France passes preliminary review of "unproductive wealth tax" amendment: crypto assets are included in the scope of taxation

(Source: Wu Shuo)

Wu said he learned that, according to Lemonde, the French National Assembly passed a preliminary review of an "unproductive wealth tax" amendment on October 31, extending the current real estate wealth tax (IFI) to previously tax-free assets such as gold, cryptocurrency, and art, with a unified tax rate of 1%. The new tax only applies to individuals with a net worth of more than €2 million, with relief available for main residences of up to €1 million. The French Ministry of Finance initially estimates that the tax could increase annual revenue by 2 billion euros.

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