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Thursday, October 28, 2021

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    Bitcoin, Ethereum…: towards less taxes in France?

    Bitcoin, Ether, Dogecoin… should cryptocurrencies be framed in such a way as to discourage investment and their use, or on the contrary take the bandwagon and encourage their use to remain innovative? Some within the LREM party obviously want France to opt for the second solution and take the next step as quickly as possible.

    And this, from 2022 with the next finance law. Thus, our colleagues from Capital take up the 9 amendments to the 2022 finance bill (PLF 2022) tabled by the deputy for Paris, Pierre Person. These 9 amendments do not, by themselves, propose a reduction in the levies on capital gains from the sale of cryptocurrencies. A priori, in the short or medium term, the rate will remain at 30%.

    9 amendments to revolutionize the use of cryptocurrencies in France

    However, the simplifications that the MEP intends to introduce could allow some investors to pay less tax. While encouraging as many people as possible to declare their cryptocurrencies more assiduously. The first amendment should in fact prevent individuals who realize too much capital gain from having their situation reclassified as a professional activity. In this case, individuals are in fact exposed to taxation of up to 70%.

    With the new amendment, “The assessment of the professional, or non-professional, nature of the activity of buying-reselling digital assets should therefore be based more on qualitative criteria”. To know which category to place the tax administration in will look at other things, such as the use of professional trading tools. The draft amendment also recommends to follow the regime relating to stock market transactions, in order to avoid any future hiatus.

    The second amendment aims to modify the Cerfa n ° 2086 form which is used to report buy-sell transactions. This file contains only 20 rows, de facto limiting the number of transactions declared to 20 per year. The member proposes to add additional sheets to remove this limit. The third amendment aims to consolidate certain purchase or sale operations carried out during the same session for the sake of simplification. All the operations that fall under the same transaction could thus be declared on a single line of form 2086.

    The Fourth Amendment aims to steer cryptos into the real economy. To do this, the amendment proposes “To include, in the tax law, an incentive device for the contribution of value in crypto-assets to traditional companies”. The fifth amendment proposes to carry over capital losses from one year to the next. Currently, losses from one year cannot be carried over to the next. This leads to taxes that are sometimes too high.

    The sixth amendment proposes to tax cryptocurrency exchanges between companies that currently generate taxes. The seventh amendment proposes to facilitate the payment of cryptocurrencies to partners or employees with a specific tax regime. The eighth amendment also proposes to create a specific tax regime for NFTs. Finally, the ninth amendment proposes to create a specific tax regime for cryptocurrencies.

    Read also – Best cryptocurrency platform: comparison of exchanges (2021)

    The amendment aims to allow payments in cryptocurrency without adding cumbersome with force of declarations of appreciation to each exchange. A standard allowance could be introduced as well as exemptions for card payments. Of course, all these amendments still have to be discussed before being definitively adopted. What do you think of these proposals? Share your opinion in the comments!

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