France to Introduce Lower Tax Rates for Cryptocurrency Transactions

[baundul]

Thereby lowering the tax rate from as high as 45% to a flat rate of 19%.
Presented four regulatory actions with the aim of
"securing" users of "these currencies that offer particular opportunities for transactions lower than traditional payment services costs".

As long as news gets in the media it doesn't mean it will be implemented as soon as possible it will go through a discussion to be implemented

Budget and Public Accounts Minister Michel Sapin said in a statement: "This report shows that even if the existing volumes of virtual currencies are not likely to destabilize the financial system, these unofficial currencies are developing and have risks of illegal or fraudulent use."

[KrishaBitcoin]

Cryptocurrency traders in France will be relieved of heavy tax as the government is taken steps that will induce a lower tax rate. The French Council of State announced on Thursday that profits arising from cryptocurrency sales should be considered as capital gains of “movable property”. – a decision that will see the current tax rate drop significantly.

Read More: https://news.bitzamp.com/france-to-introduce-lower-tax-rates-for-cryptocurrency-traders/

This shows that France as one of the most powerful nations in talking of fire power and economy is very transparent to their people. Bitcoin taxation is one of the reason that why is the people are afraid of regulation and now France move have shown that Bitcoin regulation will benefit equally both the people and the government. Like the other nations like Germany and Japan we just hope that our government will also to consider to follow this move.

[cryptojac17]

Cryptocurrency traders in France will be relieved of heavy tax as the government is taken steps that will induce a lower tax rate. The French Council of State announced on Thursday that profits arising from cryptocurrency sales should be considered as capital gains of “movable property”. – a decision that will see the current tax rate drop significantly.

Read More: https://news.bitzamp.com/france-to-introduce-lower-tax-rates-for-cryptocurrency-traders/

This shows that France as one of the most powerful nations in talking of fire power and economy is very transparent to their people. Bitcoin taxation is one of the reason that why is the people are afraid of regulation and now France move have shown that Bitcoin regulation will benefit equally both the people and the government. Like the other nations like Germany and Japan we just hope that our government will also to consider to follow this move.

This is a welcome development for  cryptocurrency that there are countries who are taking a good disposition on how to adopt  crypto currency in their territory, not  only for taxation but also the security and the welfare of their citizen against scam are the also  the mandate of the government. I think these countries like France has already have  a deep understanding of on how crypto currency currency useful to the nation economy.

[imsotiredofmoviereboots]

Not bad but I think it could still be lowered down. They should be ashamed of their neighboring countries like Germany that won't tax you for trading crypto.  If I live in France, I will definitely move to Germany right now.

[Aikidoka]

That is what I would like to happen! Legalizing bitcoin while imposing low tax rates for its transactions. I mean what is the point of banning it when you can have profit out of it? These countries who are banning bitcoin will come into realization that banning it is futile. Either way, I am not against imposing taxes, but they should not be heavy. And as long as paying them will shut the government up, then I am okay with that.

[1Referee]

They should be ashamed of their neighboring countries like Germany that won't tax you for trading crypto.  If I live in France, I will definitely move to Germany right now.

Relax. Germany, just like any other European country, does require you to pay tax over your gains, so I am not sure what made you think that they don't.

In some cases Germany does offer quite friendly tax policies concerning certain usage fields, but that doesn't concern your gains. Do you seriously believe that governments will just allow anyone to enjoy profits from trading activities without paying tax? It's a massive income stream for them with how thriving this market is; no way they will not want their cut of that.

I am happy that in case I end up making profits, and I don't see any value in declaring these gains, I can legally avoid paying tax by just spending my coins. Added benefit is that spending Bitcoins helps the ecosystem, so you're doing something good as well.

[Harlot]

What's the point of owning coins you can't put to work legally because you have been avoiding tax? Think about it.

I get it that people have cold wallets that haven't been used for years, and also understand they don't want to pay tax over their coins, but at some point if you want to cash out or buy something, that's where the fun starts.

How does one explain where the coins came from.

That's actually a good question.

I have been holding a large part of my coins offline for years, and will very likely continue doing that endlessly. I know it may sound weird to some people, especially because of the fact that the general opinion is that why would you hold something that you will never sell, but that's my choice. I aim at the moment Bitcoin becomes an actual unit of payment and store of value, which it is already, but then on fiat and Gold level.

I don't want to expose myself to the potential risks of an imploding fiat system where my fiat wealth will be turned into dust. I have basically taken a life long hedge against the current system, and I'm very glad I did and do so. In other words, I don't look to cash out anything. I'll deal with the legal matters later when Bitcoin has grown to what I believe it is capable of. I have a seperate stash that I use for trading purposes on centralized exchanges, which I do pay my due taxes for. These coins I can put to work in any legal manner, so I'm not at all worried.

I do believe that tax laws also have a retroactive effect which means if you declare you income from your cold wallet by now you will be taxed with the new 19% tax rate instead of the 45% which it used to be. If you have documents especially with dates and the prices then you are safe as it can be counted as proof that your gains actually come from storing the cryptocurrencies away. It would really be hard for both you and the government if you are not keeping track of your cryptocurrency portfolio. I myself is keeping a written record myself for documentation.

[Sandeep24]

It means France is allowing cryptocrunncy legally by introducing tax. It is good news for cripto admirer.

[jrrsparkles]

That is what I would like to happen! Legalizing bitcoin while imposing low tax rates for its transactions. I mean what is the point of banning it when you can have profit out of it? These countries who are banning bitcoin will come into realization that banning it is futile. Either way, I am not against imposing taxes, but they should not be heavy. And as long as paying them will shut the government up, then I am okay with that.

Governments need to have affordable tax rates for the both citizen and they government because crypto field has given so much opportunities for the people to make money but if the government has high taxes then people won't get interested on doing this.so having affordable taxes beneficial for both people and citizen.