TAXES for those who have digital currencies!!!!

TAXES for those who have digital currencies!!!!

By MISSSUAREZ | SS-News & Experiences | 18 Nov 2020


The Executive led by Pedro Sánchez approved a new bill that seeks to fight against tax fraud. This project will replace the one already proposed just two years ago when Sánchez was already in Moncloa. On this occasion, the measure wants to target cryptocurrencies such as bitcoin, etehereum, etc. Specifically, it is established that taxpayers who have digital currencies will have the need to inform the Treasury about their possession and operation, whether they have them in Spain or outside our borders. In other words, each citizen must declare on the balances they have in this type of currency. In total, this anti-fraud law, which covers many more areas, aims to raise an extra 828 million euros for the state coffers.

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This measure will be governed on the basis of Law 7/2012 by which residents in Spain must report, on a mandatory basis, about the assets and rights they have abroad. With this, all those who have in their possession bitcoin or other types of cryptocurrencies will have to declare to the Treasury the operations carried out with these currencies.

And you? What happens in your country? Do you have to declare the cryptocurrencies in the treasury?

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MISSSUAREZ
MISSSUAREZ

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