Bank AI

when

Read

The Spanish Ministry of Finance aims to enhance its authority to seize crypto and non-fungible tokens (NFTs) as part of a new tax reform. 
The Ministry of Finance of <a href="https://crypto.news/tag/spain/" target="_blank" rel="noreferrer noopener">Spain</a> is gearing up to push a new tax reform that would grant it new power to seize cryptocurrencies and digital collectibles in case of failure to pay <a href="https://crypto.news/tag/taxes/" target="_blank" rel="noreferrer noopener">taxes</a>, according to the Spanish daily newspaper <a href="https://www.eleconomista.es/legal/noticias/12653059/02/24/hacienda-embargara-las-criptomonedas-para-cobrar-deudas-de-los-contribuyentes.html" target="_blank" rel="noreferrer noopener">El Economista</a>. 
The report says the ministry has proposed reforms to the General Tax Law, specifically Article 162, that would empower the local tax agency authority to seize crypto when executing a user debt. 
Additionally, amendments to the General Collection Regulations are suggested to enable the embargo of cryptocurrencies. El Economista notes that the ministry already has information on taxpayers’ crypto holdings, adding that individuals and companies starting this year are obligated to declare their crypto held abroad. 
 You might also like: <a href="https://crypto.news/ex-spain-fa-boss-rubiales-launches-nfts-amid-sexual-assault-accusations/"> Ex-Spain FA boss Rubiales launches NFTs amid sexual assault accusations </a> 
The report, however, does not provide specific details regarding the timeline for the initiative. 
Spain has taken a pioneering role among European countries by enforcing comprehensive tax controls on cryptocurrencies. Taxpayers are mandated to pay taxes on profits or losses related to crypto in their personal income tax filings. 
Moreover, the declaration of crypto assets for wealth tax purposes is required to be done by March of this year. This declaration obligation specifically applies to those whose cryptocurrency holdings exceed €50,000. For individuals with crypto assets stored in self-custodial wallets (like <a href="https://crypto.news/tag/metamask/" target="_blank" rel="noreferrer noopener">MetaMask</a> or <a href="https://crypto.news/tag/ledger/" target="_blank" rel="noreferrer noopener">Ledger</a>), the existing wealth tax form, Form 714, is designated for declaration purposes. 
As crypto.news earlier <a href="https://crypto.news/spain-enforces-new-crypto-tax-law-for-foreign-asset-declarations/">reported</a>, Spain’s tax regulator issued over 325,000 warnings to residents who failed to declare their cryptocurrencies in 2023, marking a significant surge from the 150,000 warnings issued in 2022. 
 Read more: <a href="https://crypto.news/bank-of-spain-announces-collaborators-for-cbdc-pilot-program/"> Bank of Spain announces collaborators for CBDC pilot program </a>

Spain’s finance ministry targets crypto, NFTs with new tax reform

crypto.news

Other articles published on Feb 5, 2024

Why is Wall Street so scared of BRICS?

China’s Stock Market Hits Five-Year Low, Bitcoin Braces for Impact

Employee loses $25M of firm’s funds after call with deepfake colleagues

stETH Whale Attacked by Hackers, Substantial stETH Amount Lost

Revolutionizing Lab Automation: Pathfinder Technology Paves the Way

Stablecoin Market Shows Signs of Recovery

Join our free newsletter for daily crypto updates!