Topic: Cryptocurrency significant tax cut by France - page 2. (Read 226 times)
France is definitely going pro-crypto. They took a liberal stance on ICOs and now reduce the taxes for cryptos. There seem to be quite a battle between European countries for attacting the crypto money in their ecosystem.
France is cutting crypto taxes and here in India, banks are closing accounts of crypto exchanges. No wonder, we always lack behind.
This is another good news, allowing you to grow in price crypto currency. Reducing the income tax a crypto currency in France from 45 to 19 percent is very lively there the local market and will promote the spread of the crypto currency in this country. In Russia, however, they plan to introduce a practically minimal profit tax on crypto currency in the amount of 13 percent. That would be pretty good. In general, the situation with the legalization of crypto-currencies around the world looks pretty good. So far, there are no insoluble problems.
The point is that alot of economies are very critical when it comes to handling issues on cryptocurrencies so that they dont end up suffering dire consequencies.That's why the French are taking this kind of stance which renews further commitment to help mass adoption of the blockchain technology.In my home country,they are currently weighing streamlining of cryptocurrencies in the financial sector.
i think is very good if crypto curency user in france is already about tax
this mean in there(france) crypto curency already regulate
this mean in there(france) crypto curency already regulate
Considering fact, tax implementation should also consider the range of someone's income on cryptocurrency, like who earn 1000 usd a month will be exempted, 1000 usd to 10000 usd will subjected to regular tax, but 100000usd per month will be subjected to extra tax, as the regular law implies with someone's income!
The French government has announced a tax reform plan Thursday, which would reduce the tax rates on revenues generated by cryptocurrency transactions, and cut the high-band rate from 45 percent to 19 percent. The tax reform announced by the French Council of State may just be an opening bid of a long path, but it delivers an aggressive cut that cryptocurrency enthusiasts have been clamoring for.
After adding contributions to the social welfare system, the new rate goes up to nearly 35 percent, which is still a 25 percent reduction of the original fees, according to a report from French outlet Le Monde. The simulative effects of the tax cuts come as France changed the classification of bitcoin and its ilk, which currently fall into the “moveable property” category, meaning that it is subject the flat tax of 19 percent on capital gains. Before that, cryptocurrency gains were considered “industrial and commercial profits” while occasional transactions constituted as “non-commercial profits.”
Bitcoin was trading near the $9,500 mark on Friday following the news, as cryptocurrency investors were optimistic that regulation may become less stringent ahead. https://www.financemagnates.com/cryptocurrency/news/france-outlines-significant-tax-cut-cryptocurrency/.
Hoping very very soon other big economies of the world would follow this trend
After adding contributions to the social welfare system, the new rate goes up to nearly 35 percent, which is still a 25 percent reduction of the original fees, according to a report from French outlet Le Monde. The simulative effects of the tax cuts come as France changed the classification of bitcoin and its ilk, which currently fall into the “moveable property” category, meaning that it is subject the flat tax of 19 percent on capital gains. Before that, cryptocurrency gains were considered “industrial and commercial profits” while occasional transactions constituted as “non-commercial profits.”
Bitcoin was trading near the $9,500 mark on Friday following the news, as cryptocurrency investors were optimistic that regulation may become less stringent ahead. https://www.financemagnates.com/cryptocurrency/news/france-outlines-significant-tax-cut-cryptocurrency/.
Hoping very very soon other big economies of the world would follow this trend
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