France plans to reduce cryptocurrency taxes

  • France plans to reduce cryptocurrency taxes

The Financial Commission of the National Assembly of France proposed an amendment to the tax legislation, according to which revenues from Bitcoin and other cryptocurrencies are equal to income from capital. Eric Woerth, chairman of the committee, believes that this will simplify the tax regime for crypto assets.

If the amendment is adopted, then from January 1, 2019, the exchange of cryptocurrency for fiat will be taxed at 30%, instead of the current 36.2% (fixed tax 19% + social insurance contributions 17.2%). At the moment there are three tax regimes: for one-time operations, for regular transactions and for miners. The decision about the amendment should be taken next week.

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