I can travel overseas and convert my local currency into yen or euros and spend it and its fine, I dont have to worry about a thing. But if I do exactly the same thing with bitcoin the government wants me to log the date, log the amount, log the exchange rate, log what it was for, log the transaction ID, log the difference in exchange rate between when I changed my local currency to bitcoin and when I spent that bitcoin, and log any gain or loss I may have had relative to the value of my local currency, FOR EVERY SINGLE PURCHASE I MAKE!
I am travelling to El Salvador soon and I plan to take my local currency and turn it into bitcoin when I land as that is their local currency. I dont want to rely on my bank card for purchases as El Salvador is a cash based society and many places do not accept cards thats why I plan to rely on bitcoin.
Am I required to do all of the above logging and recording steps for my accountant to make sure I am on the right side of my countries tax authority? Or can I just treat it the same way I would treat travelling to any other country when exchanging my local currency for their local currency?
If I am seriously expected to log and record everything for my accountant during this trip thats not a sign of my country being an advanced society, thats a sign of a dystopian totalitarian hell hole desperately trying to maintain control over their population.
The most advanced countries on earth are those that do not tax bitcoin at all because they have no capital gains tax at all. For example Singapore, Switzerland, and the UAE. The citizens of these countries can buy sell and spend bitcoin without having to log or record anything at all because theres no taxes to file at all.
What happens when theres multiple tourist destinations around the world where bitcoin is accepted ubiquitously? Will countries that tax bitcoin transactions make their citizens live in a tax reporting nightmare everytime they take a holiday overseas?
Does anyone know what the actual deal is so I can better prepare for my trip to El Salvador.
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments