German Bundestag Rejects Proposal to Raise Cryptocurrency Tax

Odaily Planet Daily News: The Finance Committee of the German Bundestag has rejected a proposal by the Green Party to reform cryptocurrency taxation.

The proposal originally aimed to abolish the policy that exempts capital gains tax on the sale of cryptocurrencies held for more than one year. Under current German law, individuals who sell crypto assets after holding them for over a year are exempt from paying capital gains tax.

The Green Party argued that crypto assets should be subject to the same tax rules as other investment assets, but opponents pointed out that the proposal could lead to a higher tax burden for crypto investors compared to ordinary stock investors. The Green Party estimates that canceling the relevant tax exemption could generate approximately 11.4 billion euros in additional tax revenue for Germany each year. (Cryptopolitan)