France to Introduce Lower Tax Rates for Cryptocurrency Transactions

[bitzamp.com]

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/

[jaocoincrypto18]

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 will closed the issue last year that like China and South Korea that France too will not going to support Bitcoin and the Crypto currencies by planning to declare it illegal but instead it supported it by lowering the tax if the France citizens will adapt Crypto currencies. This is a good news as Germany already declared that there is no tax if the people will use Crypto currencies in spending in which this progress will help the current market performance to rise up even more.

[squatter]

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

I think that's why my state recently changed their tax forms regarding use tax. Everyone used to just leave the line blank. Now they say "you can't leave the line blank" and point you to a table where you estimate a small liability, like $20-40. It's small, but they know that means people will pay it.

I don't see the U.S. doing this for cryptocurrency, though.

[BitHodler]

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

People avoiding tax need to keep their coins somewhat hidden from then upper legal layer. 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.

[avikz]

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

People avoiding tax need to keep their coins somewhat hidden from then upper legal layer. 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.

Right! As long as the tax percentage is not exorbitant like 40%-50%, people should come ahead and declare their crypto holdings and pay tax on the gains. This mentality will also help the nation when they will discuss their next move on crypto currency regulation. If a nation can record a good amount of tax inflow from the crypto income, probably they will come out with some favorable policy decisions. But if they see more numbers of people are avoiding tax, they may not be as favorable as they should be and the tax evaders may face the consequence later. It is always better to pay tax and live a worry free life! Because no one wants to see the tax officials ringing their doorbell!

[siti25]

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 will closed the issue last year that like China and South Korea that France too will not going to support Bitcoin and the Crypto currencies by planning to declare it illegal but instead it supported it by lowering the tax if the France citizens will adapt Crypto currencies. This is a good news as Germany already declared that there is no tax if the people will use Crypto currencies in spending in which this progress will help the current market performance to rise up even more.

that blockchain will offer an unprecedented opportunity for French startups to raise funds by issuing crypto currencies in ICO

[Don Pedro Dinero]

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

Very likely. Important to note here is that they can only win in this case. You can better have people pay even 10% over their gains than nothing. It's still somewhat of a taboo subject, while it in reality doesn't need to be.

I am "happy" to pay tax over my gains as long as the percentage hovers around the 20% mark. It doesn't feel like theft as much as 40 or 50% does, where I can freely use my coins at any time.

I agree, countries were taxes are low (and where usually tax crimes are severely punished) tax fraud is virtually non-existant. I hope other countries learn the lesson and start implementing similar tax rates.

[Harlot]

Better late than never. The classifying cryptocurrecy transactions as income tax is one of the most dumb misconceptions in cryptocurrency trading. They should based a similar structure on what taxes they are putting on stock exchange transactions. A flat rate of 19% compared to a 45% tax rate per transaction is better and we might see some more trading action coming from a developed country. Which means a better or higher price movement overall in the market. But let us not expect that this good news will have an instant effect in the market.

[1Referee]

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.

[palle11]

But let us not expect that this good news will have an instant effect in the market.

I observe that positive news don't have an immediate impact on the market. This is a good news and gradually, more countries would come up with softer acceptance model for cryptocurrency.

[Lanatsa]

I wonder if they're doing this because they know people aren't paying taxes on cryptocurrency gains. People are more likely to pay if the damage isn't so bad.

I think that's why my state recently changed their tax forms regarding use tax. Everyone used to just leave the line blank. Now they say "you can't leave the line blank" and point you to a table where you estimate a small liability, like $20-40. It's small, but they know that means people will pay it.

I don't see the U.S. doing this for cryptocurrency, though.

I didnt know that there are tax form which would really require you not to leave blank space in the informations required.For now my government doesnt really impose to strict compliance just like on the thing you had mentioned.People will surely pay up taxes since it doesnt really hurt into their pockets which is i do see a considerable move for them rather than having no benefits at all into those crypto traders.Glad to see that theres no such blockage into that place.

[Kemarit]

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/

Ok. At least France is really looking at crypto and not totally banning it as what it was pictured specially during before the G20 summit last month. I thought that France and Germany are against crypto, maybe they have soften their stance so its all good. I don't know but I haven't paid any taxes as well regarding my crypto earnings maybe our government will in the next years or so but I don't have issues with that.

But let us not expect that this good news will have an instant effect in the market.

I observe that positive news don't have an immediate impact on the market. This is a good news and gradually, more countries would come up with softer acceptance model for cryptocurrency.

Of course this kind of news has little impact unless France say's that they are adopting bitcoin just like Japan did last year. But still this is a welcoming news for the crypto enthusiast.

[jseverson]

I don't see the U.S. doing this for cryptocurrency, though.

Maybe that's because the IRS actually seems to have the resources to detect and crack down on crypto tax evaders? The Coinbase move was a show of power, and they even have a partnership with Chainalaysis. They don't look like they would ease up at all.

If France doesn't have the same resources, then it makes sense for them to take such an action to collect more in taxes. I wonder if any more countries that likewise lack the IRS' capability will follow suit.

[MoonJeina]

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/

That is actually a good news for traders and all the people who are doing different services for bitcoin . But I don't think that things can be this straight for the people . Government definitely has a twisted plan and that will be revealed soon . Government is never at loss and tries best to get profit out of everything . Bitcoin and other crypto currencies are a big way of getting some profits and they might be thinking  of putting some other sorts of barriers for sure.                               

[Baoo]

Actually, this is a good step for France and an acceptable start, but I expect that this country has a futuristic plan for cryptocurrencies. In fact, the issue is that the majority of countries wants to exploit users of crypto through Taxes and that value always rises over time and maybe France is planning to do this bad decision after some period especially if Bitcoin and cryptocurrencies in general will develop in a great way.

On the other hand, I think many countries are afraid due to the existence of Bitcoin in the  market and they cannot control it . Furthermore, even when they make some decisions ( like, what happened in France..) just to achieve their  ambitions and other goals.

[Danstan]

I see some related issues regarding on implementation of tax on crypto holders and investors, their are also country who only impose tax on Private business investors that earns a big amount of money, but individual who earn below a proclaim amount will be exempted, I think this is also nice if we can experience this kind of treatment.

[marielbeckham]

We'll see whether this solution will see the current tax rate drop significantly.

[richardsNY]

I wonder if any more countries that likewise lack the IRS' capability will follow suit.

That's likely to happen without any other viable alternative. If all governments followed up on that, there won't even be any need to avoid paying tax, which directly is the main point. On the other hand, it could also be somewhat of a trap -- if you as government convince people to submit their tax reports as brave citizens, you directly located a very large group that won't be able to do the same in case the tax rates will be increased later on. For that reason there are justified mixed feelings here -- governments never do something without thinking forward, and this might become reality at some point. I hope it won't happen of course, but it's impossible to take certain things for granted with the stakes being this high....

[Stevenser]

Finally!! 

[yojodojo21]

But let us not expect that this good news will have an instant effect in the market.

I observe that positive news don't have an immediate impact on the market. This is a good news and gradually, more countries would come up with softer acceptance model for cryptocurrency.

It is not an instant way to feel the hike in the market, there are pros and con's in it, and to be technical it's not the news that makes the market go in a green line, it's the supporters and investors who trust the idea of crypto currency and applying through making the money roll by trading, or in investing. 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