Netherlands Starts Consulting on Crypto Tax Reporting Bill

Election 2024 coverage presented by
The Netherlands launched a consultation on Thursday on a bill that would require crypto services to share their users’ data with tax authorities.
The European Union (EU) member state is making this step in response to a European directive – known as DAC8 – which requires crypto service providers in the EU to collect and report data about their users to tax authorities. These authorities exchange data with other member states.
The aim of the bill is to create more transparency to prevent tax avoidance and evasion, said Folkert Idsinga, the state secretary for Taxation and Tax Authorities, in a government statement.
“In the future, EU member states will be able to cooperate better thanks to the exchange of data and transactions with cryptos [which] will become transparent to tax authorities,” Idsinga said.
The country wants to gather views from stakeholders before the bill is submitted to the House of Representatives by the first half of 2025. The consultation will close on Nov. 21.
Countries around the world like the U.K. and New Zealand have been taking steps to implement the Organization for Economic Co-operation and Development’s tax reporting framework that is also meant to foster more transparency between nations.
Edited by Nikhilesh De.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.