As far as I know, there is no tax liability on any blockchain account because it is not been legalized around the world.
If blocktrades are paying tax, there could be one reason ... to legalize there operation of the conversion of the cryptocurrency into fiat. They could be charging this from you to minimize their expenses.
In my country, I cannot convert local currency into a foreign currency without supplying the prove of its necessity for me, where would I use that money and for what purpose ... Something like this could be the reason for the blocktrades too.
My apologies for my ignorance about blocktrades, I haven't come across their operation and/or in contact with them yet.
If I have failed to convey my message properly, then my apologies @cryptoandcoffee & @rok-sivante. But I would say again, Steem accounts are not directly liable to any taxation.
Tax could be applied if you convert your liquid steem into fiat in large amount and deposit it in your local bank account, then you could have to explain that amount to a tax agency and would be considered liable to tax. So, I agree tax do apply on cryptocurrency income but on Steem account...
View this answer on Musing.io
View this answer on Musing.io
Ha.
Don’t listen to this guy.
Then what about using blocktrades. Just trying to understand.
Please explain ... what about using blocktrades.
As far as I know, there is no tax liability on any blockchain account because it is not been legalized around the world.
If blocktrades are paying tax, there could be one reason ... to legalize there operation of the conversion of the cryptocurrency into fiat. They could be charging this from you to minimize their expenses.
In my country, I cannot convert local currency into a foreign currency without supplying the prove of its necessity for me, where would I use that money and for what purpose ... Something like this could be the reason for the blocktrades too.
My apologies for my ignorance about blocktrades, I haven't come across their operation and/or in contact with them yet.
Then what about using blocktrades. Just trying to understand.
If I have failed to convey my message properly, then my apologies @cryptoandcoffee & @rok-sivante. But I would say again, Steem accounts are not directly liable to any taxation.
Tax could be applied if you convert your liquid steem into fiat in large amount and deposit it in your local bank account, then you could have to explain that amount to a tax agency and would be considered liable to tax. So, I agree tax do apply on cryptocurrency income but on Steem account...