January 15, 2021

Finance will require reporting on holders and balances in cryptocurrencies

Finance will require reporting on holders and balances in cryptocurrencies


The preliminary draft of the Anti-Fraud and Transposition Law of the Anti-circumvention Directive includes a greater control of the holders and balances of national and foreign accounts in cryptocurrencies, as well as the obligation to report operations carried out in virtual currencies.

The preliminary draft approved today in the Council of Ministers also includes sanctions of up to 150,000 euros for those who sell or distribute dual-use software with which sales and services are hidden in transactions with final consumers, as explained by the Minister of Finance, María Jesús Montero .

The minister stressed that the law includes a battery of measures against new forms of fraud, to fight against the inappropriate behavior of multinationals that make "aggressive" tax planning and to achieve a more resdistributive and fair tax system.

He added that there will be 200 new officials in the Tax Agency (AEAT) to comply with the measures included in the preliminary draft.

Regarding the expected collection, has assured that the estimate of 828 million euros is conservative, taking into account that the previous Executive of the PP amounted to 1,000 million income derived from each of the laws he made against fraud.

Montero has highlighted other measures included in the preliminary draft as the reinforcement of the control of the activity of the game and sports betting, with the development of "a blacklist" of operators who are not authorized.

Also, the regulation enables the Government to update and expand the list of tax havens and prohibits tax amnesties, which are "a grievance to the compliant consumers," said Montero.

The Law also transposes the European anti-circumvention directive so that multinationals pay taxes in the countries where they generate value and avoid transferring profits to territories with low taxation.

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