France’s National Assembly has rejected a number of tax amendments aimed at lowering taxes for cryptocurrency traders and users. Among rejected amendments are those concerning capital gains and losses and crypto tax exemptions.
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Crypto Amendments Rejected
One of the rejected proposals concerns the increase in annual tax exemption from €305 ($347) to either €5,000 or €3,000. The National Assembly believes that “305 euros is already quite favorable,” stating that compared to how securities are taxed, “increasing to €5,000 or €3,000 seems particularly excessive.”
In addition, the amendment outlined in Article 16a to only tax gains on cryptocurrencies when they are sold and withdrawn to a bank account, instead of taxing them based on their values converted into fiat on crypto exchanges, was also denied.
30-Percent Flat Tax
Reuters previously explained 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.” The news outlet further noted 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,” as news.Bitcoin.com reported .
What do you think of France’s approach to crypto taxation? Let us know in the comments section below.
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