Finland tax authorities matching Bitcoin transactions and bank transfers

Post by aje403 » Fri, Apr 20, 2018, 2:21 PM UTC

hedgew wrote: post #7

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…

Post by mcintyre1994 » Fri, Apr 20, 2018, 2:21 PM UTC

yorwba wrote: post #56

brownbat wrote: post #49

Earlier quoted context omitted.

I sympathize with the consistency of a "pure universal" approach to policy, but like many purist policy philosophies, I don't think it would survive rigorous implementation. For so many reasons. Chief among them, maybe, people are generally reluctant to support governments engaged in transfers of resources from themselves to billionaires.

If you provide the billionaire with food stamps, but tax them at 10% of their net worth (which would reduce them to a mere millionaire in ≈65 years), I'm not sure whether anyone would complain about the food stamps.

Post by pfortuny » Fri, Apr 20, 2018, 2:32 PM UTC

dancek wrote: post #53

hedgew wrote: post #7

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…

Well, all taxation can be considered unreasonable. It's true that the system doesn't work similarly for cryptocurrencies and stock, but that's no reason not to pay your taxes. It's not like the system came as a surprise to the people who sold crypto in 2017. My personal experience is that most Finns whine about taxes, yet they also complain if healthcare and infrastructure and education isn't perfect and completely f…

Post by brlewis » Fri, Apr 20, 2018, 2:47 PM UTC

trinitry3 wrote: post #51

mvindahl wrote: post #45

Earlier quoted context omitted.

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…

> Why should any government incentivize that? Well maybe they shouldn't, but it's shitty to apply this kind of policy retroactively. (I don't know when they actually announced the fact that you can't deduct losses.)

Post by 21 » Fri, Apr 20, 2018, 2:54 PM UTC

distances wrote: post #88

21 wrote: post #70

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.

In case anyone is actually wondering, this claim is complete bollocks.