BitCoin Payment & No Taxes

[bosshyip]

Hey folks,

Just wondering whether the following would word to avoid the income tax:

1. Receive Payments in Bitcoins
2. Buy Commodity using Bitcoins (such as Gold coins)
3. Sell Gold for Money

Where's my mistake or does it really work?

bosshyip

[CryptoZenWorld]

Hey folks,

Just wondering whether the following would word to avoid the income tax:

1. Receive Payments in Bitcoins
2. Buy Commodity using Bitcoins (such as Gold coins)
3. Sell Gold for Money

Where's my mistake or does it really work?

bosshyip

For an individual, it will work but not for an organization. It is too risky to avoid tax for an industry. And in future you can't avoid tax, because there might be cryptocurrency is the only way of payment to everything.

[sugarchrisp]

I don't really think trying to avoid taxes is a good idea.  It can bite you in the ass and you may be put into a position where you're forced to pay the taxes and no longer have any money left.  On top of that, do you ever go to the hospital or drive on roads, have kids in school, or plan on using the fire department?   Taxes pay for these things, and if people avoid them the overall infrastructure of the country suffers.  We'll get generations of idiots who never had well funded schools to get a decent education, and hospitals that have to overcharge the hell out of patients just to get money to treat people.  Do yourself and whatever country you live in a favor and just pay your taxes.

[Noverteno]

Seclusion from paying taxes in this way, through the use of bitcoin or other cryptocurrency as a means of payment, will no longer work. Not everywhere you can pay with bitcoin or cryptocurrency in general. In addition, more and more exchanges and exchangers require personal identification. It will soon be necessary to do this when making large purchases in cryptocurrency. Governments will still figure out how to get their tax. Otherwise, they will simply restrict and prohibit the circulation of cryptocurrencies. So in general it is better to pay tax, there will be fewer problems.

[mlawson71]

Indeed. Russia, for example, is actually considering criminalizing crypto investments that have not been disclosed to their tax agency.

[AllSii]

Seclusion from paying taxes in this way, through the use of bitcoin or other cryptocurrency as a means of payment, will no longer work. Not everywhere you can pay with bitcoin or cryptocurrency in general. In addition, more and more exchanges and exchangers require personal identification. It will soon be necessary to do this when making large purchases in cryptocurrency. Governments will still figure out how to get their tax. Otherwise, they will simply restrict and prohibit the circulation of cryptocurrencies. So in general it is better to pay tax, there will be fewer problems.

Not all countries have legislation that provides for the payment of taxes received in cryptocurrency. In this case, you simply will not be able to voluntarily pay income tax.

[Astra]

Seclusion from paying taxes in this way, through the use of bitcoin or other cryptocurrency as a means of payment, will no longer work. Not everywhere you can pay with bitcoin or cryptocurrency in general. In addition, more and more exchanges and exchangers require personal identification. It will soon be necessary to do this when making large purchases in cryptocurrency. Governments will still figure out how to get their tax. Otherwise, they will simply restrict and prohibit the circulation of cryptocurrencies. So in general it is better to pay tax, there will be fewer problems.

Not all countries have legislation that provides for the payment of taxes received in cryptocurrency. In this case, you simply will not be able to voluntarily pay income tax.

In the near future, all the same, all states will be forced to consider the issue of legalizing cryptocurrency and the issue of its taxation. Therefore, the time gray area should not be taken into account in this matter. The question is whether or not to pay tax in principle.
The state can calculate the approximate amount to be paid as tax on profits from activities in cryptocurrency. If the amount of non-payment is large, reprisals will surely begin against both the holders of the cryptocurrency and against the cryptocurrency itself. I don't think there is a need to conflict, This will be a losing situation.

[Lorix]

Of course, no income tax is paid on transactions in blockchain currencies. Taxes cannot be taken from these at present. Because no government can take tax from them. Bitcoin transactions through blockchain are not taxed by any government. It is user controlled. So it's a matter of advanced thought and I think it's a phenomenon like that. Users must benefit from such transactions. So most people support it. But unlike products you can buy with bitcoin. You don't have to pay taxes for that and that's a good thing. Currently there are a lot of transactions.

[alltalk]

In my country, for personal purposes, there is no tax for Bitcoin or altcoins. While if you are the owner of an exchange, you must follow some rules, including paying taxes. I think the rules may vary and differ in each country in the world. But I can say that paying taxes isn't a problem as long as it makes sense. We're sometimes to avoid the rules from the government like this one.

[EthereumDev_]

Payments using bitcoin should not be taxed because the main purpose of the creation of bitcoin is to create a digital currency that cannot be controlled by the government so that there are no tax fees because there are only transaction fees aimed at miners.

[Nostoman]

No country's government can tax Bitcoin. I can personally say, there is no such rule in my country. However, cryptocurrency is not approved in different countries. There is no question of tax in those countries. However, in countries where there is approval, tax is taken from the exchange of those countries. So I think officially no text is taken and no country's government has the power to take the tax. Because user transactions are done from the user. So I think there is no point in avoiding it.