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Topic
Board Trading Discussion
Merits 2 from 1 user
Re: Brazil’s Tax Authority Goes After Cryptocurrency Profits
by
kiloiko
on 09/11/2018, 10:15:51 UTC
⭐ Merited by dbshck (2)
The search for anonymity, which is one of the main attractions for the use of certain cryptocurrencies, is constantly fought, including by the tax authority. When it comes to cryptocurrencies and tax, I didn't know there was a problem? Why should a certain country tax you for crypto profits that aren't regulated by a bank or a specific country?
If you are "profitin" than you usually are making money which in return means government wants a piece of the pie, it has always been like that for centuries. Having bitcoin is not a profit, however if you put in cash to a bitcoin exchange and withdraw more than government sees that you are profiting and wants you to pay tax like any other person who made profit from anything else.

The forex exchanges for example even calculate the taxes for you and deal with it. There are banks that gives you chances to deal in forex and PAY your taxes before you withdraw so you don't even have to deal with paying taxes because its already prepaid. So as you see, if you are profiting from something into fiat than you need to pay taxes, if you want to keep it as bitcoins that's fine and you won't pay any taxes but if you cash it out, well you have to follow the rules.