A newly proposed plan from the finance commission and Parliament of France is in our daily cryptocurrency news. The plan is interesting for many crypto investors since it aims to bring the taxes on bitcoin gains in line with other capital gains taxes within the country.
Currently, France is taxing Bitcoin sales at 20% more than traditional capital gains or sales of stocks and other securities. However, a new bill that was coined by Eric Woerth who is the body’s finance committee chairman, plans to bring the tax rate lower – from the current 36% to flat 30% in line with the other capital gains.
Some French citizens have claimed that this is not enough, stating that the previous and proposed taxes both inhibit innovation.
Jusqu'à présent la fiscalité des gains tirés de la cession de crytpoactifs était dans le grand flou. Ce matin la commission des finances a adopté un de mes amendements visant à les soumettre au PFU à 30% pour plus de clarté #PLF2019 #FinancesAN
— Eric Woerth (@ericwoerth) November 7, 2018
As the French outlet Le Figaro reported, the taxes would not only apply to strict sales of Bitcoin for making profits – but would also apply to buying things with the cryptocurrency or officially, when Bitcoin will be “used as a means of payment for acquisition of goods or services.”
This regressive method of taxation has stirred up the cryptocurrency regulation field in France, mostly because it is part of the 2019 budget restrictions – and in line with other moves on the part of the country’s government to attempt to create a more user-friendly regulatory environment, especially for crypto-securities.
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