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Spanish Treasury Releases Guidelines to Reduce Tax Evasion for Cryptocurrencies
Summary: The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. According to the paper, the Spanish Treasury’s entity seeks to apply three measures, as the crypto markets’ hype generates “tax risks.” The first measure is to ask for information from the local crypto exchanges about digital ...
The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. According to the paper, the Spanish Treasury’s entity seeks to apply three measures, as the crypto markets’ hype generates “tax risks.”
The first measure is to ask for information from the local crypto exchanges about digital asset holders to incentivize the voluntary tax payments on crypto transactions.The second measure is about systematization and analysis of the information obtained, in order to facilitate the actions to control the correct taxation of the operations carried out and the origin of the funds used in the acquisition of cryptocurrencies. The Treasury’s plan aims to strengthen international cooperation by participating in international forums with the third measure to gather more information related to cryptos and other digital assets.
By Amy Liu
Tags: Cryptocurrency,Guidelines,Spanish,Tax
Link: Spanish Treasury Releases Guidelines to Reduce Tax Evasion for Cryptocurrencies [Copy]
