The European Commission is preparing to adopt a new crypto tax bill.
At the tax symposium held in Brussels, the importance of reducing tax avoidance in the crypto sector was highlighted.
European Commission Working on Crypto Taxation
Valdis Dombrovskis, Commissioner for Trade of the European Commission, said:
“While digitalization creates new opportunities, it also reveals cracks in our tax system. We started to overcome these difficulties”
The attorneys plan to discuss new rules on crypto taxation throughout 2023. The discussion will include whether to implement a single tax plan for the crypto sector. However, the process is expected to take a long time. In order for a decision to be passed, the representatives of the EU’s 27 countries must reach a consensus.
Tax avoidance using crypto has been a key part of the report on post-covid economic challenges.
The European Parliament is preparing to approve the MiCA draft in February. Once the draft is approved, crypto companies will have to meet additional obligations to combat tax evasion and money laundering.
