what are the ways government can apply tax on bitcoin....
how to pay tax on bitcoin..... in any country.....
Mining, trading or earning bitcoin should not be subject to any taxes in any country, but some countries are already reviewing on how to apply applicable taxes on it. Taxes should only be applied to your bitcoin earnings once you converted it to a fiat currency because that is the only time that it can be classified as an income on your part.
It will be quite hard to compute the taxes since it is a decentralized currency and records on how much you acquired the coin might not be available and also your expenses on mining should also be computed first.
Because of this it will be more complicated in the calculation of the details. An example, once time when we buy sums
BTC, the price at that time was around $ 3,000. Later, we sell it in the next month and unfortunately price
BTC at that current time still holds in around $ 3,000, So according to economy there is no profit gained from this, it could be maybe loss, because we have the cost of the insured in wearing.
I do agree if mining, trading or earning bitcoin should not be subject to any taxes in any country if done by personal person, but if done by the corporation then I agree to be taxed.