French lawmakers reject crypto exit-tax amendments, delay 2027 budget revenue vote again
In brief
- National Assembly kept debating the 2027 budget's revenue section Tuesday instead of voting.
- 758 amendments were still pending, per the Assembly's end-of-session notice.
- Two crypto exit-tax amendments failed Friday in votes of 27–55–1 and 31–60.
- First-reading examination must finish by midnight on Nov. 17.
- Oct. 16 stablecoin-conversion tax measure passed a vote but isn't law.
A second delay, 758 amendments left
Tuesday's agenda included questions to the government and more debate on the revenue section, with 758 amendments still pending examination, according to the Assembly's end-of-session notice as reported by Cointelegraph. It's a smaller pile than last time. The original Oct. 20 vote was postponed with more than 2,000 amendments awaiting debate, according to Le Monde.
The deadline matters here. The Assembly has until midnight on Nov. 17 to finish its first-reading examination, and if the revenue section is rejected, the government's original budget proposal moves to the Senate without the amendments MPs adopted.
Two exit-tax amendments fail
The first proposal sought to bring crypto assets into France's existing exit tax regime. Lawmakers rejected it by 27 votes in favor, 55 against and one abstention, according to the Assembly's official voting record as reported by Cointelegraph. A separate amendment failed 31 to 60.
That second one was narrower. It would have taxed unrealized gains on household crypto holdings worth more than 800,000 euros ($897,000) when taxpayers moved their tax residence abroad, provided they'd been French tax residents for at least six of the preceding 10 years.
The budget's still at first reading, so these votes don't settle the question for good.
What's still pending on crypto
Other crypto proposals haven't been debated yet. One would require taxpayers to report self-custodied crypto holdings with a combined year-end value of at least 100,000 euros ($112,000) to tax authorities. Another would exempt gains on crypto payments for goods and services from tax, as long as the total of those payments didn't exceed 1,000 euros ($1,120) during the tax year.
There's also a measure that already cleared a vote. On Oct. 16, lawmakers approved a proposal to tax gains when crypto assets are converted into fiat-pegged stablecoins. It hasn't become law.
Frequently asked questions
What happens if France's National Assembly rejects the budget's revenue section?
If the revenue section is rejected, the government's original budget proposal moves to the Senate without the amendments adopted by MPs. The Assembly has until midnight on Nov. 17 to complete its first-reading examination.
What crypto exit-tax proposals did French lawmakers reject?
One proposal sought to include crypto assets in France's existing exit tax regime and failed 27 to 55 with one abstention. A second would have taxed unrealized gains on household crypto holdings above 800,000 euros ($897,000) when taxpayers moved abroad, and it failed 31 to 60.
