European Parliament votes for crypto-currency tax system

The European Parliament has voted in favor of a more coordinated and fair taxation system for crypto-currencies, and the use of blockchain technology to facilitate a more robust approach to mitigating tax evasion.

More than 80% of European Parliament members vote in favor of resolution

The resolution, drafted by MEP Lídia Pereira, was well received by the Assembly, with more than 80% of the Members of the European Parliament (MEPs) voting in favor. Of the 705 MEPs, only 7 voted against the resolution, with 47 absent, and 566 voted in favor.

The European Parliament revealed this development in a press release on Tuesday. The resolution provides a definitive answer to the area of taxation when it comes to the crypto-currency industry in EU states. It notes that crypto-currencies should be subject to a fair and transparent taxation system.

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In addition, the resolution takes into consideration small investors and small transactions. According to the press release, this category of traders should benefit from slightly less severe taxation.

In order to ensure the implementation of this part of the resolution, the European Commission has been given a charge. The Commission must assess the nature of taxation on crypto-currencies in EU countries. In addition, it will assess the measures employed by each member state to ensure the mitigation of tax evasion.

The resolution will rely on blockchain to combat tax evasion.

In addition, the resolution also seeks to establish a generally accepted idea of what crypto-assets are. In addition, it seeks to define which assets are universally accepted to be taxable. This will address the ambiguity of definitions between EU states.

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In addition to calling for a more efficient tax system for crypto-currencies, the resolution also seeks to leverage blockchain in the fight against tax evasion. The European Parliament’s press release recognizes the potential effectiveness of blockchain in controlling tax evasion.

Blockchain’s unique features could offer a new way to automate tax collection, limit corruption and better identify ownership of tangible and intangible assets that allow for better taxation of mobile taxpayers, the resolution states.

Tax evasion remains a threat that several countries are trying to combat. In the crypto-currency sector, specifically, it has flourished, due to the industry’s youth. Last month, the U.S. Department of Justice ordered the IRS to prosecute some crypto-currency fraudsters.

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