France: bitcoin income must be declared to the tax authorities

France: bitcoin income must be declared to the tax authorities

The French Ministry of economy and Finance said that although the state has not formally recognized bitcoin, generated from the digital currency trading revenue also must pay taxes. However, according to French law, the Department believes that for those small illegal income not to bitcoin trading for a living person generated within the tolerance range is moderately tolerant.

“There is no need to worry about bitcoin, the French finance ministry spokesman Le Monde told the local newspaper, explained: all taxpayers must declare all their income, including those from income from abroad. That is to say, the state organs that small illegal income from accidental sales will behoove to generate a tolerance.

The legal status of bitcoin is not clear in France made according to personal bank account to strengthen bitcoin related tax become controversial issues. According to the French bank Federation (F D ration Bancaire Fran aise or FBF?):

Declaration of income and illegal bitcoin. If you cannot make the response to the tax authorities understand the operation [], according to the law, the bank will be forced to the French anti money laundering office operations and intelligence processing center report.

In addition, the bank also is to ask whether the customer bitcoin it is their main business, FBF said.

A document of the French Ministry of economy and finance attitude by the French bank in 2013 13 month confirmation. The bank said in the document.

The bill does not violate the provisions in the penal code of France R642-3 bill sanctions are not denominated in euros and coins under the condition of considering paying with bitcoin may be rejected, so bitcoin is not considered a currency.

According to reports, at the end of 2013, governor of the Bank of France with many of his international colleagues issued a risk warning bitcoin transaction. The central bank warned bitcoin price instability, and the encryption currency users during the bitcoin conversion for real money may encounter difficulties.

In addition, the bank said, according to French law, bitcoin cannot be regarded as a legitimate currency in accordance with provisions of the state finance and fiscal law.

The paper not only qualitative electronic money, it also pointed out that all the money must be repaid to provide legal guarantee equivalent with its face value.

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