The resolution recommended authorities within the parliament's twenty seven member states think about a “simplified tax treatment” for crypto users concerned in occasional or little transactions.
Members of the Parliament of the European Union voted in favor of a non-binding resolution geared toward victimisation blockchain to fight evasion and coordinate tax policy on cryptocurrencies.
In an Oct. 4 notice, the European Parliament said 566 out of 705 members voted in favor of the resolution originally written by member Lídia Pereira. according to the legislative body, the resolution counseled authorities in its 27 member states take into account a “simplified tax treatment” for crypto users concerned in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate economical tax collection.”
For cryptocurrencies, the resolution known as on the european Commission to assess whether converting crypto to edict would represent a nonexempt event, looking on wherever the group action occurred, voice communication it absolutely was a “more acceptable selection.” additionally, the policy would request an body modification to higher exchange data in respect to taxes on crypto.
The resolution additional that the parliament’s member states might integrate blockchain solutions into tax programs:
“Blockchain’s unique features could offer a new way to automate tax collection, limit corruption and better identify ownership of tangible and intangible assets allowing for better taxing mobile taxpayers. [...] Work must be undertaken to identify the best practices of using technology to improve the analytical capacity of tax administrations.”
( Turner Wright, Cointelegraph, 2022 )