French authorities are pushing a 30 percent flat-rate Bitcoin tax
French regulators are realigning the taxes imposed on hodlers of Bitcoin and other cryptocurrencies. The French finance commission supported plans yesterday that will see capital gains tax applied to cryptocurrencies brought in line with other capital gains tax, Reuters reports.
Any profit obtained from owning cryptocurrencies is currently taxed at a rate of 36.2 percent. Other non-real estate assets are taxed at 30 percent. The amendment would see capital gains tax on cryptocurrency fall to flat-rate of 30 percent. However, this amendment is not yet legally binding, it’s simply being pushed through parliament in attempt to become law. For this to happen, it must be approved in the final update of the budget bill. According to Cointelegraph, if the bill is approved it will be enacted from January 1 next year. Previous reports in April this year suggested that French regulators were considering dropping capital gains tax on Bitcoin from 45 percent to as low as 19 percent.