The French National Assembly rejected a number of tax amendments designed to benefit cryptocurrency traders and users on Monday, local media reported.

One of the rejected proposals concerns the increase in annual tax exemption from €305 ($347) to either €5,000 or €3,000. The National Assembly believes that “305 euros is already quite favorable,” stating that compared to how securities are taxed, “increasing to €5,000 or €3,000 seems particularly excessive.”

Another amendment that did not gain support was one to allow capital gains to be taxed on the same basis and under the same conditions as securities under the current system. Similarly, the amendment to distinguish between normal crypto-related activities and occasional ones that would result in more favorable taxation for cryptocurrency users was turned down, as was a proposal on crypto-related capital losses.

In addition, the amendment outlined in Article 16a to only tax gains on cryptocurrencies when they are sold and withdrawn to a bank account, instead of taxing them based on their values converted into fiat on crypto exchanges, was also denied.

Sourced through Scoop.it from: news.bitcoin.com