The State Agency for Tax Administration of Spain published guidelines to reduce tax evasion for cryptocurrencies, such as bitcoin. The document is part of the general program of the so-called Annual Tax and Customs Control Plan.
Spanish Tax Authorities Could Ask Local Exchanges for Customers Data
According to the paper, the Spanish Treasuryâ€™s entity seeks to apply three measures, as the crypto marketsâ€™ hype generates â€œtax risks.â€ Thatâ€™s why the agency expects to gather information as countermeasures against tax-related crimes.
The watchdog is looking with the first measure to ask for information from the local crypto exchanges about digital asset holders. The document clarifies theyâ€™re pursuing such measures to incentivize the voluntary tax payments on crypto transactions.
The second input made by the Treasuryâ€™s entity reads as follows:
But the state-backed agency wants to go beyond the national boundaries. The paper says the Treasuryâ€™s plan aims to â€œstrengthen international cooperationâ€ by participating in international forums with the third measure.
The purpose of such a move is to â€œgather more informationâ€ related to cryptos and other digital assets, the paper explained.
Future Initiatives to Take Place for Incentivizing the New Era of â€˜Digital Moneyâ€™
The Spanish Treasury also raised concerns about how technological advances facilitate criminal organizations to pursue financial crimes through cryptos. However, the paper also unveils that Treasury is aware of the growing crypto adoption, specifically in Europe:
The Annual Tax and Customs Control Plan plans to strengthen the initiatives to promote collaboration with service providers and e-commerce platforms to adopt new digital money solutions.
What do you think about the Spanish Treasuryâ€™s paper? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.