Crypto should airdrops be taxed

Well I think government need to legalize the use of bitcoin the make laws about it so they can tax the cryptocurrencies. But many are confused as to how to do this because the government does not end up clearing the situation. If in some countries they consider cryptocurrency as an asset that must be taxed.

Of course this is bad, crypto is not a fiat currency that must be taxed. Over time the state and the government intervened about crypto. Here in the European Union, with the mandatory KYC, and the mandatory reporting by exchanges, it is very much possible to tax on crypto. In fact, many EU countries have implemented a tax scheme for crypto assets. Finally a currency which I believe might become a stable coin with a good future community controlled Ecoin.

Basically crypto currency market is not under governments control. To impose taxes on something it should be in control of governments. This can make much more feeling in order to taxes via trades in exchange. Of course crypto can be taxed. The tax authorities only need to know how much money is flowing in and out of the exchanges you deal with one reason why they want KYC.

If you read the previous responses in this very forum thread, you see that several countries even tax crypto transactions now already. Germany, for instance. Bitcoin is not a fiat currency of legal tender in any territory, so the regulations are not clear. In practice, any surplus value should be quoted as tax assets as a capital increase.

There remain doubts if a benefit in cryptocurrencies is invested again in cryptocurrencies after a theoretical surplus value not transformed into an asset of legal tender must be declared. It is not clear in that case and legal uncertainty may take time to be resolved. If any government can solve this, then we will see massive adoption of crypto.

For this many illegal activities occure here. It government take control of digital market then she can do anything. The only thing you will pay I think is the conversion cost from currency to currency, and the transactions that you will be doing. Every country has their respective rules and regulations for the bitcoin. There are different obligations in different countries. But yes many country impose tax on the crypto market. It was virtually impossible to earn a profit tax on Bitcoin and not be in the future.

Bitcoin is not taxed on fiat currency because it is under the control of the government. The government does everything in its favor and wants subsidies. Bitcoin is under the control of nobody and there is no tax. At the present time, I think that imposing taxes on the Bitcoin currency is very complicated because its spread rates in the world are considered few If the crypto are illegal in any country then i think no tex apply on crypto assets.

But if crypto is legal in any country then Anybody have cryoti asset then he have to pay tex. Taxing on profits on bitcoin will discouraged many people to engage in cryptocurrency, this will make them think there is no more Profits if any profits they make will be tax. The only Taxation of bitcoin by government that can be possible is when you exchange it to fait they might add a tax fee for performing the transactions but still more I dout this it seems impossible too.

However in order to impose taxes, the government needs to be able to legalize crypto, and there is a major debate around that with many countries not buying into crypto. Therefore i think the first step before taxing would be to determine legality and then from there taxes can be implemented.

As it stands, i think that korea has already begun to tax crypto. Looking to earn through posting on forums? How will bitcoin and cryptocurrency taxes be paid? These currencies are widely used not only as a method of payment, but also as investment vehicles and no one will be able to determine the profits of their investors.

The legal issue of cryptocurrencies in general or bitcoin in particular comes from countries. Taxation is not wrong, which is also how the government benefits and controls some of the cryptocurrency. It will not making any sense because cryptocurrencies supposed to be of no tax, only miners fee are deducted and that is what makes it great to be used. But the government will not let crypto go by taxed, i have heard that in Dubai they have allowed crypto to be used tax free, but other countries will not be feeling the same.

By geezer Started October 16, By Gerich Started September 26, By Dmitryspb Started October 16, By crockez Started November 6. By dmitro Started December 23, Crypto World. Search In. Payment Update. Sign in to follow this Followers Taxing profits on bitcoin is possible? By Keith , October 19, in Crypto World taxes bitance. Recommended Posts. Posted March 6, Its bad to tax bitcoin or its profit since users need freedom for all they have. Share this post Link to post Share on other sites.

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He claims that, should the FLR price witness a rally ended by a massive sell-off, those who hold FLR through the whole tax year will be put at an unfair disadvantage. This is why possible taxation at preferential tax rates of percent evolves into a dangerous potential catalyst for selling FLR and its price drops.

Twitter commentators from the U. Thus, Flare Networks should airdrop FLR as soon as possible to reduce artificial selling pressure created by tax implications. Meanwhile, he will not comment on the tax aspects of Flare FLR airdrop until this analysis is released:. Published on October 25, RBI did issue a circular in April putting a ban. Basically, RBI told that banks cannot give services to any crypto exchanges making it practically impossible to buying or selling crypto currencies through Indian bank accounts However, in March , Supreme Court, in its decision in Internet and Mobile Association of India v.

Reserve Bank of India struck down this circular. Cryptocurrencies are absolutely legal. However, they are not yet recognized as a legal tender in India. Currently, there are no specific provisions w. Lack of clarification has puzzled many as to how the transactions would be taxed, whether the transactions would be taxable or not in the first place. Please mind that not having specific provisions in the Act and lack of clarifications does not eliminate cryptocurrency transactions from the purview of Income Tax.

As per the current tax regime these transactions can be briefly classified in 4 categories: Investment in cryptocurrency — Capital Asset Trading in cryptocurrency — Business Income Mining of cryptocurrency — Business Income Freelancing — Business Income The categorization would depend on the intention with which a person deals in cryptocurrency.

Taxation under different scenarios In the below mentioned cases, if cryptocurrency is exchanged for INR or any other foreign currency, there would be no difficulty in determining the sale value and purchase value. If the transfer is made within 3 years of purchase, the gain would be taxable as Short Term Capital Gain and would attract tax applicable slab rate plus cess and surcharge as applicable.

Losses, if any, shall be set off against the gains and only net gain if any would be taxable. In case of net loss, the same can be carried forward for 8 subsequent years. Further, just like intra-day trading of shares, if both purchase and sale of cryptocurrency are done on the same day, it could be considered as Speculative Business Income. Business income whether speculative or normal would attract tax applicable slab rate plus cess and surcharge if applicable.

Mining of Cryptocurrency: Crypto mining, sounds simple but is a bit complex concept to understand. It is a process in which the data blocks are validated and added to the blockchain by solving cryptographic equations. People carrying out this process are called Miners. These miners receive free cryptocurrency as a reward for carrying out this process. One point of view could be that crypto mining leads to creation of capital asset and the same being self-generated asset, cost of which is not determinable, cannot be computed under the capital gains provision and hence may be exempt from tax.

This may lead to litigations as the IT department might not accept the above contention. Thus, such cryptocurrencies received should be taxed as business income after deduction of expenses incurred in relation to the same. Such Net Profit would be taxable applicable tax rate plus cess and surcharge if applicable. Just because the receipts are not received in INR or any other foreign currency does not eliminate it from taxation as Income Tax clearly states that all kinds of income are taxable.

Of course, all business expenses would be allowed as a deduction and only the Net Profit will be taxable. This Net Profit would be taxable applicable tax rate plus cess and surcharge if applicable. If it is the primary and only source of income earned from cryptocurrency, then the same could be disclosed as Income from Other Sources. These incomes shall be taxable applicable tax rate plus cess and surcharge if applicable.

Every person who is a Resident in India as per the Income Tax Act and holds any foreign asset, the same must be compulsorily disclosed. Ask a Query. Related Articles. Read Article.

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