Budget 2027: revenue vote postponed, stablecoin tax remains on hold

A vote without date. The Assembly was due to vote this Tuesday at 3 p.m. on the revenue part of the 2027 budget. It will not do so due to lack of time. MEPs still have 2,828 amendments to examine out of the 3,396 tabled. However, the Constitution requires them to move on to the Social Security budget this afternoon. The tax on conversions of cryptos into stablecoins therefore remains adopted during the session. But no date is left on the agenda for the overall vote which must validate it.

Budget 2027: why the revenue calendar has exploded

The count is quickly done. The deputies called less than one amendment in five in a week of sitting. As of Friday evening at midnight, LCP already had more than 2,800 pending amendments. The parliamentary channel concluded that the vote “will therefore not be able to take place this Tuesday, October 20, as initially planned.” It remains to deal with corporate tax, the surtax on holding companies, the research tax credit and local taxation. Without forgetting the contribution of 2.5 billion euros requested from communities.

The Constitution imposes its own tempo. The PLFSS must leave the Assembly in twenty days, i.e. October 27. It therefore takes precedence over everything else. According to Capital, the discussion of stablecoin revenue and tax will only resume around this date. The Assembly has not published any new formal voting date. The other two deadlines still hold. The vote on the entire 2027 budget at first reading remains set for November 17. Then, on December 17, the 70-day deadline expires and opens the way for orders.

Stablecoin tax: adopted by one vote, and an MP who pressed the wrong button

The deputies adopted amendment No. 3898 from Nicolas Sansu (GDR) on Friday October 16, by 38 votes to 37. Twenty-five others abstained. Ballot No. 8836 hides a tasty detail. Olivia Grégoire (EPR) is among the “for”. But the update published under the result specifies that she “wanted to vote against”. Without his vote, the amendment fell to 37 to 38. The text nevertheless remains accepted during the session, because an adjustment never modifies the result of a vote.

Concretely, the measure removes the tax deferment on crypto exchanges towards a MiCA-compliant stablecoin. Are you selling ether for USDC on January 2, 2027? The tax authorities then consider you to have exited the market. Flat tax of 31.4%, without a single euro touching your bank account.

Two other texts await their turn in the pile. MEPs have not yet examined the exit tax on crypto wallets over 800,000 euros (I-CF1822). Same thing for the mandatory declaration of self-custody wallets above 100,000 euros (I-2701). Roland Lescure, Minister of the Economy, limited himself to not ruling out the ordinances without a budget adopted by December 17.