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The resolution, drafted by Lídia Pereira (EPP, PT) and adopted in the Economic and Monetary affairs committee, sets out a framework through which both goals of using blockchain in taxation and better taxing crypto assets can be achieved.
Crypto asset taxation
The resolution says that crypto assets
must be subject to fair, transparent and effective taxation. It also
invites authorities however to consider a simplified tax treatment for
occasional or small traders and small transactions.
For this, the
resolution firstly calls on the Commission to assess the ways in which
the different member states tax crypto assets and evaluate these
methods, and identify the different national policies regarding the
fight against tax evasion in the field of crypto assets. The resolution
then also calls for a clear and broadly accepted definition of crypto
assets and for a coherent definition of what would constitute a taxable
event. On the latter, the resolution suggests that the conversion of a
crypto asset into a fiat currency might be the more appropriate choice
and it asks the Commission to specifically assess this option, along
with a more general one concerning the identification of possible
taxable events. The cross-border nature of crypto assets trading makes
it also important to know where the taxable event would have taken
place, the resolution adds. Finally the resolution asks for the
amendment of the directive on administrative cooperation on taxation to
include crypto assets in the exchange of information framework.
Leveraging blockchain
The resolution says that national
administrations must use all available instruments to facilitate
efficient tax collection, and it identifies blockchain as one of these
instruments. Blockchain’s unique features could offer a new way to
automate tax collection, limit corruption and better identify ownership
of tangible and intangible assets allowing for better taxing mobile
taxpayers, the resolution claims.
Work must be undertaken to
identify the best practices of using technology to improve the
analytical capacity of tax administrations, the resolution says. It also
calls on the Commission to better integrate the use of blockchain into
the different fora and programmes dealing with taxation and cooperation
in this field. Member states should also press on with their efforts to
reform their tax authorities, namely through their modernisation the
resolution adds.