Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
See people are so smart these days...they know a way out for everything. That is why they have been able to manage big scams and defraud officials. But that is not the point. The point here is that we being honest taxpayers, are the responsible citizens of this nation. So paying off taxes on bitcoin if demanded by the government is our responsibility. However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
More the laws become stricter and their implementation being enforced strictly, more it will become difficult for the defrauders to escape from the tax liability.
P.S. : Let's not evade taxes and support the government regime.
