Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
From 2017 onwards, tax authorities began to take seriously this unprecedented income. At this point, you'd better guarantee that you've done everything right with tax returns. It is now in the U.S. tax filing season that the IRS will not miss the part of the proceeds they deserve. From 2017 onwards, tax authorities began to take seriously this unprecedented income. At this point, you'd better guarantee that you've done everything right with tax returns.
Well the implementation will depend upon the country that you are residing on as some countries are lenient with its taxation. What makes cryptocurrency difficult to tax is its lack of any regulation among the government or any organization. Unlike any conventional investment tools present, cryptocurrencies tend to deviate from this norm since what determines its value is law of demand and supply- which makes it very distinct from the other investment tools. Although the same LAW may be utilized, its limited supply and intangible nature makes it difficult to have a stable value.
Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
Here in our country (Philippines) tax for bitcoin is not yet implemented, since many of our country men didn't take it seriously when it comes to bitcoin. Many still believes that bitcoin is just a scam, however I think maybe after few years, if they already have a knowledge with it, maybe thatd the time where taxes will enter.
I somewhat agree from what you have stated. My colleague visited the BSP and they asked about cryptocurrencies and its status in our country. Based from what the lawyers said, they see bitcoin as a property rather as a currency- therefore making it inapplicable to legal tender. There may be insufficient laws catering to the taxation of bitcoin but once the government sees its potential, expect further regulations.