay their tax that may have accumulated and the agency has said that they have sent letters to 10,000 taxpayers and mailing of those letters since on Friday telling them to participate in the ongoing exercise to pay pending tax and take it serious.
Why tax paying has become a must for cryptocurrency industries?
Check in For more details.
https://www.cryptoinformers.info/news/221-irs-says-its-sending-warning-letters-to-us-cryptocurrency-owners
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Why tax paying has become a must for cryptocurrency industries?
It depends on the country. Usually, it's the income derived from investing or trading cryptocurrencies that is taxable. You don't get taxed for simply holding a crypto.
Whether in crypto or not, any good citizen is expected declare his/her income and pay proper taxes.
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It is a company that exists in a country that has a strong and sophisticated system, America.
Because America is very strict in regulating its citizens about the law, cryptocurrency will also have a tax bill as mentioned in the article that the OP gave.
Maybe the tax is more appropriate for the welfare of the other people and this is a must in all countries throughout the world.
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I think it's legitimate if the income from cryptocurrency is taxed, because taxes are one of the income of one country for the welfare of its people
but hope can be reviewed about crypto tax for each country
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It is only normal for government authorities to require its citizens to pay proper taxes from profits/income they got from salaries, business, or investments. We all know by now that government are also aware that many are now investing into cryptocurrencies.
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We all know by now that government are also aware that many are now investing into cryptocurrencies.
This is as a factor to lead the government makes a regulation for the tax of crypto users. Moreover, some crypto users can gain big profits from crypto investment or trading. This should attract the government to make a specific regulation for crypto business' tax.
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For any income-generating activities, the government is entitled to tax it. Therefore, such a requirement is completely legal. As for the question of whether cryptocurrency owners should pay such a tax if they can hide the amount of income from the government, it should be borne in mind that public authorities are still able to establish the total amount of income to be paid, and if citizens refuse to pay it, this could be the reason to limit circulation or even prohibit cryptocurrency in a particular state.
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You must understand that in the US, all citizens are forbidden to declare their incomes and income from crypto too. So they fight illegal income and monitor whether the citizens have gained their profit.10K users who they sent letters is very small. I think it is not even 1% of the total number of users who make a profit from crypto.Maybe their data was passed to exchanges that own their personal data.
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I also believe that if crypto is taxed one day the government will also recognize the existence of crypto currencies, so I think cryptocurrency will also be more developed.
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IRS has send letter of warning to the US cryptocurrency owners urging them to pay their tax that may have accumulated and the agency has said that they have sent letters to 10,000 taxpayers and mailing of those letters since on Friday telling them to participate in the ongoing exercise to pay pending tax and take it serious.
Why tax paying has become a must for cryptocurrency industries?
Check in For more details.
https://www.cryptoinformers.info/news/221-irs-says-its-sending-warning-letters-to-us-cryptocurrency-owners
Tax is an individual obligation in the government so no questions about it. our tax was used in various government projects and services thats why we must pay our taxes due so for me nothing is new about it.
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Not all cryptocurrency is taxing because if we play with decentralized estate like ForkDelta, IDEX, TRONscan, WavesDEX is taxable.
I see that taxes on cryptocurrency are like centralized exchanges, such as Binance, KuCoin and Bittrex. IMO.
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Why tax paying has become a must for cryptocurrency industries?
It depends on the country. Usually, it's the income derived from investing or trading cryptocurrencies that is taxable. You don't get taxed for simply holding a crypto.
Whether in crypto or not, any good citizen is expected declare his/her income and pay proper taxes.
You are correct, bruh. It's entirely depending in the country's government where one live. I know in the US they're very strict when it comes to tax, but I don't know if they're taxing retired government employees/pensioners, especially disabled military personnel who served and fought in war in Vietnam and the Middle East.
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The government has different regulations for those who hold crypto and I think there will always be a way for every government that wants to refuse crypto with taxpayers or types of income tax on crypto, this is very strange because in some countries I know it is wealth or income tax and all of that will be one to pay income tax.
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In order for the state to legalize cryptocurrency, we need to pay fixed income taxes on this type of activity. If we do not pay the tax, the state will tighten the rules for circulation of cryptocurrency up to its prohibition. If we do not want the state to do this, then we will have to pay taxes.
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I think that it is not for all that we must pay tax for cryptocurrency. It depends on what countries and companies that make the cryptocurrency with certain regulation. So far, crypto is still anonymous for several coins and activities/ But if talking about tax, in my country it is still not applied.
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Tax is the government's program. We should follow it and I think it will be adjusted as individual's income from crypto. I think we shouldn't worry. As long as the tax is fair to crypto users, I think why not pay the tax to the government. I think it is normal to pay the tax.
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I am still surprised, what does the state have to do with cryptocurrency owners,
in my opinion specifically in cryptocurrency we do not need to pay taxes, there are already very many taxes in the real world that are not even true, and now added with cryptocurrency tax in cyberspace?
I never agreed that the state would provide tax rates, lol.
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I am still surprised, what does the state have to do with cryptocurrency owners,
in my opinion specifically in cryptocurrency we do not need to pay taxes, there are already very many taxes in the real world that are not even true, and now added with cryptocurrency tax in cyberspace?
I never agreed that the state would provide tax rates, lol.
For any activity that brings income to citizens, the state has the right to set a tax, especially for activities in the financial sphere. Therefore, I do not see any problems here. We will have to pay tax on income in cryptocurrency, otherwise the state will gradually limit or even prohibit the use of cryptocurrency.
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Tax, is a share of your work, given to the government, for the state to function. It does not matter, how you are paid. The state have to take it's share, whatever the form of payment. The only obstacle, is that the state, accepts only fiat to receive taxes, so you have to find the fiat to pay.
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lol governments now are using crypto to accumulate more tax. I dont think its proper to collect some tax because the have no control over cryptocurrencies. you can only impose tax which they can control or have a jurisdiction.. maybe they will use it in corruption by taking advantage to the crypto users.
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lol governments now are using crypto to accumulate more tax. I dont think its proper to collect some tax because the have no control over cryptocurrencies. you can only impose tax which they can control or have a jurisdiction.. maybe they will use it in corruption by taking advantage to the crypto users.
I have to clarify. During the first days of the internet, back in 1998, I had the same thoughts. Now, it is clear. If you have a website with porn, and you have not banned visitors from countries, that porn is forbidden, you are guilty. If you travel there, you may end up in jail. With cryptocurrencies, the seller, has to obey laws in his jurisdiction. The seller, collects and pays the taxes, if he is a merchant.
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To help your country growing, i think as long as the taxable rational i will agree to paying it, and also it should be profit from trading, capital gain from buying bitcoin should not be taxed, it only could be taxed if the owner decide to sell it, and i think 5-30% tax for big amount is still rational, and for small holder the regulator should make a fixed percentage maybe 1% to 5%
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To help your country growing, i think as long as the taxable rational i will agree to paying it, and also it should be profit from trading, capital gain from buying bitcoin should not be taxed, it only could be taxed if the owner decide to sell it, and i think 5-30% tax for big amount is still rational, and for small holder the regulator should make a fixed percentage maybe 1% to 5%
You really cited very gentle figures as an example, but it seems to me that the governments of many states think a little differently. I still do not know such situations where the government would not abuse taxes for a simple citizen.
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Crypto is an asset so expect it to be taxed but I see this happening only in developed countries for now in as much as developing countries will soon take this option
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To help your country growing, i think as long as the taxable rational i will agree to paying it, and also it should be profit from trading, capital gain from buying bitcoin should not be taxed, it only could be taxed if the owner decide to sell it, and i think 5-30% tax for big amount is still rational, and for small holder the regulator should make a fixed percentage maybe 1% to 5%
You really cited very gentle figures as an example, but it seems to me that the governments of many states think a little differently. I still do not know such situations where the government would not abuse taxes for a simple citizen.
Tax abuse, is something different. It can happen or not. Whatever the payment you receive, you have to pay taxes for your work, or your product.
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To help your country growing, i think as long as the taxable rational i will agree to paying it, and also it should be profit from trading, capital gain from buying bitcoin should not be taxed, it only could be taxed if the owner decide to sell it, and i think 5-30% tax for big amount is still rational, and for small holder the regulator should make a fixed percentage maybe 1% to 5%
You really cited very gentle figures as an example, but it seems to me that the governments of many states think a little differently. I still do not know such situations where the government would not abuse taxes for a simple citizen.
Tax abuse, is something different. It can happen or not. Whatever the payment you receive, you have to pay taxes for your work, or your product.
I mean a large number of taxes, which are growing every year, and the income of citizens does not change. Until now, at least there is still an opportunity for cryptocurrency users to avoid taxation and at least save a little money to become financially independent. After all, the fact is that after receiving a salary, he paid the bills for utility bills, as well as taxes and was left without a penny in his pocket to live on.
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Every earning have to be taxed but I can lose 90% as well. When they are gonna get taxes? Maybe when you change crypto into fiat.
If they control CEXes and get tax on every trade, people will use Decentralized exchanges.
I'm not sure. But of course, if I do 100x in a year, It has to be legalized and taxed somehow.
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I think it will helps the government to sustain everything, as we all know if crypto doesnt have taxes there will be not enough money for the government to spend for infrastructure. So I think if they collected some taxes on it, in withdrawing or depositing some money of it.
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I think that being taxed is a good signal for cryptocurrencies, because it shows that cryptocurrencies have been approved as a form of property, or a form of currency. Tax is not as big as the value that cryptocurencies offer to community.
Thank for article!
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This is one of the problems that some coins keep having, particularly those that are in countries where cryptocurrency is regulated. Inasmuch as they are registered, they will be subjected to tax payment.
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If people make a profit from any activity, especially in the field of finance, the state has the right to establish a tax and require citizens to pay it. This is a general rule of all states. I do not see anything unusual in this. In order for states to legalize cryptocurrency and allow its circulation, we will be required to pay appropriate taxes.
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Every country has different regulations related to cryptocurrency pay tax. In my country, a small user like me never pays cryptocurrency tax. Why pay tax? I rarely get profits from doing crypto business. But if I am a big trader, I have no problem to pay crypto tax.
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Everyone knows how tax works. Countries with strict taxation could really affect the crypto industry but there are also some with good provisions. Yes it is good for the country if tax were imposed the only thing that is not good is the part where tax are highly abused. SEC is very strict on imposing crypto especially on the part where financial status is involved. Luckily in my country the law is very sypporting this blockchain tech.
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Many countries have different rules regarding ownership of Bitcoin and other crypto-assets.
in my country, ownership of crypto assets will be taxed according to the number of altcoins or bitcoins that are owned normally in local trade that I often do when withdrawing will be subject to tax or PPN The term in taxation in my country is 10%, that includes administrative fees for interbank withdrawals , from crypto to local currency that I receive from each withdrawal transaction.
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As a responsible citizen of any country even you own a decentralized cryptocurrency, it should be tax since our taxes are very useful for the services in our country that's why even the cryptocurrency is decentralized in nature for me it should be TAX as part of our responsibility.
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I agree with paying Cryptocurrency taxes, but how can the government get to know anyone of those who hold Crypto. Because this is anonymous, it will be difficult to track the people involved in it.
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Paying for Cryptocurrency tax is certainly fine, because from this Cryptocurrency Business we can benefit. And if the government sets a Cryptocurrency tax, then we must follow these regulations, otherwise we will be referred to as against state regulations. And it could be that the government would freeze our account if indeed the regulation is already running.
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As the future money that we will use to buy stuffs or anything related to expense, tax must be implemented since it will be used to support each countries, if there is no tax, then where will be the country's expense will come? tax is essential in every country.
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Every government must have its own regulations, Cryptocurrency is a business that can make money and because of that, the government implements the rule that Cryptocurrency must pay taxes. And if indeed it is the duty of every Cryptocurrency player then they must pay taxes.
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In my experience it depends on what the country has done for digital money or cryptocurrency.
If crypotcurrency in the country is open then there is a possibility of taxation and if the country prohibits outstanding crytpocurrency, then there is no need for taxpayers (although in fact cryptocurrency is in circulation).
This statement is the same as Input-Process-Output.
When there is cryptocurrency input, it must be taxpayer.
If there is no cryptocurrency input, there is no need for taxpayers.
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Paying tax on cryptocurrency is a good development for crypto community and crypto users because this is an indication that the crypto currencies are being accepted by the government. This will encouraged more usage by citizens of a country where crypto currencies are taxed. Governments need funds to execute projects and the tax paid are the major source of financing this project. This will act can entice countries that ban cryptourrencies to review their policies to allow its use so that they can earn tax on cryptocurrencies too.
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Paying tax on cryptocurrency is a good development for crypto community and crypto users because this is an indication that the crypto currencies are being accepted by the government. This will encouraged more usage by citizens of a country where crypto currencies are taxed. Governments need funds to execute projects and the tax paid are the major source of financing this project. This will act can entice countries that ban cryptourrencies to review their policies to allow its use so that they can earn tax on cryptocurrencies too.
I agree with you, if a country has implemented a Crypto tax system in a country that means that Cryptocurrency has been accepted by that country. This means that anyone can calmly play Crypto without having to worry that Cryptocurrency will be banned in the country. And that is a natural thing, because the tax requested by the government will also be returned to the people to build the country.
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it is only natural that the USA applies the crypto tax because the usa is a superpower with a large industrial level and many crypto enthusiasts (possibly only opinions)
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That's the reason why the government wants to regulate the cryptocurrency industry aside from the purpose of protecting its people as investors from possible fraud and scams it was also serve for tax mapping since cryptocurrency industry are high potential source of revenue.
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Hold or trade cryptocurrency should not be taxed. Digital money cannot be taxed because they are not physical assets. However, if the state asks for taxes, it might be intended to avoid embezzlement of money.
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Crypto tax payments will definitely takes long to be effective because crypto is still very young in my opinion. Tax payments has been ones of the reasons while SEC and other government agencies are fighting to regulate the digital money at all cost. I think tax payments is not a bad idea but to regulate crypto for the purpose of tax plus other reasons will remain a big issue because crypto is decentralized.
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In my opinion, it is no secret that states and their governments are not very good at decentralized cryptocurrency. They cannot control her and therefore governments will always be suspicious of her. If we do not pay tax on profits in cryptocurrency, then governments are very pleased to use this pretext to limit or even prohibit its circulation. Therefore, if we want to freely use cryptocurrency and make our profit, we will have to pay a tax.
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Perhaps the government wants cryptocurrency regulation to destroy crypto altogether, since this is a lot of competition for banks. Or the government just wants to make money on holders of crypto assets.
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Any company, including digital currency companies such as exchanges, is required to pay taxes. Because it is the company's right. In any country, you must pay taxes if you want to establish a company. You must have a permit. it is natural for countries to tax digital currency companies.