Portugal will bitcoin into tax form but not yet issued specific provision

Portugal will bitcoin into tax form but not yet issued specific provision

Like the rest of the world, the Portuguese media have been concerned about bitcoin, along with the increasingly popular encryption currency.

Early in April this year, the Portuguese media “JornaldeNeg CIOs” contacted the autonomous assembly (AT), similar to a part of the Ministry of Finance Bureau of financial institutions, in order to understand bitcoin is taxable.

The reporter by telephone to the staff asked a simple question: bitcoin is taxable? A member of the organization said that she did not know whether the citizens should declare bitcoin income, she is not qualified to answer this question, she promised to reply on the received within 24 hours after.

Later, reporters try again. This time, another staff admitted that he had asked this question, when he and his boss talked about this problem. Still no answer, no one knows whether it should be a digital currency into tax. In addition to record, staff told reporters don’t declare anything.

He said: “it is a legal blank, no rules, so I will not put any transactions into tax form.”

48 hours later, the first staff back. She said, get through the sale of bitcoin income tax is not a formal reply, answer with the Ministry of Finance in contradiction.

According to CCN reports, Portugal’s central bank, the Bank of Portugal has said in the past, bitcoin is not legal tender in the country, is not the central issue of the control mechanism. The Ministry of finance today reiterated that although bitcoin has no legal framework, but claimed bitcoin taxable income.

In the AT to JornaldeNeg CIOs said in a statement:

“The current Portuguese tax law not specifically consider this type of activity, we think this should be included in the income tax in accordance with the distribution of profits.”

In the two months after the launch of a statement written reply, given bitcoin income constitutes a “profit distribution”, the organization believes that as long as these “with the usual nature of a professional or business activities, bitcoin shall declare tax.

The following statement: “because these are not part of the Portuguese entity to pay income, so it is regarded as acquired abroad, must be mentioned in the tax form in portugal.”

The people of Maryland through the automatic teller machine bitcoin car turned out to be.

The people of Maryland through the automatic teller machine bitcoin car turned out to be.

According to NBC4 reports from Washington, a Maryland people to buy a second-hand car recently because of being cheated.

This guy called JeromeHarrell he is not familiar with bitcoin. He had seen someone selling Chevrolet online in 1955.

When Harel saw the car back to Vietnam veterans at a price of $3000 on the sale, he is very interested in. He learned that the car is from the seller after the divorce property distribution income, determine the car information accurately. The seller told him that he should use the Google electronic wallet payment vehicles, within three days of delivery sellers will be from the state of West Virginia.

Harrell received a formal invoice Google electronic wallet. He used in WAL-MART’s invoice indicating bitcoin payment ATM.

The seller asked, “payment must be provided in the following by bitcoin ATM store payment.”

Google electronic wallet have also received a payment message.

Harel in WAL-MART see bitcoin ATMs further assured, he thinks it is legitimate.

“Everything is perfect,” he told reporters.

Harel paid the seller $4400 requires the use of bitcoin ATM. Three days later, when the car did not arrive as expected, he realized that he was cheated. When he was sent by email to the seller, he did not reply. When he contacted the Google electronic wallet, they told him that Google does not support the use of bitcoin, he realized that cheated.

The NBC4 Washington correspondent reported the matter and release. At the end of the story, she told the audience to be alert to “too good not true” proposal.

Audiences have been told to stick by e-mail to communicate the seller should be vigilant.

In addition, carefully check the e-mail, because fraudsters can make email looks like from legitimate. Harrel L received a Google electronic wallet seems to be the official email.

Now, Harel has given up on 1955 Chevrolet search.

The blockchain company released a digital currency tax software and will support bitcoin

The blockchain company released a digital currency tax software and will support bitcoin

The United States of San Francisco bitcoin exchange Coinbase for the upcoming test and IRS (IRS) entanglement, another block chain management company has released the tax filing software, let the citizens of the United States Declaration of personal digital currency gains. The software developer is New York management company Node40, usually referred to as the world currency (Dash) of the master node hosting provider.

The software “Node40Balance” is based on the cost, net income accounting of all transactions within a year. Before the tax returns in the Form8949 data into IRS, stored in the block chain. The form requires taxpayers to declare related investment real estate transaction income.

CEO Node40 PerryWoodin said, “the advanced simple inventory accounting in the first strategy (FIFO) is not sufficient to handle digital currency transactions”. As the asset valuation method, FIFO assumes that the first production or purchase the product first sold.

Woodin said, this approach is not sufficient to handle multiple input digital currency transactions, “Node40Balance used to hold the cost and time of accurate valuation, to ensure that no excessive reporting tax payable”.

The software released before experienced two years of development cycle, including beta stage Dash miners, traders, accounting, lawyers and tax experts tested. The software aims to make individuals, small businesses, large enterprises and government departments to pay taxes.

PerryWoodin

Wooden said:

Node40Balance analysis of block chain, provide data for the valuation of the transaction. You can according to the actual need to explain the transaction, Node40Balance provides profit and loss report”.

Software release supports Dash block chain, Node40 said bitcoin users will enable the software in the year before the next tax season.

A few days ago, IRS called the Coinbase survey, less than 1000 users of bitcoin annual return. After the IRS filed a civil lawsuit in November last year, bitcoin exchange Coinbase transactions between tax authorities and bitcoin exchange has maintained a deadlock.

Bitcoin and stock which is better?

Bitcoin and stock which is better?

  

Bitcoin in recent years has become increasingly important. Bitcoin digital currency can be said to be the most popular in the world, it is a global company and the government as a means of payment or data storage technology (Qu Kuailian) accepted.

But bitcoin may be more important than any stock, this day will come? According to WinklevossTwins and other experts said, bitcoin has defeated the gold, but on the stock market, the stock of their own category. Although the stock and stock volatility exist, but some of the big capitalists still regarded as the main way of the future to obtain direct income (in the past eight years).

In some ways, bitcoin has defeated the stock market. On the one hand, bitcoin can be regarded as money, under American law it is defined as the property of Overstock and other companies will accept bitcoin payments when buying goods and services. If you want to buy a product, but also did not take credit card, bitcoin may be a good choice.

However, the stock market is completely different. It is part of your long-term portfolio, if you feel you earn enough money, you can have it now. For the withdrawal of the money you can not use, but unlike the stock of money. You can’t use their shares in the past a grocery store to buy bread and milk. Although bitcoin has not yet reached the acceptable level, but it is moving in this direction, but the stock is not.

Bitcoin may be to avoid hyperinflation as a tool. Venezuela, India and other countries will continue to use the user bitcoin to avoid devaluation. Bitcoin and stock volatility, but bitcoin after the test of survival, now reached $778, but the stock is due to market volatility often fall victim to. If your company stock is frozen or with the detached, you still put the money, but it can not be used.

Bitcoin is now considered to be the most popular and safe money, so what are you waiting for? So it is time to consider the bitcoin framework include in your financial investment.

If you want to know more bitcoin related, with “money said” WeChat (micro signal: bishishuo), note: BtcTrade. Before entering the official exchange group.

Tax loopholes found in UK cryptocurrencies

nRunaway Comment: Each country has its own different tax system, the tax standards are not the same. Recently, financial experts warned that there are major tax loopholes in the United Kingdom, the government will cause millions of tax losses. Because according to the British tax law, gambling income is not required to pay taxes. However, exactly how to define the proceeds of cryptocurrency investment is currently required by the government. But what is certain is that the randomness of some cryptocurrencies determines that this part of the investment income can be treated as gambling revenue. Therefore, the entire ecological tax issues need to be subdivided into studies, or rather complex processes. However, the market has experienced explosive growth in 2017, attracting more investment and at the same time enacting government rules and regulations in 2018 to keep pace.n
nTranslation: Annie_Xun
Each country has its own set of tax assessment and tax collection systems, some of which are tougher. One of the major problems that governments have to encrypt money is the difficulty of taxing the profits of the related transactions. Her Majesty’s Revenue and Customs learned a great lesson from it.n
Financial experts warn that a UK tax return could exploit a tax loophole that is free of tax on cryptocurrencies. It has been reported that this may result in millions of tax losses for the government.n
n
Gambling incomen
Last year, the capacity of cryptocurrency market rose by 2000%, HMRC expected to increase the number of profit returns on the tax returns. However, the tax officer sees much less than expected because tax loopholes expose the cryptocurrency profit to non-taxable gambling income.n
HMRC spokesman said:n
n”We generally do not tax gambling income, because usually it is not classified as transaction income, but in some cases factors such as skill levels and organization levels make the activity more taxable transaction revenue.” Each case will depend on In their own case. “n
nBarrister Etienne Wong commented that British regulations could confuse amateurs with investors because they do not know who is a gambler and who belongs to a taxable investor.n
n
Outdated policyn
Since 2014, the existing laws and regulations have not been updated, when the bitcoin value is still around 500 US dollars. If buying and selling cryptocurrencies is an investment, participants will have to pay capital gains tax. The basic tax rate of over £ 11,300 ($ 15,600) is 18%, while the high tax rate is 28%.n
Saffery Champness Certified Public Accountant Robert Langston said:n
n”It’s hard to know how profits from bitcoin, the mainstream cryptocurrency, can be treated as gambling revenues.It is conceivable that some cryptocurrency markets are random and therefore profits can be treated as gambling revenues.”n
nWhat is certain is that France and Germany want to further curb the cryptocurrency and these guidelines will soon be revised. If 2017 is a big bang in cryptocurrencies, then 2018 must be the time to regulate.n

Tax loopholes found in UK cryptocurrencies

nRunaway Comment: Each country has its own different tax system, the tax standards are not the same. Recently, financial experts warned that there are major tax loopholes in the United Kingdom, the government will cause millions of tax losses. Because according to the British tax law, gambling income is not required to pay taxes. However, exactly how to define the proceeds of cryptocurrency investment is currently required by the government. But what is certain is that the randomness of some cryptocurrencies determines that this part of the investment income can be treated as gambling revenue. Therefore, the entire ecological tax issues need to be subdivided into studies, or rather complex processes. However, the market has experienced explosive growth in 2017, attracting more investment and at the same time enacting government rules and regulations in 2018 to keep pace.n
nTranslation: Annie_Xun
Each country has its own set of tax assessment and tax collection systems, some of which are tougher. One of the major problems that governments have to encrypt money is the difficulty of taxing the profits of the related transactions. Her Majesty’s Revenue and Customs learned a great lesson from it.n
Financial experts warn that a UK tax return could exploit a tax loophole that is free of tax on cryptocurrencies. It has been reported that this may result in millions of tax losses for the government.n
n
Gambling incomen
Last year, the capacity of cryptocurrency market rose by 2000%, HMRC expected to increase the number of profit returns on the tax returns. However, the tax officer sees much less than expected because tax loopholes expose the cryptocurrency profit to non-taxable gambling income.n
HMRC spokesman said:n
n”We generally do not tax gambling income, because usually it is not classified as transaction income, but in some cases factors such as skill levels and organization levels make the activity more taxable transaction revenue.” Each case will depend on In their own case. “n
nBarrister Etienne Wong commented that British regulations could confuse amateurs with investors because they do not know who is a gambler and who belongs to a taxable investor.n
n
Outdated policyn
Since 2014, the existing laws and regulations have not been updated, when the bitcoin value is still around 500 US dollars. If buying and selling cryptocurrencies is an investment, participants will have to pay capital gains tax. The basic tax rate of over £ 11,300 ($ 15,600) is 18%, while the high tax rate is 28%.n
Saffery Champness Certified Public Accountant Robert Langston said:n
n”It’s hard to know how profits from bitcoin, the mainstream cryptocurrency, can be treated as gambling revenues.It is conceivable that some cryptocurrency markets are random and therefore profits can be treated as gambling revenues.”n
nWhat is certain is that France and Germany want to further curb the cryptocurrency and these guidelines will soon be revised. If 2017 is a big bang in cryptocurrencies, then 2018 must be the time to regulate.n

Indian bitcoin investors may be taxed

nRunaway Commentary: Earlier this month, the Reserve Bank of India (RBI) once again issued a warning about Bitcoin transaction, careful to remind the public digital currency (especially bitcoin) the potential economic, financial, operational, legal, customer protection and security-related risk. Affected by this, the domestic bitcoin investors in India have started selling Bitcoin. Investors later found that they may need to pay taxes on the proceeds from the sale of bitcoin, but experts believe it depends on whether the digital currency is treated as a business income or capital gain.n
nTranslation: Clovern
Indian investors found that after the Reserve Bank of India (RBI) issued a warning about bitcoin trading, they may need to pay their taxes after selling Bitcoin.n
Earlier this month, the country’s central bank issued another warning to the public reminding the public to beware of the risks posed by digital currencies, especially bitcoin. In a December 5 announcement, RBI warned adopters of “potential economic, financial, operational, legal, customer protection and safety related risks” using virtual currency.n
As a result, many investors started to sell their currencies, including S Shridhar, a US IT company engineer in Bangalore. Following instructions from the RBI, Shridhar sold 20 bitcoins on Friday, bringing the total to Rs 21.8 crore as of press time. However, his tax consultant later informed him that he might have to pay taxes because Shridhar transferred all of his trading income to his bank account.n
Experts believe crypto-currency gains can generate as much as 20% -30% of taxes, but it depends on whether digital currency is treated as a business income or capital gain.n
Jeenendra Bhandari, partner at tax consultancy MGB, explained:n
n”If anyone sell bitcoins, whether their income will generate revenue depends on whether the intention to transfer their earnings classified as business income or capital income. Income Tax Act to determine the tax rate needed Bitcoins no particular amendment.”n
nNot only that, according to Ashok Maheshwary u0026 Associates LLP Chartered Accountants Partner Amit Maheshwari said the tax department can consider digital currency exchange was regarded as business income, business and speculation as to its cause regular tax rate. He added:n
n”If someone sells Bitcoin and deposits it in a bank account, it will generate a long-term capital gains tax or a short-term capital gains tax based on the holding period.”n
nMaheshwari said that if the token was held for at least 36 months, it would be able to levy a 20% long-term capital gains tax on it. For short-term capital gains, it will increase by 30%. Due to a warning issued by the RBI, Indian people are eager to sell bitcoin. At this point, Indian retailers are still adopting bitcoin fast despite the soaring premium.n
However, while Bitcoin is not considered illegal in India, it has not been legally recognized. Formally because of this ambiguous attitude, the Supreme Court of India called on the government to issue clear guidelines on the use of Bitcoin to “regulate the movement of Bitcoin in the country.”n

Bitcoin is just a small business? Bitfury earns nearly $ 100 million a year


nnnThe Bitfury Group mainly benefited from the transaction costs, mining incentives, third-party infrastructure solutions, b2b services, and its benefit even more than some mainstream companies, let alone the field of mining companies. And its gains are obvious, the future the company will continue to grow along with the entire industry, fully proved that the value of the company’s value-added enterprises.n
nnTranslation: Annie_Xun
nInvestment documents prove that Bitfury Group earnings can match the mainstream companies, breaking the block chain industry start-up companies do not make money wrong knowledge.n
nThe document shows that established in 2011, capital-backed start-up companies, started in the mining, and gradually extended to other software services, 2017 fiscal year to create a profit of 93.7 million US dollars. An increase of 70%.n
nProfit before interest, tax, depreciation and amortization (EBITDA) is $ 24.7 million at 26% profit margins.n
nThe company is headquartered in Amsterdam, the Netherlands, offices in San Francisco, Washington, Latvia Riga, and Hong Kong, has raised more than $ 100 million in venture capital, more than about $ 10 million previously understood.n
nThese figures are comparable to venture capital support for venture capital firms, and Bitfury Group is a well-known enterprise in the mainstream industry.n
nThe recent Inc 500 survey showed that last year the small business lender start-up company Kabbage earns slightly more than the Bitfury Group, which is $ 97.4 million, but equity financing reached $ 239 million, much higher. At the beginning of the year, the software company Yext was less than the Bitfury Group, which was $ 89 million and $ 171 million.n
nBitfury Group earnings in addition to bit currency transaction fees, as well as agreement block total of 500,000 bit currency. According to the current price of $ 2,600 conversion, is 13 billion US dollars mining income, although the evidence shows that these bits have been sold part of the currency.n
nIn order to understand the difference between Bitfury Group’s mining and the entire mining network, the company listed the market share of March 9, 2016 and the share of 115 a year ago. At that time the largest market share of the mining company is Bitmain, accounting for 19%, F2Pool accounted for 12%.n
nn
nFortune-telling n
nThe material to raise more funds includes a large number of forecasts for the company and the industry as a whole.n
nBitfury Group predicts that by 2021 the revenue will reach $ 585 million.n
nOf this amount, $ 302 million (52%) comes from transaction costs ($ 163 million), mining incentives ($ 139 million), and $ 217 million (37%) from third-party infrastructure solutions such as the company’s Blockbox mining , $ 66 million (11%) from b2b services, such as the just-announced Exonum enterprise-class chain.n
nBut its bitter currency transaction fee market seems to be the most attractive business of BitFury Group.n
nIt is expected that this “great opportunity” will be in the next mining incentives “halved” after the $ 37 billion transaction fee.n
nn
nDo not say “mining”n
nAt least 2014, Bitfury Group co-founder Valery Vavilov worked hard to change the company’s idea of ​​”mining” the company.n
nIn an interview with CoinDesk, Vavilov made the statement, saying it was more willing to focus on “the field of knowledge that needed a lot of computing power.”n
nAbout three years later, investors seem to think that the transition is successful.n
nVfitov said that since the 2014 interview, Bitfury Group employees increased from 70 to 250, he also mentioned the company to help the global block chain of the Council (Global Blockchain Business Council), block chain trust accelerator (Blockchain Trust Accelerator) and block chain The Summit (Blockchain Summit) has proved the breadth of its mandate.n
nn”This is the early part of the block chain, and we believe that the future of Bitcoin and the entire block chain ecosystem is bright.”n
nnFor this Bitfury Group will be a lot of bit coin mining introduced to the new site, so Bitfury Group domain name more corporate image. Investors support a broader range of tasks, depicting a more “holistic business strategy” than mining alone.n
nAlthough the mining chip is still a large part of the future strategy (and revenue), the document also describes the “complete product portfolio vision” around the Exonum enterprise-class block chain and other unpublished project software licenses.n
nThe report concludes that “Bitfury is the only enterprise-class private chain solution provider that has access to the inherent security and transparency of public chains, and its competitors are developing horizontal projects that focus primarily on financial services.”n