Sanctions Under EU Crypto Tax Reporting Excessive, Groups Say

A draft EU tax reporting rule for crypto transactions will close an information gap but could lead to excessive sanctions and goes too far in terms of the types of crypto assets it would capture, business groups said.

In particular, some categories of crypto assets would become reportable even though they have little or no tax implication, and fines for noncompliance could end up much higher than current fines typically imposed in European Union countries, the business groups said. They were among respondents who submitted comments on the draft law, the eighth amendment to the EU Directive on Administrative Cooperation ...