skywallkee Posted December 17, 2017 #1 Posted December 17, 2017 As it is said in here: https://news.bitcoin.com/south-africa-wants-track-tax-bitcoin-trading/ South Africa wants to apply some taxes to BTC trading as the cryptocurrency got to be so used and there are no taxes for it. People are even paying their driving tickets using BTC. They are trying to figure out a way to track down all the traders in South Africa and try to tax them for their incomes. While cashing in on your Bitcoin investment and converting it to and may be easy to track, there are several ways to use Bitcoin which are difficult to trace.One way is using a cryptocurrency-based wallet and debit card, which can be used to purchase goods around the world in accepted fiat currencies. Are tax government all over the world going to be ready to monitor bitcoin buying and selling quickly? I guess that every country will want to track all the transactions with bitcoin or even ban it if not possible, just because there are no fees and the government is losing lots. Do you think that this move is going to affect bitcoin? Do you think that it will affect it positively or negatively?
skywallkee Posted December 17, 2017 Author #2 Posted December 17, 2017 1 minute ago, SuddenlyBroke said: I guess it will only be a matter of time before other countries start doing this. In the UK poker is tax free. The reason for this is if the UK taxed poker, then you could write off your gambling losses against tax as a self employed person, so it would be net negative for government to tax. Why does everything have to get taxed eventually? Kind of annoying. Yeah, it is, because they are taxing things only when they see their popularity and need. If BTC wasn't that popular and it wasn't already a need, then be sure that they wouldn't have been looking to make these changes. South Africa started with it because it is very popular right now in there, but if BTC will be as popular as in there, be sure that we'll hear about taxes worldwide.
barbaris Posted December 17, 2017 #3 Posted December 17, 2017 1 minute ago, SuddenlyBroke said: I guess it will only be a matter of time before other countries start doing this. In the UK poker is tax free. The reason for this is if the UK taxed poker, then you could write off your gambling losses against tax as a self employed person, so it would be net negative for government to tax. Why does everything have to get taxed eventually? Kind of annoying. I completely agree. Why should we pay taxes to people who are not related to bitcoin. We already pay the commissions to various exchangers and services that are which consume a large part of the total amount.
skywallkee Posted December 17, 2017 Author #4 Posted December 17, 2017 2 minutes ago, barbaris said: I completely agree. Why should we pay taxes to people who are not related to bitcoin. We already pay the commissions to various exchangers and services that are which consume a large part of the total amount. It is just because governments want money. Money is everything nowadays and every way to make some money from people is going to be implemented. There are never enough taxes and there never will. It is very annoying but you can't do anything if it's just you the only one protesting against it.
meislucky Posted December 17, 2017 #5 Posted December 17, 2017 I wonder how will they put taxes on something that's anonymous, really wanna see them implement that.
skywallkee Posted December 17, 2017 Author #6 Posted December 17, 2017 Just now, meislucky said: I wonder how will they put taxes on something that's anonymous, really wanna see them implement that. Maybe they won't be able to put taxes on it but will be able to put taxes when it comes to exchanging in their currency. They can ban using BTC as a currency (not fully ban it, but only for paying things) and so people will need to exchange BTC in their currency. In this way, applying an exchange tax can cover what they were looking for.
koko Posted December 17, 2017 #7 Posted December 17, 2017 I am sure all this other countries gonna follow suite. Funny enough, many countries have no idea about bitcoin whatsoever. Its my opinion that other African countries embres bitcoin as much as possible. It will help them big time.
idonteatshit Posted December 18, 2017 #8 Posted December 18, 2017 oh well interesting i dont wanna see all countries has btc taxes from custom lol.
ktfor57 Posted December 18, 2017 #9 Posted December 18, 2017 As the price of bitcoin is rising countries are now serious on implementing taxes on bitcoin. This is just the begining. Soon more countries will follow.
skillex Posted December 19, 2017 #10 Posted December 19, 2017 Well its great news also having this taxes implemented to Bitcoin, it just help bitcoin to be more legal in the country that banned it. Taxes proves the legality of a certain monetary currency.
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