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The Spanish government has reportedly passed a bill requiring cryptocurrency owners to disclose their cryptocurrency holdings and any gains on their businesses.
Spain’s finance minister and government spokesperson Maria Jesus Montero said in a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several law enforcement bodies said. Spanish press. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval.
“This is a bill that will add to the work already done by the tax authorities,” Montero explained but did not go into details on how the rules will be applied. It is one of the government’s latest efforts to increase tax revenues in a severe economic crisis led by a coronavirus pandemic.
The bill, titled “Law on Preventive Measures to Combat Tax Avoidance,” seeks greater control over cryptocurrencies, the publication of Criptonoticias described, noting that the government intends to “oblige citizens to provide detailed information on balances and transactions carried out inside and outside Spain. “If approved, the cryptographic assets that must be reported to the authorities include” acquisition, transmission, exchange, transfer, collections and payments, “the information point said.
The Spanish tax authority, the Agia Estatal de Administración Tributaria (AEAT), began sending tax notices in April to remind cryptocurrency owners of their tax obligations.
According to Global Legal Insights, capital gains from the sale of cryptocurrencies by a resident of Spain are taxed between 19% and 23%. The higher rate applies to earnings over € 50,000 ($ 58,666). The exchange between cryptocurrencies and euros is exempt from VAT.
Meanwhile, all 350 Spanish MPs were sent bitcoin last week as part of an educational campaign by the blockchain platform Tutellus and Observatorio Blockchain. This initiative is similar to the Crypto for Congress campaign that recently sent bitcoin to all members of Congress in the United States
What do you think of Spain requiring cryptocurrency owners to disclose their holdings? Let us know in the comments section below.
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