Bitcoin: the gains of cryptocurrencies soon imposed in France at the fixed rate of 30%

Bitcoin: the gains of cryptocurrencies soon imposed in France at the fixed rate of 30%

The gains from Bitcoin and other cryptocurrency could soon be taxed at a fixed rate of 30% regardless of the situation against a rate of up to 36.2% currently. This tax would be aligned with the other capital tax rates - a proposal that is supported by the National Assembly Finance Committee. The new provision is incorporated through an amendment to the draft Finance Act 2019 in debate in the Assembly.

The tax rate of gains from Bitcoin and other cryptocurrencies could drop to 30%: Wednesday, November 7, the Finance Committee of the National Assembly has indeed adopted an amendment to the draft Finance Act 2019 (PLF), according to Reuters. This tax rate, would apply only to the gains on the transfer of cryptocurrencies as provided for in the amendment that is to apply - and subject to the adoption of the PLF 2019 - as of January 1, 2019. Between 2014 and April 2018, cryptocurrency gains were subject, when they were occasional, to the progressive income tax schedule in the non-profit category (NBC), and to the income tax system. industrial and commercial (BIC) activities when this activity was carried out on a regular basis.

PLF 2019: Bitcoin and cryptocurrencies soon taxed at the fixed rate of 30%?

Since April 26, 2018, the Council of State nonetheless considers Bitcoins as intangible personal property, and therefore "the profits from their sale by private individuals are in principle subject to capital gains tax on the transfer of movable property", resulting in a higher tax rate of up to 36.2%, making it more difficult for individuals to report. This new amendment simplifies the procedure: the gains will now be taxed like other capital gains, ie at a fixed rate of 30% regardless of the case.

This simplification is rather good news, even if, as the The Next Web points out, the current situation in some cases makes it possible to pay less taxes, and the debates suggested more in April, a decrease of this rate to only 19%. For it to come into force, this amendment must still survive the debate on the draft Finance Act 2019 that began in late October. What do you think of this tax rate of 30%? Share your opinion in the comments.