EU Crypto Tax Plans Include NFTs, Foreign Companies, Draft Text Shows (coindesk.com) 12
The European Union plans to force crypto companies to give tax authorities details of their clients' holdings, according to a draft bill released to CoinDesk under freedom of information laws. From a report: The data-sharing law, based on a model from the Organization for Economic Cooperation and Development (OECD), is set to be agreed by finance ministers next week, and will allow tax authorities to share data within the 27-nation bloc. Commission officials have said the bill received unanimous acclaim at a meeting on Wednesday, though people familiar with the matter told CoinDesk that some finance ministers have not yet received formal approval from parliaments.
The bill, dated May 5, closely matches proposals made by the European Commission in December 2022, as part of a bid to stop EU residents stashing crypto abroad to hide it from the taxman. The commission would have to set up a register of crypto asset operators' by December 2025, bringing forward a previous deadline by one year, and the rules will apply as of Jan. 1, 2026. Controversially, the law -- known as the eighth directive on administrative cooperation (DAC8) -- still includes platforms for trading non-fungible tokens that can be used for payment or investment, and providers from outside the bloc that have EU clients.
The bill, dated May 5, closely matches proposals made by the European Commission in December 2022, as part of a bid to stop EU residents stashing crypto abroad to hide it from the taxman. The commission would have to set up a register of crypto asset operators' by December 2025, bringing forward a previous deadline by one year, and the rules will apply as of Jan. 1, 2026. Controversially, the law -- known as the eighth directive on administrative cooperation (DAC8) -- still includes platforms for trading non-fungible tokens that can be used for payment or investment, and providers from outside the bloc that have EU clients.
Re:JFC...more taxes in EU? (Score:5, Informative)
Computing one's net salary is complicated and depends on many factors such as family bonuses and regional taxes, but for instance a calculator returns 20k gross -> 16.4k net, 30k gross -> 22.3k net, 50k gross -> 32.3k net, 100k gross -> 57.4k net.
Basic healthcare and a minimum of retirement benefits are included and you don't need to pay for them separately.
Re: (Score:2)
Finland here. Always thought to be tough, when it comes to taxes, but it's not that bad. A yearly 45k gross salary will end up being 33-36k, depending on some factors (you pay health care, pension, etc). Different municipalities have different tax rates, as well. VAT is 24%, but groceries, restaurants is 14% and stuff like going to the movies, buying books, exercise services and sorts are 10%.
Meanwhile, everyone has the right to public health care without ins
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Definitely not true...at least for MOST of the US with reasonable cost of living....basically outside of the overly expensive places like NYC, or big cities in California....
$75K can get you a right good life in most of the rest of the US, no problem.
Re: (Score:2, Interesting)
Posting AC here... want to know the country where people are taxed the most? The US, by far. The reason is that medical bills and insurance payments are considered taxes, and even if one earns $0, one needs to spend $1000+ a month for insurance or risk being fined. To boot, politicians are working on making medical debt non-dischargable in bankruptcy, like student loans, and in a lot of states, if a parent runs up a huge hospital bill, the debt passes to their children... and can't be discharged via bank
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The thing is that we do get something in return for those taxes, that would be too expensive to afford on its own (primarily healthcare, public transport and guaranteed retirement plans) so the total is a net positive (except for the very rich).
This could be good for crypo (Score:3)
That leaves the only point of attack being when EU citizens exchange crypto with local currency. The way around that is to use crypo the way it was original intended, as a way to exchange goods and services. If you do work and are paid in crypo then use that to buy goods or subscriptions etc then you avoid EU taxes. The two things I don't like about crypo to the waste of power from mining and the rampant speculation. The rampant speculation has come from people seeing crypo as only having value as an investment, like shares, not a medium for exchange for real things. If crypo was widely used to exchange real things then it might dampen speculation making it more useful as a currency.
Personally I will continue to see it as a high risk place to only put funds you can afford to lose.
Headline (Score:2)
So the EU is going to Tax Draft Text Shows ?
Whatever they are.