Virtual Income

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Taxation of private person’s virtual currency/cryptocurrency earnings

Earning income with virtual currency/cryptocurrency (e.g. bitcoin etc.) through various websites has become a new way of generating income. Below, we will explain how a private person has to declare income derived from virtual currency.

Income can be generated in different ways, for example:

price changes of virtual currency when buying and selling/exchanging virtual currency

mining of virtual currency

renting out storage capacity

receiving wages in virtual currency

Income received in virtual currency (gains from the transfer of property, income from employment, business income) is taxed on a similar basis as income received in traditional currency. As regards the taxation of virtual income, the purchase or sales price or received income has to be converted into euros at the exchange rate of virtual currency (market price) applying on the date of receipt of the income or costs.

Central rates of virtual currency can be found on the Cryptocurrency market site.

In the case of a transaction under market conditions, the exchange rate of the environment where the transaction takes place can be used as a market price. If the exchange rate of the environment where the transaction of virtual currency takes place, is given through any other traditional currency, e.g. USD, it is necessary to convert the amount of USD into euros using the daily exchange rate of the central bank on the website of Eesti Pank “Historical Exchange Rates”.

Purchase, sale or exchange of virtual currency

Within the meaning of subsection 15 (1) of the Income Tax Act, virtual currency is considered as property.

Income tax is charged on gains from the transfer of virtual currency, including exchange (subsections 15 (1) and 37 (1) of the Income Tax Act).

If a private person receives income from trade, purchase and sale of virtual currency or from the exchange of virtual currency against another virtual or traditional currency, the received income must be declared in the tables 6.3 or 8.3 of the income tax return as gains from transfer of other property.

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The gain is calculated based on the transaction as the difference between the selling price and the purchase price, or, in the case of exchange, between the price of received property and the purchase price of the virtual currency.

Only the transactions that generated income have to be declared. In the taxation of property, each transfer transaction, including exchange, is considered as a separate object of taxation.

The transaction of transfer which caused loss can be taken into account for taxation purposes only in the case of transfer of securities on the terms and conditions provided for in § 39 of the Income Tax Act. Virtual currency is not considered as a security and loss suffered upon the exchange of virtual currency cannot be taken into account for taxation purposes. Therefore, it is not possible to declare such a transaction. Consequently, the costs of economic risks in the case of decrease in the value of virtual currency will be borne by the person concerned. The Financial Supervision Authority published a warning in this regard for virtual currency users on its webpage “Virtuaalraha pakkujad ei kuulu järelevalve alla“(“Virtual currency providers are not subject to supervision”) on 5 February 2020.

Mining

If a private person is independently engaged in virtual currency mining or data processing and income tax has not been withheld, the private person has to declare such income as business income and pay taxes based on the income tax return.

A person who permanently mines cryptocurrency has to register as a sole proprietor in the Business register. A registered sole proprietor may declare expenses (e.g. equipment) related to business and deduct them from business income. Income tax, social tax and contribution to mandatory funded pension must be paid on the net income from business according to the income tax return.

Renting out storage capacity

Income derived from renting out the storage capacity of a private person’s computer must be declared in table 7.3. of the income tax return as rental income. If cryptocurrency mining and renting out storage capacity is a business activity, the income from such business has to be declared on Form E as business income.

Wages received in virtual currency

Employers registered in Estonia have to convert wages paid in virtual currency into euros at the current market price, and withhold and pay labour taxes on the payments made to employees.

If a private person receives remuneration or service fee in virtual currency from which income tax is not withheld, for example from a foreign employer, then the person has to convert such income into euros at the current market price on the date of receipt of the cryptocurrency, and declare it as business income. If the employer has already withheld taxes on the wages received in virtual currency, the virtual currency can be used for purchasing various goods or services without any additional tax liabilities.

Value added tax

Like exchange transactions with traditional currencies, the exchange of virtual currency against traditional currency and vice versa is exempt from VAT. Therefore, dealing with virtual currency, including mining, is not subject to VAT and there is no obligation to register for VAT purposes. Regardless of whether payment is done in virtual currency or in any other currency, general VAT rules apply on goods or services.

Virtual Income

Virtual Income Scam is Managed By Cheating Hypocrites, Legit Review Finds How

As published in our previous Virtual Income Scam Review, we have concluded that this deceitful piece of trash is a fraudulent software, Autotrader, and APP that will intentionally take losing trades and deplete your balance in a very effective and efficient manner. Furthermore, despite our attempts to reach a peaceful resolution, we are constantly being pressured to modify our reviews. We remain steadfast and resolute in regards to our decision to shed light on this particularly heinous binary options investment scam. We remain faithful to our initial premise of providing valid and documented proof of fraudulent trading systems whenever these may appear, such as this clear-cut case previously investigated here at Binary Scam Alerts.

Official Scam Site: http://www.virtualincome.co/

Hypocrite Scammers and Cheaters – Proof of Slimy Scam
As they say “The Devil is in the Details”, so we combed through the terms and conditions section and found some outrageous legal clauses that really gave us an added legal dimension and allowed us to see how these crooks protect themselves from legal persecution and hide behind the flimsy veil of the so-called “terms and conditions”.

This is basically saying something like “We are going to scam you any way we want, and there’s not much you can do about it.” Well Mr. Cheater, I beg to differ and it’s time we shed some light on your shady little operation . The image bellow is a screenshot of the Virtual Income “Anti-Spam” policy, and is a reflection of the modus operandi these two-faced cyber-hoodlums have adopted. It’s no secret that most traders are being contacted via SPAM Email marketing tactics and that this is how the majority of the day traders are being enticed or lured into joining this parade of injustice and deception. Yet contrarily, these evil people are saying listen you’re not allowed to do that. You are also not allowed to use “false or misleading information”, but that’s what this whole gig is about!

Our staff and researchers also stumbled into the Limitation on Liability clause. For those of you who are not familiar with the legal term, it basically means that they can’t be held accountable for any damages done to customers who “lose revenue or income” or “suffer emotional distress” as a result of getting defrauded by this fake app.

Recap of Virtual Income Scam Review
The Virtual Income Scam is a highly deceptive binary options scam which employs advanced technological tools such as Java Script widgets and PHP coding in order to manipulate the facts and lure innocent day traders into a web of lies and misery. Everything about this system answers to the criteria of SCAM and FRAUD. We have no real person who identifies himself, not to mention no public social profile. There is no local (or for that matter any) legal business entity that can be held responsible for any punitive damages as a result of losses incurred by customers.

The use of phony profit calculators is a cheap and rehearsed gimmick, and the use of photo-shopped images from an image bank is clearly evident. There is no software to be seen, as everything is very secretive and obscure. In short, we are looking at a Class A Scam, and you must be totally aware of what you are getting into. If you believe you are about to make money trading binary options with this fake system, your are either blind or in complete denial. You can forget about technical analysis, scalping, trading the news, or candlestick charts. There is no way in hell you can achieve a 90% ITM ratio, unless you are trading on a demo account or some fake review is showing you inflated figures. In short, your primary concern needs to shift from making money to recovering your losses in the cleanest and most effective way.

Is the Service Free?
Yes, however as is the case with most of these scams – you must fund a trading account with a recommended broker in order to qualify. The initial investment amount is usually no less than $250.

Similar Scams
These include but are not restricted to My First Online Payday, Trade X Confidential, Limitless Profits, Trade Tracker Pro, Binary App 810, the Amissio Formula, Tauribot, Citidel, Push Money App, Centument, Insured Profits with Dave and Ginny, Millionaire’s Blueprint, Binary Matrix Pro, and The Free Money System with Walter Green.

Signals, Auto-traders, Bots and Trade Copiers
There is a plethora of systems out there in various forms. Some are signals, others are bots, copiers, or Autotraders. Binary Scam Alerts endorses the Binary Profit Method in the signals category. If you are interested in an Auto-trader please make sure to check out our Virtnext Review.

Summary and Conclusions
The Virtual Income Software is a SCAM Autotrader and APP. The owners of this software are professional con artists and high tech swindlers, they will fleece your wallet and send you on your merry way without a hint of guilt or remorse and then share their spoils with greedy offshore and unregulated brokers. We encourage our members and subscribers to stay far away from this fraudulent system. As always, we invite you to join our Facebook group and Subscribe to our YouTube Channel.

Virtual Income Scam Uses Threats to Suppress Legit Review

Binary Scam Alerts has decided to ignore direct threats from the Virtual Income Scam owners (AKA Virtual Income Incorporated Software, Autotrader, and APP) and is categorically declaring this system to be a class A SCAM. This means this software is not only inaccurate, it is also extremely deceitful, misleading, and will steal your money in a very effective and swift fashion. Still, for the sake of transparency and fairness our staff has thoroughly investigated and persistently pursued the real facts in order to validate its initial findings and conclusions.

Official Scam Page: http://www.virtualincome.co/

Proof of Scam
The most disturbing issue in our opinion has to do with the fact that the person who is selling you this fake app is in reality non-existent. He does not have a social profile of any kind, and his name and details are not divulged. These cheaters are trying to keep it a secret, and with good reason. Even the rip off artists behind the Amissio Formula who concocted their scam were smart enough to realize that people need a name to be attached to a human being who is selling them false dreams of prosperity and wealth. On a side note, these are the same people who have devised this malicious lie.

Virtual Income Scam Review
It’s not every day we see such a robust sales page filled with all kinds of technological widgets. These people have come a long way and are now extremely masterful at using technology such as Java Script and PHP in order to create various charts and make-pretend historical calculators that are highly deceptive and lure innocent victims into registering with shady and unregulated brokers known as “deposit only” brokers. Again, we see the use of fake logos and credentials a recurring motif in these types of scams.

If you were unlucky enough to invest with one of the recommended brokers, you will immediately realize something is wrong and the performance is not how it should be. That is the feeling you get when you start understanding that something is wrong and most likely you were scammed. So, it doesn’t really matter if you use trading strategies or technical analysis in the form of Candle Sticks or Bollinger Bands, and all the fancy charting tools in the world will not help you achieve a 90% ITM win rate. At this stage you would have received a phone call from the broker offering you an alternative trading strategy and a “real way” to make money. Don’t buy it, consider yourself lucky for only losing your initial investment amount and look at it as a lesson well-learned.

Is it Free?
Well yes, but you would need to fund a trading account with one of their recommended brokers. That will cost you at least $250.

Similar Scams
These include but are not restricted to My First Online Payday, Trade X Confidential, Limitless Profits, Trade Tracker Pro, the Amissio Formula, Tauribot, Citidel, Centument, Insured Profits with Dave and Ginny, Millionaire’s Blueprint, Binary Matrix Pro, Binary App 810, and The Free Money System with Walter Green.

Signals, Autotraders, Bots, and Trade Copiers
There is a sea of systems out there, and all of them will offer you amazing return on your investment. Unfortunately, only a few are true to their promise. Binary Scam Alerts fully endorses the Binary Profit Method as the preferred signals tool. If you are interested in a solid Auto-trader with proven results, make sure to read our Virtnext review.

Verdict and Final Conclusions
The Virtual Income Software is a SCAM Autotrader and APP. It has all the makings of a highly deceptive and misleading system. We encourage our members and subscribers to seek alternative means of investment and avoid this software at all costs. As always, we invite you to join our Facebook group and Subscribe to our YouTube Channel.

Virtual Financial Group Reviews

Updated Apr 6, 2020

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Your trust is our top concern, so companies can’t alter or remove reviews.

” I was in the traditional insurance business prior to finding Virtual Financial ” (in 15 reviews)

” Their training is the best that has ever been for working from home ” (in 6 reviews)

” has gone by and they’re not making money, that’s something to be concerned about ” (in 5 reviews)

” Some people have come into VFG thinking they will make ” (in 5 reviews)

I have been working at Virtual Financial Group full-time for more than 5 years

Work and home life balance

Requires dedication drive and hard work. Which in my opinion is not a CON

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“Great Flexability”

I have been working at Virtual Financial Group full-time for more than a year

Work virtually from ANYWHERE. Great products and market reach is full US from your laptop or phone. You control how much you work. As a 1099 commission employee, you control your earnings. Work more, work smarter and earn more. The weekly online training is relevant and very helpful. The founders are still actively engaged in seminars and growing the business. ALL training and step by step guides to running your business is recorded and available 24 hours/day 365 days/year.

In a sales environment, learning that NO is an ok answer is hard.

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“Helping people by educating them about finances”

I have been working at Virtual Financial Group full-time for less than a year

!00% virtual . Lifestyle . lifetime income . Insurance

100% commission is hard to get started on

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“Cutting edge support and training.”

I have been working at Virtual Financial Group full-time

The access to administrative support, virtual training, financial stability and real products for real people is unmatched.

Like everything, you get out in relation to how much you are willing to learn and implement. They’re are no magic wands.

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“Great company”

I have been working at Virtual Financial Group full-time

Management is great at what they do

Owners can use some interpersonal skills

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“Virtual Financial us the best field marketind organization I have ever worked with ever.”

I worked at Virtual Financial Group

Virtual busineess great commisons leadership

Recruiting. Getting alone with upline leaders dealing with big egos

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“Virtual Financial is the “Real Deal””

I have been working at Virtual Financial Group part-time

I was in the traditional insurance business prior to finding Virtual Financial. That meant spending 10’s of thousands of dollars on direct mail leads and driving hundreds of thousands of miles to go and knock on doors. Ultimately, with an expected 20% conversion rate. I did do it at a high level and was able to be successful. And, built an agency showing others how to do the same. But, I always knew there had to be a better way. So, when I found VFG, it was like finding an oasis in the desert. I made the switch and have been building an agency from the comfort of my home using a laptop and a cell phone. I’ve got agents in 3 states now(planning on all 50. Canada too!) without having to drive and meet them, sign them up, drive them around to train them, etc. Virtual Financial provides a complete, one-of-a-kind, turn key system that anyone, experienced or not, can step into and create success if they are willing to work for it. I worked hard the old fashioned way. So, not shy about working hard in this system. Except, I now do it without the huge expenses of money and time that I used to incur. Being virtual is the wave of the future. The internet has changed the way the game is played. I see VFG as a chance to get out ahead of the curve and be progressive business leader instead of just being part of the pack that does things the same old way. All the tools are available for success. The system. The training. The products. And, the leadership.

The only real con for working with Virtual Financial is self imposed. You are an independent contractor in charge of your own future. You are a business owner. It takes determination and the mindset of “Never give up” to get to be successful. It will take work. Those that can push through any resistance encountered can create the future of their dreams.

Virtual Income

25 ноя 2020 г. (4 месяца назад)

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Категория Приложения, Книги и справочники
Разработчик apps points
Версия 2.0 (2)
Обновлено 25 ноя 2020 г. (4 месяца назад)
Количество установок 100+

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Последняя версия

2.0 (2) 25 ноя 2020 г.

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