European Parliament lawmakers strongly supported a continent-wide tax-reporting rule for crypto transactions, with approximately 90% of those voting showing their approval.
While the majority of attendees in the room were in favor, 535 individuals voted in support and 57 opposed. There were 60 abstentions concerning the crypto tax rule scheduled for implementation in 2026.
European Crypto Tax Rules Aim to Counteract Fraud
During a plenary session on September 13 in Strasbourg, France, European lawmakers widely supported the imposition of stricter tax reporting obligations on crypto exchanges.
In December 2022, the European Commission proposed a plan to introduce a system for crypto-asset service providers to report transactions made by their European clients.
The rule’s intention is to help tax authorities monitor crypto-asset trading and income, reducing the chances of tax fraud.
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To establish this reporting system, they plan to modify the Directive on Administrative Cooperation (DAC).
The DAC serves as the primary platform for tax authorities to exchange data. Additionally, the proposal includes various minor adjustments to enhance the current sharing of tax-related information.
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