European Parliament votes in crypto and blockchain tax policies

Members of the Parliament of the European Union have voted in favour of a non-binding resolution aimed at using blockchain to fight tax evasion and coordinate tax policy on cryptocurrencies, reports Cointelegraph.

In a notice on 4 October, the European Parliament said 566 out of 705 members voted in favour of the resolution originally drafted by member Lídia Pereira. According to the legislative body, the resolution recommended authorities in its 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate efficient tax collection.”

For cryptocurrencies, the resolution called on the European Commission to assess whether converting crypto to fiat would constitute a taxable event, depending on where the transaction occurred, saying it was a “more appropriate choice.” In addition, the policy would request an administrative amendment to better exchange information in regard to taxes on crypto.

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