Welcome Guest - Login / Register Forum - News - 13th March - News

Flying to the Netherlands in a bit, will get updated with the recent events by tonight and try to get an update out either tonight or tomorrow morning.

sadman73
Traffic Value: $587.45852 Bangladesh

3 like this post 1 people

17/03/2017 08:26

Have a safe trip Marc .

pietro80
Traffic Value: $8,897.67057 Italy

0 like this post 0 people

17/03/2017 09:32

yesterday afternoon i made a bitcoin transfer on mtv bitcoin account, but since then mtv still indicate 0 out of 3 confirmations, is that normal?

slosumo - Administrator
Traffic Value: $28,438.4426 Slovenia

6 like this post 0 people

17/03/2017 10:07

Lately the BitCoin network can be quite slow if you are paying a small miner fee. IF you want to speed it up you can in some wallets decide to pay a higher fee to get your confirmations through faster.

pietro80
Traffic Value: $8,897.67057 Italy

0 like this post 0 people

17/03/2017 13:05

i am italian, i know that in italy there is a 26% taxes on capital gain. Should I pay this taxes on mtv royal positions gains too?

dguy
Traffic Value: $15,993.01608 Canada

2 like this post 0 people

17/03/2017 16:01

I usually don't pay taxes on gains until I take it out of a site and out of a payment processor. That is when I consider the money mine to spend so that is when I declare

You might want to consult a tax accountant or a tax lawyer though

unthink
Traffic Value: $9,606.72522 Portugal

0 like this post 0 people

17/03/2017 16:09

Bitstamp got a debit card right?

getter
Traffic Value: $303.22909 Belgium

2 like this post 0 people

17/03/2017 16:14

@dguy

I'm following an advanced education in tax law ( this year). It can depend from country to country, however I think that you have to declare when they come into a payment processor. Especially when someone would use bitcoin to cash out ( especially this kind of situation I have investigated for the thesis of my master in law, last year).

When you cash out, you take your profit. The fact that you stall it at a payment processor can't affect your profit anymore. So your income is final. I would compare it as follow:
When you have stock in a publicly traded stock, your income have to be declared when you sell your stock position (or a part of it). The fact that your money goes to your broker account first and afterwards to your bank account doesn't have any influence,

I think the two situations are comparable.

jpla1991
Traffic Value: $773.5176 Portugal

0 like this post 0 people

17/03/2017 16:22

@getter

It's good that we have somebody like you in here to chew your ears everytime we have a tax situation eheh but seriously, if I had invested 1000$ in MTV in January and cashed out 1000$ in December, I wouldn't have any profit. So would I have to declare taxes for the 1000$ or does the IRS takes into account the deposits that I've made in here?

SybrenTalma
Traffic Value: $366.58508 Netherlands

6 like this post 0 people

17/03/2017 17:02

Somehow I managed to make $174 out of $65...

Coinflip is awesome!

dguy
Traffic Value: $15,993.01608 Canada

1 like this post 0 people

17/03/2017 17:45

@getter,

If the money is in my payment processor and I invest in another company then it is considered an advertising expense to me (usually I buy advertising with that money). So the two sums cancel each other out since ad expenses are deductible in Canada.

The case for bitcoin is difficult. I'm not sure it is considered a currency. I think some judges have ruled otherwise and I haven't checked upon Canada at the moment. I'm treating it as a security at this point thus it doesn't get declared until sold and if it is used to buy advertising, then it is an expense that I can write off against any gains I might incur

It may even need to go before the courts to determine what it is but the main thing I'm doing is declaring if it comes into my personal use and always treating it the same way (not currency one time and security the next)

MichaelKline
Traffic Value: $960.97608 United States

2 like this post 0 people

17/03/2017 18:07

At the moment, the general agreement across the governmental globe is that BTC is a COMMODITY, not a CURRENCY. As such, BTC itself, is not taxed, only trading profit made in the form of whatever currency was used to buy/sell it.

MichaelKline
Traffic Value: $960.97608 United States

0 like this post 0 people

17/03/2017 18:11

pietro80
Depending on your country, you may need to claim the value of your account Balances, however, that will not include the amount of BAP/RP you own, or its value, unless you sell it. BAP/RP only has virtual value, not actual value.

SybrenTalma
Traffic Value: $366.58508 Netherlands

0 like this post 0 people

17/03/2017 18:15

How long does it take (on average) for support to approve ID doc's?

getter
Traffic Value: $303.22909 Belgium

10 like this post 0 people

17/03/2017 19:23

@ MichaelKline If you take your statement for the intire globe, you aren't correct. Concerning bitcoin it is indeed the case that there is a variety of case law. In the common law it is usually seen as a commodity. And in that way your statement is correct for the US. However in civil law (mostly Europe), the European Court of Justice (highest court) has judged in a VAT case that bitcoin is money (Hedqvist case). VAT isn't a direct tax however most likely you can be sure that in the future there will be ruled in favore to see it as money (which it also is in the economic sense , in the legal sense it stays arguably).And most of the member states have also released to see it that way (as money), following the Hedqvist case law. Also most countries it doesn't care in which way you have your income (money, flower, flour, it doesn't matter), there is than an article to tax cash income, but also one for income in Goods,...

@ dguy Concerning canadian tax law, I don't know about the rules about advertising. However what I meaned with my previous statement is that if you invest 100 and do a cash out of 105, you have to declare the 5 as income. In depend of the fact that you invest the 105 again. That's the way most tax administrations will work. Will there be consequences if you don't do that. Probably not if the 'income' isn't to high. And in your case like you stated it will probably cancel each other, but this will not apply for every member of MTV. Every tax system will have it's own deductions and so in one country you will be able to do something about the earnings, but in others you don't. That's why I explained the main principle that usually fits most tax systems.

@jpla1991, only the real profit has to be declared. So invest 1000 and cash out 1000 and you will have no profit/income. In fact you will have a loss because of transaction fees (a negative income so to say, which can also be deductable sometimes, however not recommanded to try out). Only when you have a real profit/income you will have to declare the income. See the example I stated in the part to dguy.

There is one thing I generally learned and that is never be to gready when it comes to avoiding taxes. That's what also concerns me in the plans of Marc. An off shore country seems for most people like heaven but in fact it isn't. If you have shares in a company in such tax heaven, most countries have rules that you have to declare that. And your tax return will be reviewed a lot more severe. If you don't declare that you have such shares and they discover it, it will be tax evasion. And I think I don't have to say that's bad.

To have a good structure you need to work with different countries and see what the double taxation treaties between each of them states. One treaty can be good for something, another for something else. That way I know there is a good tax treaty between Hong Kong and Belgium. This is good because Hong Kong has also an off shore system but in Belgium this doesn't give problems (I will spare the details). So you can make a direct link from a Belgian holding company to an off shore system without too much trouble.

Belgium= holding
Hong Kong is off shore

Hong Kong can than be a holding for all what concerns gambling. You set up the gambling business where ever you want, but not in Hong Kong. So this can be in a tax heaven like Costa Rica. The profits from Costa Rica which are tax free you sent to Hong Kong this is off shore so no taxation there. Because they are already 'taxed' you can send them to the Belgian holding without taxation (however now to certain rules only 95% will come into the Belgian holding, this will be 100% in the future (the law will be changed). That way you can work almost without tax, within the company. Some difficulties are that the holding in Hong Kong need to have substance, it has to be more than just a holding. There need to be an activity. But lets say the Hong Kong holding has also a web shop, which employs some people there isn't a problem (other things are possible, I only wants to state that there is a possibility to overcome this difficulty). A more severe problem is that the tax on dividends in Belgium is 30%. Most tax treaties will reduce this to 15% however you will need to do formalities to get it back from the Belgian government.

But I think Costa Rica isn't a good country. You have to be in accordance with their gambling law. But if you want to opperate within Europe and I suppose also the US, you will need to be in accordance with their gambling law too. Otherwhise they can shut you down (not reachable with their states). That's why some large players (in Europe), opt to be registered in some of the Channel islands or Cyprus (the latter isn't also bad because only a tax regime of 12,5% and no troubles to other countries because it is an EU member state).

Bottom line never be too gready when it comes to taxation, try to minimalize but never cross the line because there is a big chance it will explode in your own face. (I know this can sound hard, but I only states this because I want MTV to be succesfull).

carvalho17
Traffic Value: $28.3459 Brazil

0 like this post 0 people

18/03/2017 01:45

It's been a long time since I went to check ETH price. Surprised on that $45

. Did anyone here make profits on it?

jpla1991
Traffic Value: $773.5176 Portugal

3 like this post 0 people

18/03/2017 06:21

@getter

It's awesome to see how much you know about finance, you may end up getting a job in MTV! But thanks a lot for the explanation, finance can be such a overwhelming subject to study that one barely knows where to start

Page: 1, 2, 3, 4

Forum - News - 13th March - News

Subscribe to this Topic