What will be the appropriate answer for financial authorities asking what happened with balance at this address after step no. 2? 😉
Discussion
lost, stolen, i dont have it anymore, spended?
Or perhaps withdrawed from ATM?
Spending BTC or withdrawing from an ATM is a tax event, isn't it? The other cases can be seen as an attempt to conceal assets. In short, if I already buy with KYC, it is very likely that I will not avoid taxation in the future. Especially if I assume that the knowledge of the financial authorities about blockchain transaction will deepen 🤨 PS: For the avoidance of doubt, I don't want to pay taxes either 🤝
Here (i assume at many other countries too) you can reduce donations from taxes. So i made large enough donation to charity of my choice, so it will do whole year.
Fuck taxes, they will end up into some rich criminal pocket.
yeah, but I am not sure if this is applicable for the tax of an investment, even BTC investment, it is not even in the law yet, so it is in “others”..
perhaps you right. i do not know the law that well.
Anyway spending sounds here too weird as a tax event. Imagine those hunderds of payments in the tax report as per every single coffee purchase and so on..
I talked to a representant of the taxatiin control in the czech republic. they know big shit about it and do not think it will change soon + they always go for the biggest fishes first..
anyway, reporting an invome from an ATM withdrawal or shopping sounds crazy to me.
It is like withdraw USD in U.S. and shopping with them and after to do the taxes of it..
does not male sense..
Perhaps it should be taxed while exchanging already 🤔 otherwise it is so 💩💩💩 and people will be 💩 on it..
Yes, it sounds complicated in theory. However, in practice, the tax entity bears the burden of proof in tax proceedings, with some exceptions. From a tax perspective, it is best not to have any KYC 😉
Yeah, but imagine you jave some BTC in your wallet. One day you decide to sell them, just vexl them for a cash from someone.
You get cash and send them to someone else. Nothing will appear on your account to make the tax control suspicious you sold it and if so, the bitcoins are still in blockchain..
..the same if you use ATM or send them. They are still there and prooving they are under your control is nonsense. How this would be effectively done..
I think this whole fear around KYC is not valid, it is made with uncertainty of what will be ordered by law and what will be the tax control maturity, but today’s purchases will be already time-barred, that’s my opinion.
Can we still hope that our legislators will succeed after the CKMA massage in the fall? to approve the introduction of a time test and a minimum spending level, following the German model.
I only heard they were talking in Senat, did not check the detail bat of course I hope some reasonable legislation will come.
I actually strongly believe it will, more and more countries having some and Czech Rep. as an important part of the bitvoin world cannot be too far behind.. 💪🏼
As for now, cryptocurrencies are considered movable asset. The profit from sale is subject to taxation (not unrealized profit, or just buying or holding). Every fucking transfer of cryptocurrency to fiat, or another cryptocurrency, or exchange for goods or services, is considered a tax event 🤨 The state treasury is hungry. State feeling money reminds me of shark feeling the blood. I will always hope for the best but prepare for the worst at the same time. This is not fear, it is caution. This is why my KYC bitcoin holdings balance equals to zero 😉