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Under the new rule, digital asset service providers should submit the user data of individuals who are residents of EU member nations. They must submit the data to the Dutch tax administrator, which can be shared by the tax agency with other tax authorities across the regional bloc.
Public Feedback
The Dutch government said that it wants to know the opinion of the public on the proposed tax monitoring law. There will be a consultation period that will run until November 21 wherein the people are encouraged to give their concerns and reactions to the new policy.
The feedback gathered during the consultation will be used to draft the final version of the legislation. Tax authorities aim to submit the proposed measure to the country’s House of Representatives next year.
EU Crypto Tax Reporting
In October 2023, the EU introduced DAC8, a crypto taxation rule that requires all crypto service providers across the EU to provide their respective tax authorities with their users’ data.
The Dutch government said that DAC8 allows data exchange between tax authorities within the EU, limiting the administrative burden for crypto service providers because they only need to communicate with the proper authorities in the country they are registered.
“Without this DAC8 directive, providers could be asked for information by any member state,” Dutch tax authorities explained.
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Source link : https://bitcoinist.com/netherlands-proposes-crypto-tax-compliance-to-align-with-eu-standards/
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Publish date : 2024-10-26 14:30:00
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