How the taxman keeps tabs on crypto-taxpayers
👉 The news. The tax return campaign is coming to an end.
👉 The background. The OECD wants to extend the automatic exchange of information between exchange platforms and tax administrations.
👉 Why it matters. It will be increasingly difficult to hide your cryptos.
The end of the tax return campaign is fast approaching. Before the evening of 8 June (11.59pm), all French taxpayers must have sent their full details to the tax authorities or face... penalties. And don't think, as some do, that you'll be able to slip through the net! While taxation is not an exact science, the tax authorities have made huge strides in recent years when it comes to cryptos. It now has the means to identify both small and large investors more easily.
As our survey shows, the main lever used by the tax authorities is the bank account, which acts as a kind of financial identity card. "Tax audits are triggered when there are inconsistencies between declarations and the information available to the tax authorities," confirms Alexandre Lourimi, a tax lawyer with ORWL, a firm specialising in disruptive technology law. If you receive a transfer from an exchange platform even though you have not provided the tax authorities with any information about it, you could be liable to penalties of up to €750 per undeclared account. The amount is doubled where the value of the accounts exceeds €50,000.