Some countries start imposing taxes for crypto traders

[hani20980]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

 

[greenie]

... he will charge taxes to breathe air soon.

It is not yet official with crypto fees, each country will decide separately.

 

[Niftyyem]

How are they to know what profits are made? Anyways, I think not charging profits less that $2000 is good.

 

[Vladv26]

This is not something new. In most countries the government wants to treat cryptocurrencies like normal trading income and apply the same taxes to it

 

[Chief]

If they can crypto traders then they've done wrong to the traders and the other two are the only one who has to get a hold of my workmarket account and I will be there for sure I think I will be going to go to my house to get back to the office now to my workmarket you can get a better idea but I just wanted you to the moon is the only thing I would add to the agenda.

 

[Nurudeen]

That's just insane for a government to impose tax on a crypto currency exchange Business. Are they providing any service to the exchange Business? After paying the tax from a crypto trade what will the citizens stand to gain from the tax they paid through crypto currency.

 

[Tariq Shehzad]

If they crypto traders are doing some thing wrong in the trading and the other two are the only one who has to get a hold of work market account. I think is the best strategy of the Government to implement taxes on Cryptocurrency for avoiding bogus transactions,

 

[Lagazine]

This is uncalled for, how can government await tax return from an online trader? If they will ever expect such, the government must be supportive in either way. Trading crypto Currency is online and not like going to the market or plying government Road to get there, its through the data you subscribe for. Well, my country FG should not try that ooo, because I know they are copycat.

 

[Ralphjoe]

This doesn't make much sense for the government to start taxing cryptocurrencies traders, they have no logical reason to start charging cryptocurrencies because they have no input in the process.
In my country,the government already charges us a tax they call stamp duty for any money exceeding a certain amount that enters our bank account, so they have no other tax to deduct from us.

 

[GoldenLady]

This is not something new. In most countries the government wants to treat cryptocurrencies like normal trading income and apply the same taxes to it

But these same government are reluctant to accept cryptocurrency fully as a means of payment.

It's not fair to users and traders especially, this taxes they impose.

At least it's $2000 profits, not capital, so it might be bearable got small investors, though I'm sure even the big investors will try to find a way around it.

 

[Farhan Aslam]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

It is good step. The government should take full control on cryptocurrency and it should be legalised in all over the world. By giving taxes we are ensure about its legal. In Pakistan it is a still not legally yet. The government should legalize it and fix taxes on it that could easily in half the economy of country.

 

[Josemendez]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

That's a bit better as low profit earners won't face the challenge of paying for tax from the little profit they have earned .
This also mean that there will be to some extent some control on cryptocurrency by the government of the country .

 

[Tienda]

It seems good news for those countries people to do the trade without afraid to be punished by the law. If a such country adopt cryptocurrency and let their people to do the trade, is logic to exigent them to pay the tax. The problem is if a such country not adopted cryptocurrency and ask to pay the tax!

 

[Sincerem]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

It is very necessary for countries to charge crypto traders money as tax for their continuous activities through Bitcoin. The rule of charging tax for a trader commanding more than $2000 as a profit is a wise choice. And not charging any tax for trader commanding less than $2000 is also a nice choice. Cryptocurrency is also of revenue share to the government.

 

[Trojan8]

I thinks perfect sense, every sectors of the economy are usually taxed. So if crypto wants to gain acceptance with government then taxing shouldn't be a problem especially since those being taxed are traders who make returns on them. Even dividends on stock are taxed so why not crypto profits.

 

[alberello75]

It appears to me that, even now, there are already taxes on trade!
But even adding an extra 20%, for transactions over $ 2000, seems like really exaggerated!
So you said South Korea will start this absurd taxation in October? Well, I suppose that sooner or later, it will be something worldwide unfortunately!

 

[Chumzy]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

Taxes on crypto is becoming an issue. Most people don't know how to compute it and how it works.

 

[Kamon c4]

Well I see it as a great development for cryptocurrency traders cause it means their business is now legalized and recognized by the government. Business owners and investors are taxed on profits regardless of how huge the profit is but the law is easy on crypto traders cause they can only be taxed if the profit is higher than $2000

 

[ahmedo24]

Well I see it as a great development for cryptocurrency traders cause it means their business is now legalized and recognized by the government. Business owners and investors are taxed on profits regardless of how huge the profit is but the law is easy on crypto traders cause they can only be taxed if the profit is higher than $2000

That's is the fact about this development, it is good that government of those countries now see opportunities of revenue mobilization in the Crypto currency sector instead given negative reviews about it.

 

[BrolySSJ]

It seem that some countries start imposing taxes for crypto traders
starting from 1 October 2021 South korea traders should pay 20% from their profits
but that's only if this profits are more then 2000$ mean any
profit less then 2000$ won't be charged

It is good that there is some tax on these profits because this will allow for people to benefit the government from their cryptocurrency transactions and this will allow them to also make the process of legalization much easier in the future.