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RE: Excessive Taxation of Cryptocurrencies
Hi markku. I was in chat the other day and we were discussing the same thing. If someone made 100 000 over the year and had losses of 50 000 in trades he would be taxed 45% of the 100 000 leaving him with 5000. I haven't looked into it but it seems as though the authorities are trying to punish everyone dealing with cryptos. It will force it underground or exchanges in safe havens. Could you imagine paying 45% of your Steem earnings.
If you are trading and moving coins around but not taking out the exchange and saying parking off in Tether as a safety net. You should only declare once you take it out surely as it is too one sided and isn't viable. What are the taxes on normal stocks and shares?
Yes. That's how it was until May 29, which was retroactively changed on July 2.
The sum of all trades, profitable and loss-making is calculated for taxation to be taxed at the end of each tax year as capital gains. Capital gains tax is 30 %for gains at most €30,000 in a year and 34% for the gains in excess of that.
Just seems one sided. Hopefully the exchanges won't be forced to hand over details of the accounts to the various countries.
Yes, it is quite one sided. But I no longer trade and not only because the exchanges might be forced to hand over information to the countries where they're registered that, in turn, might share it with other countries. Trading cryptocurrencies is fast way to lose a lot of money. Buy something with sound fundamentals and hold long-term is the only strategy that makes any sense to me.
Using DApps that use multiple blockchains and cryptocurrencies and make swaps automatically would only be advisable to do fully anonymously barring any relevant change in the tax rules.