Is this as good as it sounds? - by @voiceofreason
According to a Coindesk article, Germany may have changed the game in terms of cryptocurrency taxes.
The article can be found here:
https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/
Basically it talks about how for tax purposes bitcoin would be considered a private currency over there as opposed to property like it is here in the US.
The results would be that people could purchase things as small as a cup of coffee without having to worry about capital gains taxes on each and every transaction.
A feature that currently makes using bitcoin for payments very impractical.
However, there was a bigger release than that in there. Especially for steemit bloggers.
Check out this part from the release:
"Other aspects of the cryptocurrency ecosystem will not be taxed. Miners who receive block rewards will not be taxed, as their services are considered to be voluntary."
(Source: https://www.coindesk.com/germany-considers-crypto-legal-equivalent-to-fiat-for-tax-purposes/)
Miners who receive block rewards will not be taxed?
Does that mean that Steemit bloggers, who are basically mining steem, would also not be taxed on their steem that they earn for blogging?
If so that could end up being a significant difference in the tax bills owed at the end of the year depending on where you live.
If that is the case some steemit bloggers might be moving to Germany in the near future!
(Source: http://www.nationsonline.org/oneworld/germany.htm)
273 votes
68 views
how does that make sense
Hopefully, Germany has set the standard for other governments to follow in this regard.
The content below the story of steemit blogger.thats also a great news for everyone.we should keep teached it.
Taxing crypto seems rather crooked of governments since they've done so little to encourage this industry.. Does anyone else agree?
Hey @africaunited, great post steemit! I enjoyed your content. Keep up the good work! It's always nice to see good content here on Steemit! Cheers :)
what I fancy from germany is the football team. love german game.
wow that is really great news for those people who won't pay any tax
I think you are right regarding steem earned for blogging .
My opinion , cheers
Hm... I live in Germany and I'm a businessowner myself. This is really crazy. Miners are taxed ... really heavily! They must pay VAT, Income- and all other business-taxes. They are so heavily taxed (like all other businesses), it's a really bad idea, if you do it as a business.
In Germany a crypto-biz is really not a good idea :(