After crypto privacy and energy use, EU lawmakers euorparl_EN are now turning to the tax implications of Web 3. jackschickler reports.
After controversial laws to restrict privacy in crypto transactions, and even flirting with banning bitcoin altogether, the European Parliament is now considering what blockchain technologies could mean for taxes.
That call is, perhaps, no surprise. Existing EU rules on administrative cooperation allow similar exchanges of information about bank accounts to stop overseas holdings being kept secret from the taxman, and the OECD, guardians of international tax norms, is currently consulting on whether that should extend to crypto.
Alongside the risks of tax evasion, lawmakers also seem interested in the blockchain opportunity for taxes. Public ledgers could offer a new way to automate tax collection, ensuring people pay what they owe without lots of form-filling. Modernizing conservative tax administrations presents its own challenges, he admits.
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