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France

French Government Set To Cut Cryptoasset Tax Rate To 30 Per cent

November 9, 2018 by Mark Knowles
The proposed tax reduction would bring cryptoasset gains taxes inline with other capital gains taxes in France.
The proposed tax reduction would bring cryptoasset gains taxes inline with other capital gains taxes in France.

The Finance Commission of France’s lower house of parliament (Assemblée Nationale) has backed plans to ease taxes on bitcoin sales to bring them into line with other capital gains taxes, according to a recent Reuters report.

Currently, in France bitcoin gains are taxed at a rate of 36.2 per cent while other forms of capital gains on other non-real estate assets are taxed at a flat 30 per cent.

The finance commission adopted an amendment to the 2019 budget bill that would subject sales of cryptoassets such as bitcoin to the 30 per cent flat rate as well.

The amendment must be approved in the final version of the budget bill by the broader parliament in order to become law.

This proposed tax adjustment is in keeping with French President Emmanuel Macron’s “Action Plan for Business Growth and Transformation (PACTE)”, announced earlier this year.

The plan seeks to attract entrepreneurs and stimulate business innovation by making it easier for organizations, including crypto start-ups, to operate in France.

France has made no secret of its desire to be at the forefront of the rapidly evolving cryptocurrency and blockchain sector. Finance Minister Bruno Le Maire earlier this year referred to blockchain technology as a “revolution” which will “make the economy more efficient.”

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Mark Knowles

Mark Knowles, Coinlaw

With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global... view profile
Mark Knowles is a member of the Coinlaw team. Read more about our team.

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