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RE: Multiple-Chain DApps & Cross-Chain Atomic Swaps + Taxation
If you earn in Malta you are right you have to pay taxes there. If you reside in Malta and make money from other countries you will not pay double tax. I don't know all the ins and outs as I am no expert but I am reluctant to pay taxes on crypto. My problem is you may do well on some and not so well on others and be breaking even but they will want to tax you on only the good ones. To me it is a cost incurred like running a business where the cost to make the profit is tax deductible. It should be the same with this.
What I mean is that if I continue to live in Finland but do my crypto-banking in Malta, I will continue to be fully obliged to report all of my earnings in Malta to the Finnish Tax Authority. If I fail to report those earnings and they are very significant, I'm risking criminal prosecution for tax fraud in Finland. That income may never be found out but it's possible that it will if the Maltese authorities should share information with Finland. That could happen many years after the fact. It's politics and you never know about the future.
I understand. I just think it sucks that the government can nail you only on profits. My account was hacked last year so I lost $1200. In my eyes that should be written off against any tax they want to tax me on crypto profits.
I think you just might be able to write it off as permanently lost. Has the South African government released any guidelines as to how cryptocurrencies are taxed?
No the SA Government will come up with something. They are desperate to refill the coffers after all the thefts and corruption so expect something harsh. At the moment if you deposit or withdraw more than $1000 it raise red flags. There is only a couple of overpriced local exchanges that operate here.
To bypass all that shit:
https://www.iol.co.za/business-report/economy/sas-first-cryptocurrency-atm-comes-to-joburg-14982296
It doesn't say whether you can also sell Bitcoin for fiat using that ATM, though.
Hi markku. it will be one way system. Pay for Bitcoin and not the other way around. I saw an article about ATM's in Malta the other day where it works both ways. If they were launched all over the world that would help and would create more loopholes.
There are Bitcoin ATMs in Helsinki metropolitan area and other larger localities. Some are two-way.