French Parliament. Aristotoo/iStock.
The French lower house of parliament has adopted an amendment to the next tax bill that will lower the tax rate on crypto sales from 36 percent to 30 percent, effective next year.
According to Reuters, French president Emmanuel Macron has been making a push to facilitate the growth of new businesses and technologies. With the introduction of the Business Growth and Transformation bill (PACTE), France has streamlined regulations to help make it easier for companies to flourish. As a result of the amendment, all profits from crypto sales will be charged the lower rate, bringing it in line with the rest of the capital gains taxes the country enforces. France’s neighbors, Spain and the UK, both have tax rates that can reach up to 45 percent on crypto sales if certain thresholds are reached. This will incentivize both crypto investments and growth to call France their home.
While the amendment has already passed the lower parliament’s Finance committee, a hearing is called for next week in which the rest of the parliament will have the opportunity to vote on a final version of the bill before it is passed into law.