Hi all, I live in Israel - a country with relatively high regulation and tax rates. A recent article shows how bitcoin transfers may soon reach taxation rates of up to 47%! Im wondering how that compares to other countries?
https://www.themarker.com/opinion/1.4727995Are there any countries with higher rates?
47% is extremely on the high side. If you try that over here, you must build a lot of prisons because a lot of people would prefer to evade tax knowing the consequences than to willingly pay such huge chuck of their profit as tax. One of the canon of taxation as propounded by Adam Smith who wrote Wealth for All Nations published in 1977 is convenience and ease which a lot of country base their tax policy on. 47% is a whole lot that negates all of the 9 canons of taxation as added by other scholars over the years. And they are not even talking about the sale of bitcoin but the transfer which means that moving my bitcoin from one wallet to another, I would pay tax despite the fact that I am not receiving any inflow of cash as a result of that.