France's National Assembly Rejects 2027 Budget Revenue Section, Crypto Tax Amendment Not Included in Senate Text

Odaily: The French National Assembly rejected the 2027 budget revenue section by a vote of 458 against, 0 in favor, and 2 abstentions, meaning the previously passed crypto-related amendments were therefore not included in the budget text submitted to the Senate. The relevant proposals may still be reintroduced in the Senate and would need to pass subsequent budget deliberations before becoming law.

The previously passed amendments included taxing proceeds from crypto-to-stablecoin conversions, as well as requiring taxpayers to declare self-custodied crypto assets worth at least 100,000 euros, with assets assessed as of December 31 of the tax year.

Another amendment proposed raising the fine for crypto platforms that fail to provide information requested by tax authorities from 10,000 euros to 50,000 euros. The Senate is scheduled to begin deliberating the finance bill on November 20 and to review the budget revenue section provisions on November 23. (Cointelegraph)