Crypto Taxation Talks At The EU Tax Symposium
Before the European Commission is due to release a new tax plan on December 7, EU tax experts are urging stricter regulations on crypto taxation. Consideration will be given to a single tax system for cryptocurrencies across the European Union.
Speakers at a Tax Symposium emphasized the necessity to take action against tax evasion in crypto, which has raised the issue of crypto taxes higher on the European Union’s agenda. On December 7, the European Commission intends to adopt a draft of fresh cryptocurrency tax ideas.
According to the speech by Executive Vice-President Dombrovskis at the EU Tax Symposium ‘On the Road to 2050’, digitalization opens up new possibilities, but it also highlights flaws in the tax structures.
While digitalization creates new opportunities, it also exposes cracks in our tax systems. We have already started to address these challenges. For example, we will propose much-needed changes to the EU’s VAT system by embracing the power of digital tools.said Valdis Dombrovskis
The imminent proposal from the updated EU taxation guidelines from the European Commission was mentioned by Dombrovskis.
At the same time, we will present an initiative to amend the directive on administrative co-operation so that EU rules stay in line with the evolving economy and include areas such as crypto-assetssaid Valdis Dombrovskis
Politicians intend to debate new crypto taxation regulations throughout 2023 with the goal of enforcing them in 2026. The question of whether to adopt a single tax system for cryptocurrency across the bloc will be discussed. Though it is expected that the procedure will take some time because taxing is essentially a matter for each member of the EU’s 27 member countries to make a decision.
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