European lawmakers will discuss on April 25 how to tighten tax laws and procedures in the Web3 era. A draft report prepared by Lídia Pereira, a Portuguese member of the European Parliament, suggests that national tax authorities have the power to exchange data on crypto assets held by individuals, which some see as unreasonable snooping.
In addition, lawmakers also believe that blockchain technology can help improve the tax system, and the blockchain public ledger could provide a new way to automate tax collection, allowing residents to pay what they owe without having to fill out numerous forms.
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