2024

Bitcoin

<h4><strong>The Netherlands is seeking consultation on a proposed tax policy that would require digital service providers, like crypto exchanges, to share user information with local tax authorities.</strong></h4> 
<p>The move is geared towards aligning with broader crypto policies within Europe. Officials from the Netherlands’ Ministry of Finance noted that the <a href="https://www.rijksoverheid.nl/actueel/nieuws/2024/10/24/internetconsultatie-voor-wetsvoorstel-rapportageverplichting-crypto-aanbieders#:~:text=Vanaf%20vandaag%20is%20het%20mogelijk,en%20delen%20met%20de%20Belastingdienst." target="_blank" rel="noopener">proposed law</a> would help create transparency around the ownership of digital assets and prevent tax fraud.</p> 
<h5><strong>Netherlands Tightens Crypto Tax Rules</strong></h5> 
<p>The Netherlands sees crypto as a growing part of its economy and is setting active measures to regulate the market. The Ministry of Finance further revealed that crypto owners will continue to file the tax return of their digital assets with the country’s tax authority, the Belastingdienst.</p> 
<p>Furthermore, the proposed law would require the tax agency to share data from service providers like exchanges about users from other EU countries with those countries’ tax authorities. This comes from <a href="https://www.consilium.europa.eu/en/press/press-releases/2023/10/17/council-adopts-directive-to-boost-cooperation-between-national-taxation-authorities-dac8/" target="_blank" rel="noopener">DAC8</a>, an EU crypto tax rule introduced last year.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Europe seems to be preparing a war on Bitcoiners: higher cap gains on BTC in Italy, a proposed exit tax in The Netherlands, no mortgage in the UK if you made the money for your real estate in crypto (personal experience!), and now the ECB is telling no-coiners that Bitcoiners are… <a href="https://t.co/ZBpqZAx5dj">https://t.co/ZBpqZAx5dj</a></p> 
 <p>— Marc van der Chijs (@marcvanderchijs) <a href="https://twitter.com/marcvanderchijs/status/1847630643766972887?ref_src=twsrc%5Etfw">October 19, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h5><strong>A Move Towards Transparency&nbsp;</strong></h5> 
<p>DAC8 keeps things simple for crypto service providers, as they only need to report in the EU country where they’re based. Interestingly, the Netherlands taxes crypto like any other regular investment. However, the country’s Ministry of Finance believes EU authorities do not have sufficient insight into the <a href="https://www.altcoinbuzz.io/?s=crypto+market" target="_blank" rel="noopener">crypto market</a>, leading to an imbalanced financial playing field. However, the proposed bill is expected to bridge the gap.</p> 
<p>Reacting to the new bill, Folkert Idsinga, the state secretary for tax affairs and the tax administration, said, “With this bill, we are taking an important step in the taxation of cryptocurrencies.” Furthermore, Idsinga revealed that the bill would ensure that crypto stays transparent to tax authorities, ”which will “prevent tax avoidance and evasion and European governments will no longer miss out on tax revenues.”</p> 
<p><img decoding="async" class="wp-image-154009 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/cxzcvbcbgfgf-300x241.png" alt="" width="608" height="489" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/cxzcvbcbgfgf-300x241.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/cxzcvbcbgfgf-522x420.png 522w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/cxzcvbcbgfgf.png 608w" sizes="(max-width: 608px) 100vw, 608px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://www.rijksoverheid.nl/actueel/nieuws/2024/10/24/internetconsultatie-voor-wetsvoorstel-rapportageverplichting-crypto-aanbieders#:~:text=Vanaf%20vandaag%20is%20het%20mogelijk,en%20delen%20met%20de%20Belastingdienst." target="_blank" rel="noopener">rijksoverheid.nl</a></strong></h6> 
<p>“In the future, EU member states will be able to cooperate better thanks to the exchange of data and transactions with cryptos [which] will become transparent to tax authorities,” Idsinga concluded. Feedback on the proposed rule is open until Nov 21st. The Dutch government will present the bill to the House of Representatives within the first half of 2025.</p> 
<p>Countries worldwide are working to adopt <a href="https://www.altcoinbuzz.io/bitcoin-and-crypto-guide/crypto-taxes-in-the-eu-explained/" target="_blank" rel="noopener">a tax reporting framework</a> set by the Organization for Economic Co-operation and Development (OECD). The structure aims to boost transparency between nations. Some countries involved include the Netherlands, the UK, and New Zealand.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/the-netherlands-calls-for-public-feedback-on-crypto-tax-bill/">The Netherlands Calls for Public Feedback on Crypto Tax Bill</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

The Netherlands Calls for Public Feedback on Crypto Tax Bill

Altcoin Buzz

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