Disallowance of Tax Amendments- French National Assembly

loading Disallowance of Tax Amendments- French National Assembly

The concepts of lowering the taxes for crypotocurency traders and users have been rejected by the French’s National Assembly. It also indicates the rejection of concerned amendments such as capital gains and losses and crypto tax exemptions.

Rejections by the French

A local media report, a number of tax amendments that is designed to benefit cryptocurrency traders has been rejected by the French National Assembly.

The National Assembly believes that “305 Euros is already quite favourable,” claiming that compared to how securities are taxed, “increasing to €5,000 or €3,000 seems particularly excessive,” whereas one of the proposals that has been rejected, concerns the increase in annual tax exemption from €305 ($347) to either €5,000 or €3,000.

There was one more rejection by them for an amendment which was on capital gains with the same base and conditions. The proposal that was on crypto-related capital losses has been turned down by them which would help the users to result in favourable taxation on cryptocurrency which is distinguished between normal crypto-related activities and occasional ones.

When it is taken from the amendment outlined in Article 16a, the taxes is based on their values converted into fiat on crypto exchanges, where tax gains on cryptocurrencies only when they are sold and withdrawn to a bank account were also added to the rejection list.

There was an article which showed that the proposal of 30-percent flat tax for cryptocurency transactions was not rejected by those authorities. For the current news it is taken that, the crypto assets were taxed at 36.2 percent, which denotes 19 percent on the income tax and 17.2 percent on the social contributions.  They mentioned National Assembly meeting that “a flat tax rate is positively welcomed for its simplicity and legal certainty.”

Reuters has explained already that “Currently bitcoin gains are taxed at a rate of 36.2 percent while other forms of capital gains on other non-real estate assets are taxed at a flat 30 percent.”  One of the news outlet reported that “The finance commission adopted an amendment to the 2019 budget bill that would subject sales of crypto-assets like bitcoin to the 30-percent flat rate as well,”

 

Also read:  https://www.civilblockchain.com/blockchain-based-kyc-trial-complete-in-26-french-companies-five-banks-based-on-r3s-corda/

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