European Parliamentmet for a more coordinated and equitable taxation system for cryptocurrencies and blockchain, as well as a stronger approach to reducing tax evasion.
Koinfinans.com As we have reported, more than 80% of the deputies who participated in the voting voted in favor of the resolution. The resolution, drafted by MEP Lídia Pereira, received positive parliamentary approval as more than 80% of the Members of the European Parliament (identifiable as MPs or members) voted in favour. Only 7 out of 705 deputies opposed the resolution, 47 abstained and 566 voted in favor.
The European Parliament announced the development in a press release on Tuesday. The decision in EU countries cryptocurrency It is a definitive answer to the field of taxation when it comes to the unit industry. That cryptocurrencies should be subject to a fair and transparent taxation system was the prominent theme in the said decisions.
In addition, the decision includes an assessment for small investors and transactions. According to the press release, traders or those conducting retail transactions should be subject to less tax.
The European Commission has been tasked with ensuring that this part of the resolution is implemented. The Commission will assess the nature of crypto taxes in countries across the EU. It will also evaluate the measures taken by each member state to ensure the reduction of tax evasion.
Cryptocurrency, Blockchain and Taxation
Another remarkable issue in the decisions taken was the prevention of tax evasion by using blockchain technology. In addition to this positive approach, it was shared that the question of what exactly cryptocurrencies are now needs to be answered. Therefore, it will be detailed which assets are subject to tax and which assets should be ignored. This move can be interpreted as a precedent by other countries and help in regulations.
In addition to calling for a more efficient tax system for cryptocurrencies, the resolution also aims to leverage blockchain in the fight against tax evasion. The European Parliament press release acknowledged the potential effectiveness of blockchain in controlling tax evasion.
“The unique features of blockchain could offer a new way to automate tax collection, limit corruption and better define ownership of tangible and intangible assets, allowing mobile taxpayers to be better taxed.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.