European Parliament votes on crypto tax system…details here

European Parliament votes on crypto tax system…details here

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Answer European Parliament votes on crypto tax system…details here

The European Parliament has voted in favor of a more harmonized and balanced tax system towards cryptocurrencies and the uses of blockchain technology in order to mitigate cases of tax evasion.

More than 80% of the European Parliament voted in favor of the new crypto tax system:

The resolution drafted by MEP Lydia Pereira was positively received by the European Parliament, with more than 80% of MEPs voting in favor of it.

Out of 705 deputies, only 7 voted against the resolution, with 47 absent, and 566 voted in favour.

The European Parliament revealed the evolution through press release Posted yesterday, Tuesday.

The decision offers a specific response to taxes when it comes to the cryptocurrency industry across the European Union.

Read:Study: One-fifth of American adults are considering buying Bitcoin

He points out that cryptocurrencies should be subject to a fair and transparent tax system.

In addition, the decision takes into account small investors and micro-transactions.

According to the press release, this category of traders should receive a less severe taxation.

As a way of ensuring implementation of this part of the decision, the Commission will assess the nature of crypto taxes in countries across the European Union.

In addition, the measures that each member state uses to ensure that tax evasion is mitigated will be evaluated.

Exploiting blockchain technology to combat tax evasion:

The resolution also looks to establish a generally accepted idea about the origins of crypto.

Additionally, it seeks to identify assets that are universally acceptable to be taxable.

This will help alleviate tariff ambiguity between EU countries.

In addition to calling for a more efficient tax system for cryptocurrencies, the decision also looks to leverage blockchain in combating tax evasion.

The European Parliament press release acknowledged the potential effectiveness of blockchain in checking tax evasion.

Read:Is cryptocurrency more like an internet bubble and will it have the same effect?

It was stated in the statement:

The unique features of the blockchain could provide a new way to automate tax collection, reduce corruption and better determine ownership of tangible and intangible assets allowing better taxation of taxpayers via mobile devices.

Tax evasion remains a threat that many countries are trying to combat, especially in the cryptocurrency sector in particular.

Last month, the US Department of Justice issued an order to the IRS to prosecute some crypto tax evaders, which means that traders and cryptocurrency investors are under the watchful eye of the tax authorities.

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