Interesting: Paying Taxes With Bitcoin on the Isle of Man?
The Isle of Man really is aiming to be bitcoin central. If the initiative to bring as many bitcoin businesses to the island wasn't enough, how does paying your taxes with the digital currency sound? Perhaps far-fetched, but if a new report from CoinDesk is to be believed, we might not be far off from this happening. "Everything from paying your car tax to your income tax bill, we're seeking to operate a wider range of choices for citizens and businesses for how they can settle their account with the government," Mr. Chris Corlett, chief executive of the department of economic development....
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The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
Liberal and leftist hypocrisy was exposed when millions took to the streets to protest Donald Trump's triumphant victory over Hillary Clinton in the recent U.S. elections. In response to the protest, Jeff Berwick, a Canadian Bitcoin enthusiast, entrepreneur, libertarian and anarcho activist, urged those who don’t want Trump as their president to quit paying taxes. Cointelegraph spoke to Jeff Berwick. Don’t Pay Taxes to Trump. Cointelegraph: You just started a movement on Facebook rallying Liberals to stop paying taxes to stop Trump. What’s your motivation? Jeff Berwick: It actually began....
Isle of Man residents and businesses could soon have the option to pay their taxes in bitcoin, according to a government representative who indicated the option is under serious consideration. "Everything from paying your car tax to your income tax bill, we're seeking to operate a wider range of choices for citizens and businesses for how they can settle their account with the government," said Chris Corlett, chief executive of the government's department of economic development. The island's government is currently inviting expressions of interest from payment services providers,....
The Isle of Man government has welcomed GreenCoinX, an identifiable cryptocurrency which is 80 percent owned by Toronto, Canada-based GreenBank Capital Inc. "We welcome the decision by GreenCoinX to establish its operations in the Isle of Man which reinforces our position as leading the way in the digital currency sector," said Isle of Man Chief Minister Allan Bell MHK. GreenCoinX has opened its European marketing and international treasury office in Douglas, Isle of Man, and has engaged the services of Alan Molloy as CEO of its Isle of Man operations. Molloy previously served as managing....
Most transfers of cryptocurrency are taxable, unless the transfer is qualified as a gift or a charitable contribution. Way back in 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is property in Notice 2014-21. That classification as property has some big tax consequences accentuated by wild price swings. Buying and selling crypto can trigger gain or loss and be taxable. Yes, buying something using crypto — a house, a car, a new suit — can trigger taxes. Even paying taxes in crypto can trigger taxes.If you owe $5,000 in taxes, you could pay the $5,000 in....