EU Finance Ministers will discuss a unified approach to the taxation of the digital economy

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EU Finance Ministers will discuss a unified approach to the taxation of the digital economy

Meeting of Ministers of economy and Finance of EU countries this week in Vienna, that is, cluttered with details. Chair of the EU Austria has revealed some details of the agenda of the upcoming event.

The EU structure is quite inert, the challenges of responding with a big delay, and this fact cannot but worry the European officials. Especially if we are talking about such rapidly changing industries as cryptocurrency or digital economy as a whole.

This area will be a significant proportion of the agenda of the informal meeting of Ministers of Finance and economy of member countries of the EU, which will be held in Vienna on 7-8 September. Certainly, the meeting is informal, but the Ministers for any little thing not going.

In addition, in the same days will take place in Vienna and the meeting of the Eurogroup, bringing together the European countries whose currency is the Euro, and heads of their Central banks. In General, the company will meet serious and matters to be considered relevant.

“This informal meeting at the Ministerial level — an ideal opportunity to discuss a number of topics, including bottlenecks, such as taxation of the digital economy”, — said the Minister of Finance of Austria Hartwig Leger. According to him, discrepancies and the lack of a common European policy in this matter is the phenomena which has to be removed immediately.

“It will be difficult to bring it all to a common denominator, but I believe that discussing this subject, we at least lay the Foundation needed to continue moving in this direction,” he added.

In fact, 7 September Ministers plan to discuss crypto — currencies- risks, opportunities, international experience in regulation of this sphere and the existing approaches to this issue.

But the taxation of the digital economy will be discussed on 8 September. A key item on the agenda agenda — development of a common approach, common to Europe. As a compromise solution it is proposed to temporarily introduce a common EU tax rate “digital revolution” which will then be replaced with new tax rules designed specifically for the digital economy.

Recall, as reported Hash#Telegraph earlier in the working papers prepared for the event, the ICO identified as an effective and promising method of raising capital without interest and with the perspective of integration with the traditional markets.

However, to speak of the EU as a monolithic phenomenon would be an exaggeration. While the Commission is rather a wait and see attitude, the regulators of individual countries act in its sole discretion, and regulation of cryptocracy may differ significantly even in neighboring countries, especially in Central and Eastern Europe.

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