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French Economy Minister Bruno Le Maire said on September 12 that the French authorities would not tax crypto to crypto transactions but would impose a tax when crypto-currencies are sold for fiduciary money.
Bloomberg Tax reported the Mayor's statements on September 12th. According to the report, he noted:
"We think the moment when earnings are converted into traditional currency is the right time to assess the tax."
Easier transaction tracking
The author of the report also explains that such an approach to the taxation of cryptocurrency transactions would help track transactions, which he sees as a common challenge in crypto to crypto transactions. The Mayor has also reportedly applied the application of value added tax (VAT) to cryptocurrencies.
Specifically, he explained that VAT should only be applied to cryptocurrency transactions when they are used to acquire an asset or service. France would already be implementing the new approach to the taxation of cryptocurrency.
Meanwhile, in Portugal
As Cointelegraph reported at the end of August, the Portuguese tax authorities have specified that cryptocurrency transactions and crypto payments would not be taxed in the country.
Also in August, a tax bill to allow for the exclusion of gain or loss on virtual currency exchanges of a similar nature was introduced in the US House of Representatives.
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