Bitcoin, Crypto currency, Blockchain

Tax fraud: Spanish government wants mandatory reporting for crypto-assets

fc657aaeb9beec4fd9d5af9568540c6d - Tax fraud: Spanish government wants mandatory reporting for crypto-assets

The Spanish government plans to require investors in the future, your crypto-equipment at home and abroad for tax purposes. A corresponding bill was introduced last week by the Cabinet and is now waiting for the approval of the Parliament. The socialist minority government in Madrid wants to fight fraud with the advance tax.

Crypto-currencies are popular in Spain, very popular. That transactions are executed often in the back of the authorities and, not infrequently, the tax evasion, the want to encounter the in June, newly-elected socialist minority government in the Wake of their Anti-corruption offensive. Finance Minister María Jesús Montero wants to commit to investors in the future, your crypto-assets to be disclosed.

Accordingly, owners of Bitcoin & co. should know all Investments In the country and abroad compared to the domestic authorities for tax purposes, describes Montero of the new draft law to the Madrid newspaper ABC.

This has been introduced in the past week by the Cabinet. The design is now up for discussion and editing of the Spanish house of representatives. and could already be the end of the year. The government’s thrust will, however, receive the blessing of the parliamentarians, is considered to be questionable. The party, Pedro Sánchez occupied and just under a quarter of the seats and, therefore, has little support in the people’s representation.

The economic situation: Madrid and wants to catch up with reforms

In addition to the reporting obligation, the government announced last week a harder line against the users of Software to control obfuscation. Accordingly, violations of the identification requirement or the wrong messages to future fines of up to 5,000 euros.

In Madrid, fears of fraud, especially the possibility of large-scale tax and corruption, as she was accused by the previous government. The socialist government has committed itself to promoting tax fairness and to relieve the burden on families affected by the tense economic situation in the country.

Although the Spanish economy is the Euro crisis to a steadily emerging Branch. However, major labour market reforms under the previous Prime Minister Mariano Rajoy, who had also to struggle with the limited capacity to act of a minority government to have been exposed to, since 2016.

So Spain is groaning still under astronomically high youth unemployment rates above 30 percent. The state debt in the budget to cover 100 percent of the gross domestic product. And at comparable cost of living, the Spaniards have only about half the income of German workers in the wallet.

The IMF, meanwhile, mainly the tense Situation with a view to the independence aspirations of Catalonia as an economic pitfall, which could send the Spanish stock exchanges once again in decline.

The Spanish law remains a mystery

Spanish crypto-investors fishing in troubled waters. On the one hand, the Central Bank of the country had praised most recently in August, the Potential of digital currencies. On the other hand, the securities of the financial institution continues to insist on their warnings. So crypto-currencies are not legal payment means. It is also important to consider the risks of fraud and losses. Profits from transactions with crypto-currencies for tax in Spain, currently subject to. Transactions are, in turn, however, the applicable VAT.

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