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Taxes
The French National Assembly rejected a series of tax amendments aimed at lowering fees for merchants and cryptocurrency users. Among the rejected amendments there are those related to capital gains and capital gains and to the encrypted tax exemptions.
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
Encrypted cryptographic amendments rejected
<img class = "size-medium wp-image-262714 alignright” title=”France rejects tax amendments compatible with the cryptocurrency” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/national-assembly-1-300×261.jpg” alt=”France rejects tax amendments compatible with cryptocurrency "width =" 300 "height =" 261 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/national-assembly-1- 300×261.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/national-assembly-1.jpg 365w "sizes =" (maximum width: 300px) 100vw, 300px”/>The French National Assembly rejected a number of tax amendments intended to benefit from operators and users of cryptocurrency on Monday, according to local media reports.
One of the rejected proposals concerns the increase of the annual tax exemption from € 305 ($ 347) to € 5,000 or € 3,000. The National Assembly believes that "305 euros are already quite favorable", stating that, compared to how the securities are taxed, "increase to 5,000 euros or 3,000 euros seems particularly excessive".
<img class = "size-medium wp-image-262719 alignright” title=”France rejects tax amendments compatible with the cryptocurrency” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/crypto-300×214.jpg” alt=”France rejects tax amendments compatible with cryptocurrency "width =" 300 "height =" 214 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/crypto-300×214.jpg 300w , https: //news.bitcoin.com/wp-content/uploads/2018/12/crypto-100×70.jpg 100w, https://news.bitcoin.com/wp-content/uploads/2018/12/crypto. jpg 368w "sizes =" (maximum width: 300px) 100vw, 300px”/>Another amendment that did not receive support was to allow capital gains to be taxed on the same basis and under the same conditions as the securities of the current system. Similarly, the amendment aimed at distinguishing between normal activities linked to encryption and occasional activities that would have resulted in a more favorable taxation for cryptocurrency users was rejected, as was the proposal concerning the encrypted capital losses.
In addition, the amendment outlined in article 16 bis was also denied only to tax profits on cryptocurrencies when they are sold and withdrawn from a bank account, instead of taxing them on the basis of their values converted into fiat on encrypted.
Flat fee of 30 percent
<img class = "size-medium wp-image-262722 alignright” title=”France rejects tax amendments compatible with the cryptocurrency” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/tax-300×242.jpg” alt=”France rejects tax amendments compatible with cryptocurrency "width =" 300 "height =" 242 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/tax-300×242.jpg 300w , https: //news.bitcoin.com/wp-content/uploads/2018/12/tax.jpg 471w "sizes =" (maximum width: 300px) 100vw, 300px”/>Although a number of amendments were rejected, the proposal for a 30 per cent flat-rate tax for cryptocurrency transactions was not part of the proposals considered Monday. It is, therefore, still part of the article 16 Bis. Currently, cryptographic assets are taxed at 36.2%, which is 19% of income taxes and 17.2% of social contributions. At the meeting of the National Assembly it was said that "a uniform tax rate is welcomed for its simplicity and legal certainty".
Reuters explained earlier that "Currently, bitcoin earnings are taxed at a rate of 36.2% while other forms of capital gains on other non-real estate assets are taxed at 30%." The news also found that "The finance committee has adopted an amendment to the budget law of 2019 that would subject the sales of crypto-assets as bitcoins to the flat rate of 30 percent", as reported by news.Bitcoin.com.
What do you think of France's approach to encrypted taxation? Let us know in the comments section below.
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