Legal issues (corresponding Ripplewiki section: ripple-project.org/Main/FAQ#Legal_Issues )
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Romualdo Grillo
Nov 9, 2010, 7:38:48 AM11/9/10
to Ripple users
I'm trying to reorder some interesting questions and answers from our
Group.
I started today to reorder contents about "Legal Issues" in a new FAQ
section:
ripple-project.org/Main/FAQ#Legal_Issues
Please contribute to the wiki section, or simply point out relevant
content in this discussion thread.
Thanks
Group.
I started today to reorder contents about "Legal Issues" in a new FAQ
section:
ripple-project.org/Main/FAQ#Legal_Issues
Please contribute to the wiki section, or simply point out relevant
content in this discussion thread.
Thanks
jeff
Nov 9, 2010, 8:32:43 PM11/9/10
to Ripple users
* Could be conceived of by some as a way to do business without taxes,
but at least in Canada the government considers it to be barter-like
and hence likely taxeable. It's a legal issue either way.
* Some governments might see ripple as coinage and may reserve the
right of printing currency, official or otherwise to themselves.
Ripple is clearly in a grey area in some countries in this respect,
although like copying music online...at some point the governments are
going to be forced to give up control of this resource, one way or
another, as ripple becomes ubiquitous
but at least in Canada the government considers it to be barter-like
and hence likely taxeable. It's a legal issue either way.
* Some governments might see ripple as coinage and may reserve the
right of printing currency, official or otherwise to themselves.
Ripple is clearly in a grey area in some countries in this respect,
although like copying music online...at some point the governments are
going to be forced to give up control of this resource, one way or
another, as ripple becomes ubiquitous
Romualdo Grillo
Nov 10, 2010, 10:32:43 AM11/10/10
to Ripple users
Jeff, to insert it in the FAQ list, I added the question and a link to
this discussion. Fell free to correct me.
Is Ripple taxeable?
Ripple could be conceived by some as a way to do business without
want to contribute to the discussion Link)
this discussion. Fell free to correct me.
Is Ripple taxeable?
Ripple could be conceived by some as a way to do business without
taxes, but at least in Canada the government considers it to be barter-
like and hence likely taxeable.
like and hence likely taxeable.
Some governments might see ripple as coinage and may reserve the right
of printing currency, official or otherwise to themselves. Ripple is
clearly in a grey area in some countries in this respect, although
like copying music online...at some point the governments are going to
be forced to give up control of this resource, one way or another, as
ripple becomes ubiquitous. (This topic is still controversial, if you
of printing currency, official or otherwise to themselves. Ripple is
clearly in a grey area in some countries in this respect, although
like copying music online...at some point the governments are going to
be forced to give up control of this resource, one way or another, as
want to contribute to the discussion Link)
Jaro Larnos
Nov 10, 2010, 10:45:24 AM11/10/10
to rippl...@googlegroups.com
Ripple doesn't have to be taxable any more than my bank account is taxable. If I do business using Ripple, I will normally account my earnings with our local currency. Doesn't really matter what currency I used for the business transactions, as long as my accounting has been done right.
On 10 Nov 2010 17:32, "Romualdo Grillo" <rg...@tin.it> wrote:
Jeff, to insert it in the FAQ list, I added the question and a link to
this discussion. Fell free to correct me.
Is Ripple taxeable?
Ripple could be conceived by some as a way to do business without
taxes, but at least in Canada the government considers it to be barter-
like and hence likely taxeab...
Some governments might see ripple as coinage and may reserve the right
of printing currency, officia...
ripple becomes ubiquitous. (This topic is still controversial, if you
want to contribute to the discussion Link)
--
You received this message because you are subscribed to the Google Groups "Ripple users" group....
Jeffrey Cliff
Nov 10, 2010, 7:01:35 PM11/10/10
to rippl...@googlegroups.com
Jaro my point is that *you* might see it that way but people who are really into making a quick buck might not. And I don't think either of you would have a 100% sound argument based on *current* law.
Jeff
Jeff
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Jaro Larnos
Nov 11, 2010, 2:50:53 AM11/11/10
to rippl...@googlegroups.com
Well the mechanics of the transactions don't change, the same applies to current banking systems. Your accounts aren't normally monitored "just in case" you might do something illegal.
On 11 Nov 2010 02:01, "Jeffrey Cliff" <jeffre...@gmail.com> wrote:
Jaro my point is that *you* might see it that way but people who are really into making a quick buck might not. And I don't think either of you would have a 100% sound argument based on *current* law.
Jeff
On 10 November 2010 09:45, Jaro Larnos <dignifi...@googlemail.com> wrote:
>
> Ripple doesn't have to be taxable any more than my bank account is taxable. If I do business usi...
>
> --
> You received this message because you are subscribed to the Google Groups "Ripple users" ...
> To post to this group, send email to rippl...@googlegroups.com.
> To unsubscribe from this grou...
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Thomas Hartman
Nov 11, 2010, 3:16:31 AM11/11/10
to rippl...@googlegroups.com
Actually they are.
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Google "Know Your Customer", frequently abbreviated KYC.
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Sepp
Nov 11, 2010, 11:08:10 AM11/11/10
to Ripple users
Ripple taxable or not?
Actually, what is taxable is a business transaction, not the payment
that follows (or completes) the sale.
The sale is the transaction. If it is between private parties, it is
normally NOT taxable.
If a sale is between a business and a private person (or another
business) and the payment is made through Ripple, it is the sale
that's taxable. It does not matter whether you pay by cash, check, or
Ripple transfer.
The party who's selling is usually making a bill, on which taxes are
due. And it is the selling party that has to pay the taxes in a
currency acceptable to the entity that levies the tax.
If you deliver some kind of service, you may be taxable, but also in
this case, it is the service and the income it provides you, that is
taxable. How the bill is paid is of no interest to the taxing entity.
In this way, Ripple is not taxable, just as your checkbook is not
taxable.
The transaction may be taxable, regardless of whether you pay in
dollars, silver, gold or ripples...
Sepp
Actually, what is taxable is a business transaction, not the payment
that follows (or completes) the sale.
The sale is the transaction. If it is between private parties, it is
normally NOT taxable.
If a sale is between a business and a private person (or another
business) and the payment is made through Ripple, it is the sale
that's taxable. It does not matter whether you pay by cash, check, or
Ripple transfer.
The party who's selling is usually making a bill, on which taxes are
due. And it is the selling party that has to pay the taxes in a
currency acceptable to the entity that levies the tax.
If you deliver some kind of service, you may be taxable, but also in
this case, it is the service and the income it provides you, that is
taxable. How the bill is paid is of no interest to the taxing entity.
In this way, Ripple is not taxable, just as your checkbook is not
taxable.
The transaction may be taxable, regardless of whether you pay in
dollars, silver, gold or ripples...
Sepp
Romualdo Grillo
Nov 13, 2010, 11:52:14 AM11/13/10
to Ripple users
I will try to break up precious contents from this discussion in more
Questions. I'm not an expert at all, so please improve my work.
1)Is Ripple Taxable?
....................((this was discussed before in this group for
example here http://groups.google.com/group/rippleusers/browse_thread/thread/f7146f98f43e49b6#
)
3)Is Ripple an illegal way if printing currency?
Questions. I'm not an expert at all, so please improve my work.
1)Is Ripple Taxable?
Actually, what is taxable is a business transaction, not the payment
that follows (or completes) the sale.
The sale is the transaction. If it is between private parties, it is
normally NOT taxable.
If a sale is between a business and a private person (or another
business) and the payment is made through Ripple, it is the sale
that's taxable. It does not matter whether you pay by cash, check, or
Ripple transfer.
The party who's selling is usually making a bill, on which taxes are
due. And it is the selling party that has to pay the taxes in a
currency acceptable to the entity that levies the tax.
If you deliver some kind of service, you may be taxable, but also in
this case, it is the service and the income it provides you, that is
taxable. How the bill is paid is of no interest to the taxing entity.
In this way, Ripple is not taxable, just as your checkbook is not
taxable.
The transaction may be taxable, regardless of whether you pay in
dollars, silver, gold or ripples...
2)Is Ripple a way to hide transaction from authorities?
that follows (or completes) the sale.
The sale is the transaction. If it is between private parties, it is
normally NOT taxable.
If a sale is between a business and a private person (or another
business) and the payment is made through Ripple, it is the sale
that's taxable. It does not matter whether you pay by cash, check, or
Ripple transfer.
The party who's selling is usually making a bill, on which taxes are
due. And it is the selling party that has to pay the taxes in a
currency acceptable to the entity that levies the tax.
If you deliver some kind of service, you may be taxable, but also in
this case, it is the service and the income it provides you, that is
taxable. How the bill is paid is of no interest to the taxing entity.
In this way, Ripple is not taxable, just as your checkbook is not
taxable.
The transaction may be taxable, regardless of whether you pay in
dollars, silver, gold or ripples...
....................((this was discussed before in this group for
example here http://groups.google.com/group/rippleusers/browse_thread/thread/f7146f98f43e49b6#
)
3)Is Ripple an illegal way if printing currency?
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