RATE Group | Favorable Cryptocurrency Tax Rules Rejected by France
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Favorable Cryptocurrency Tax Rules Rejected by France

20 Dec Favorable Cryptocurrency Tax Rules Rejected by France

Posted at 00:47h in Cryptocurrency News by

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December 19, 2018 11:09 PM

France wants to be a leader in blockchain technology, but not so much that it’ll reduce crypto tax burdens to do so.

Four proposed tax amendments that would benefit cryptocurrency owners and investors have been rejected by the French Parliament.

The tax amendments were posed as part of France’s 2019 budget planning. They included a proposal to distinguish between occasional and frequent cryptocurrency trading, plans to only apply tax once balances have been transferred to a bank account, and tax exemptions.

Pierre Person, MP for centrists La République En Marche, argued in the “Assemblée Nationale”, France’s lower house of parliament, for a clarification on the classification of frequent and infrequent trading which currently determines how taxes are applied. This was rejected by the “rapporteur,” or budget chair, and the French finance minister Bruno Le Maire on the basis such an amendment “would only confuse the situation rather than clarify it.”

Person…

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