G20 Leaders call for “Cryptocurrency Taxation” —- who saw that coming?
Source: https://cointelegraph.com/news/g20-country-leaders-call-for-international-cryptocurrency-taxation
Regulate Regulate Regulate.....3 cheers !!!
Or should we say “taxation”..... 3 Boos ???
Either way and way you look at it, regualtion and taxation is coming to cryptos by 2020 according to the latest from the latest G20 meeting.
And , as we know today, taxation of crypto’s is a crazy subject in the US. They are treated like a stock for tax purposes with long and short term gains each time you use or exchange.
However, currency trading or usage does not have any tax implications.
I think what is coming is a VAT (Value Added Tax) system for cryptos. VAT is a tax applied to anything you purchase. Maybe it would take the place of the existing Sales Tax.
Either way, it’s about collecting more in tax revenues for these organizations.
Are we surprised?
there is already VAT for precious metals in some countries, so this is to be expected
Yes there is a VAT ...but not in the US (there is a 6-7% sales tax).