Re: Dealing with tax and crypto ban

But I heard that many people from that country are happy because they said that the tax is better than the ban. Because majority of them are either software developers or other freelancers and they do not invest from their own pocket. They do work for other and they get 70% for themselves and 30% is given to the government in tax. It is my Idea and if this is the case then I think they are still in benefit.

Making it legal is an advantage to holders but hell no, 30% is too much, maybe my environment is making me hard to digest and accept that figure because I can't pay $30,000 as a tax from $100,000 profits, that's too big.

I've read several tax recommendations and a particular one from coingecko[1] on how US citizen pay their crypto taxes, but I've yet to see someone who pays 30% tax from their crypto wages.
You will have to pay tax for investing in cryptocurrency when you sell them, and there are other ways to pay tax when you are involved in cryptos, such as selling free coins you receive via fork coins, defi, and staking, and receiving a gift in the form of crypto when it is greater than the sum of $15,000.

[1] https://www.youtube.com/watch?v=HsUqtiOPLA4

i can agree that 30% is too much for crypto tax. but that is, if you will declare all your earnings in crypto. lol when it comes to crypto, you can always keep some of your funds without the government knowing it. remember, you are in crypto. but if you are very honest, you will just comply and pay those high taxes. look for deductions of your tax, sometimes there are some inclusions on how to lessen your tax for certain incomes.

Its an offence, if you are hiding your earnings and paying less taxes to the government, but you can avoid it by doing p2p transactions which may fall under other categories since you can report the earnings into something else.

Finally the earnings will be summed up. Maybe for the earning made out of p2p will have lower tax percentage. In my country taxes are being paid according to the income that is being slabbed into categories. The lowest earning pay 5% of the income, then it gradually increases upto 30% and here people can submit expenses documents to reduce the tax to be paid. As in the above quote taxation of 30% in specific for cryptocurrency is something big and it is hard to keep track of users trading amounts and profits.