Quote from: entrepmind23 on July 18, 2018, 01:40:46 AM

Quote from: Ayston on July 17, 2018, 11:46:30 PM

Paying taxes on crypto depends on your government, if you have a tax law regarding with crypto then you need to pay since its compulsory, but if there is nothing then why not enjoy the freedom of not having! because in the future all crypto might undergo surveillance for tax monitoring.

If you think about it in the legal sense then all your income should be taxable including income from cryptocurrencies but then some countries aren't that strict in checking the income of some people because they are busy with other things that are worth more so many people or shall I say majority of the cryptocurrency enthusiasts from our country do not pay taxes because there is no strict rule applicable to to it currently. The government may require the platform the people are using though so that it will automatically deduct taxes from the transactions and they wouldn't have a hard time tracing and collecting it individually.

Paying tax and doing charity are great things. But we should keep it in our mind that cryptocurrency platform in a infant stage. Too much rules and regulations can destroy this industry. I don't think it is a right time to impose tax on cryptocurrency.

imrul5

Posts

Merits