71–80 of 147 posts
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Wait... How is the inability to deduct losses OK in any government? Yes, you have to pay taxes on the gains when you liquidate but you can offset that with any losses too
In Finland you are required by law to name your children one of the 100 approved Finnish boy or girl names (there is an exception for ethnic minorities) Imagine such a law in UK or USA. Finland is a bit more "special" than other countries.
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If you buy stocks in a publicly traded Finnish company, then you're taking on a risk in the hope of making a profit. But you are also putting your money at work in the Finnish economy, stimulating job creation and growth. Everybody wins, hopefully. If, on the other hand, you put down your money in bitcoin or at the online blackjack tables then you're gambling, not investing. Win or lose, your gamble creates zero dome…
What if you were to invest in a publicly traded non-Finnish company, let's say Apple? How do you think the government should treat that?
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> investing in crypto LOL
Crypto is a legitimate investment. It's an entirely new asset class. If you think it's going away anytime soon you're delusional. 5 years ago you could buy 1 BTC for $100 USD. And at that point it wasn't even new. 1 year ago you could buy 1 ETH for about $50. The average person would struggle very hard to find any investment that goes 80X in 5 years, or 12X in one year. With Bitcoin and crypto, lots of regular people…
It sort of sounds like they're treating Bitcoin transactions like a non-EEA lottery. If you win, you pay your taxes, and if you lose you don't get to deduct the cost of your ticket. Honestly, this doesn't bother me.
Do you also get taxed if paid in bitcoin Why not just do a 10% wealth tax on all of a person's assets on top of their income tax
Earlier quoted context omitted.
In Finland you are required by law to name your children one of the 100 approved Finnish boy or girl names (there is an exception for ethnic minorities) Imagine such a law in UK or USA. Finland is a bit more "special" than other countries.
Are you a Russian bot?
All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…
This is even worse if you are a student who receives government aids: transactions are regarded as income (whether loss or profit) by the social insurance institution. So in other words, if you buy Bitcoin for 1000 euros and sell it at 500, you have made efficiently 500 euros in "income." With the notion of the parent post, this makes trading unviable, because if you exceed 12K€ in income a year (in any form, be that…
Earlier quoted context omitted.
Wait... How is the inability to deduct losses OK in any government? Yes, you have to pay taxes on the gains when you liquidate but you can offset that with any losses too
In Finland you are required by law to name your children one of the 100 approved Finnish boy or girl names (there is an exception for ethnic minorities) Imagine such a law in UK or USA. Finland is a bit more "special" than other countries.
Even if there were nothing but cryptocurrency, tax authorities have ways of estimating someone's income from investigating their lifestyle. That is to say, find people who are leading lavish lifestyles (living in upscale neighborhood, driving expensive cars, taking expensive vacations, ...), yet claim low income. That's just very inefficient to do if you have to actually put gumshoes onto individual people because you have no electronic access to any transactions.
It sort of sounds like they're treating Bitcoin transactions like a non-EEA lottery. If you win, you pay your taxes, and if you lose you don't get to deduct the cost of your ticket. Honestly, this doesn't bother me.
Do you also get taxed if paid in bitcoin Why not just do a 10% wealth tax on all of a person's assets on top of their income tax