France Mulls Lowering Taxes on Bitcoin
France appears ready to consider giving Bitcoin owners in the country a tax cut. This move comes as regulators in the country wish to streamline all non-real estate-related tax requirements.
Tax Cut for Bitcoin ‘Hodlers’
According to Reuters, the lower House of Parliament in France is looking to cut taxes for Bitcoin owners. On Wednesday (November 7, 2018), the House’s Finance Commission adopted a reduction of the capital gain taxes on the sale of cryptocurrencies like Bitcoin. This move formed part of the Commission’s amendment to the country’s 2019 budget bill.
Based on this development the capital gains tax on cryptocurrency sales will drop from 36.2 percent to 30 percent. Thus, Bitcoin and other digital currencies will now be in the same tax bracket as other non-real estate assets.
The new tax provision hasn’t been passed into law. For now, it is merely a part of the amended 2019 budget bill. If the bill is passed into law, then the new tax percentage for…
Read Full Story : Live Bitcoin News