France’s National Assembly has Rejected Amendment to the Country’s Crypto Tax Bills
In France, the legislative arm of the government has rejected some motions aimed at amending some tax bills. These bills were designed to reduce the amount of tax paid by cryptocurrency traders and users within the country. The rejected amendments included those related to capital gains and losses, and crypto tax exemptions.
Tax Bill Amendment Motions Declined
According to a recent report, France’s National Assembly has reportedly declined some tax amendment motions aimed at encouraging the use of cryptocurrency within the country.
The increase in yearly tax exemption to either €5000 or €3000 from €305 ($347) is one of the motions rejected. According to a recent report, the rejection is practical due to the fact that the house is of the belief that the current rate of €305 is more than generous.
Another amendment that was turned down was one that was aimed at permitting capital gains and securities to be taxed similarly and under the same conditions. Also, the amendment to differentiate between normal crypto-related activities and occasional ones which would lead to advantageous taxation for cryptocurrency users was rejected. A proposal on capital losses related to cryptocurrency was also turned downed.
30 Percent Tax Rate
Although a couple of amendments were declined, the proposed flat tax of 30% for cryptocurrency transactions was not under consideration. As a result of this, it is still a part of Article 16 Bis. As of present, the tax rate of crypto assets is at 36.2%, which means 17.2% social contributions and 19% income tax. However, other forms of capital gains on other non-real estate assets are being taxed at a flat rate of 30%. During the meeting at the National Assembly, it was stated that “a flat tax rate is positively welcomed for its simplicity and legal certainty.”
