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Almost half of young French adults ‘are lonely’

45 percent of young adults say they feel lonely, a recent poll shows. Many say they don’t have enough money to go out or the confidence to make friends. 

45 percent of adults aged 18 to 35 years old say they feel lonely, a Mediaprism survey for Catholic daily La Croix reveals. 29 percent of youths say they feel excluded. 

12 percent of the people who admit to suffering from solitude say they “often” feel lonely, while 33 percent say they feel lonely “from time to time”. Women are more likely to feel lonely than men. 58 percent of those who say they often feel lonely are female.

35 percent of the young adults say they suffer from loneliness because they don’t have enough money to go out. 31 percent say they don’t have enough confidence and struggle to relate to other people. 

Poverty and insecurity are some of the causes behind loneliness. 66 percent of those who feel lonely don’t have a job.

Experts say young adults are more exposed to solitude. “Young adults have more freedom and autonomy, that’s a good point. They can choose the networks they want to join,” says sociologist Jean-Claude Kaufmann, in an interview with La Croix, “However, when young people have problems, the traditional safety nets – family, company, neighbours, village – don’t work as well as they used to.”

The poll shows that 86 percent of the interviewees are on facebook, and have 178 “friends” on average. However 55 percent of them says the Internet worsens feelings of loneliness. 

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MONEY

Do you pay tax on cryptocurrency in France and if so, how much?

Cryptocurrency is big business in France but the rules on the taxation of income from the currency differ to other countries.

Do you pay tax on cryptocurrency in France and if so, how much?

Bitcoin. Ethereum. Tether. Mining. Binance. To the uninitiated, cryptocurrency can sound like a different language. But, in France, it’s big business, with an estimated 3.4 million people reportedly holding at least some “crypto”.

In May, France became the first major European nation to give approval for cryptocurrency exchange Binance to operate in the country.

But this does not mean the country is operating a light touch on cryptocurrency regulations – a fact Changpeng Zhao, Binance’s CEO and founder, recognised at an event in Paris in April to launch a government-backed programme for “Web3” start-ups.

As cryptocurrencies become more mainstream, more and more people may be looking to get on board. But, is it taxable? How is it taxable, and how much tax do you have to pay?

First things first: yes, cryptocurrency income is taxed. It’s income. It’s taxable.

The tax rate applicable for capital gains and income from crypto assets depends on whether you’re a professional trader, an occasional investor or a miner.

France’s Direction Générale des Finances Publiques (DGFiP) says that capital gains from the sale of crypto assets like bitcoins are currently taxed at the following rates:

Occasional investors – flat tax rate of 30 percent, made up of 12.8% income tax and 17.2% for social security contributions

Professional traders – BIC tax regime of 0-45 percent.

Crypto Miners – BNC tax regime of 0-45 percent.

The flat rate for occasional investors applies to individuals with financial investments in crypto assets, and other investment income like dividends and life insurance, not to professional traders. 

The DGFiP will only tax capital gains from crypto when crypto is converted into euros or any other fiat currency, if the total capital gain exceeds 305€ per year.

That means those who only dabble in crypto pay less than those who make their living from it.

The difference between an occasional investor and professional trader lies in how often you “dabble”. 

The more you play the crypto market, the more likely you are to be regarded as a professional trader – in which case the variable rate of 0 percent to 45 percent applies.

The point at which an occasional investor and professional trader isn’t obvious – that decision is made on a case-by-case basis – but the DGFiP’s working out on this calculation is based on the total investment amount, trade volumes, and how often you sell cryptocurrency. 

The more often you do this, the more likely you are to be considered a trader.

Mining, meanwhile, falls under the non-commercial profits regime of the general tax code. For more details, click on the government website, here.

As for declaring any crypto accounts you may have, there’s a special section on your annual French income tax declaration. Transfers into legal tender currency (but not another cryptocurrency), as well as purchases of goods or services using crypto, are taxable.

The overall amount of the capital gain (or loss) for the year must be entered in the annual income tax return, along with the details of the transactions

Fines for failure to declare a single bank account or investment scheme are hefty – from €1,500 to €10,000, with €3,000 being a fairly common penalty. These amounts are applied to each account you fail to declare.

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