July 25, 2021

Hacienda will force to declare all transactions with bitcoin

Hacienda will force to declare all transactions with bitcoin


The Ministry of Finance will close the siege on bitcoin and cryptocurrencies. The draft anti-fraud law that the Government has approved today in the Council of Ministers includes new obligations for the holders of cryptocurrencies declare any operation These measures, has described the Minister of Finance, María Jesús Montero, will demand "the identification of the holders and the balances contributed by these virtual currencies"

"It is stated as mandatory that people and companies inform the Tax Agency about this operative", the minister said, and also the Spanish"with currency abroad"They must also report their possessions in bitcoin and others in the annual declaration of goods abroad, the so-called 720 model.

Along with this, the preliminary draft will include the prohibition by law of new tax amnesties. This was an old announcement by the former minister, Cristóbal Montoro, and results in a measure of little influence: tax amnesties may continue to be approved, although this will require reforming the current anti-fraud law, which introduces a new obstacle, but little else.

The General Budgets of 1992 already banned tax amnesties after the then Socialist Minister of Economy, Carlos Solchaga, approved a "fiscal pardon".

Tobin tax, monthly settlement

The set of measures included in the preliminary draft, which includes the transposition of the European anti-avoidance directive on countries with "low or no" taxation, is intended to raiser 850 million euros. Another point that will be approved will be the approval of sanctions of 150,000 euros a year to those companies that do an accounting "in B" through programs "dual-use software"

Along with this, the Government has also approved the draft bill to create a tax on financial transactions of 0.2% on the purchase of listed shares with a value of more than one billion euros. Montero explained that this tax will only affect the secondary market, so it will target financial intermediaries with a monthly periodic settlement, and will not affect the primary market those companies that go out for the first time on the stock market.

The Government has approved the monthly settlement – something unprecedented in this tax – to guarantee that the rate will take effect as soon as it enters into force, since due to the legislative delay, it will not contemplate the full year with the consequent effects on the collection.

Also, in the "Tobin tax" the "taxes" will be taxedintraday net transactions. That is, an operator that buys and sells several shares in the same session will only be taken into account before starting the day and closing, regardless of the operations that have occurred in between.

200 officials will monitor the great fortunes

Along with this, the Treasury will expand the list of tax havens including countries based on fiscal equity and transparency, in addition to lowering the threshold to enter the list of defaulters who owe to the Treasury more than 600,000 euros and not above a million like so far. At this point, the responsible heads of debtor companies will also enter. And it will cut the limit for fractional payments from 2,500 to one thousand euros. The Treasury will also be reinforced by creating a unit of control of large estates with 200 new places and another information of the Immediate Supply of VAT Information.

Google rate

The Executive, finally, has also approved the rate for digital services with which it intends to enter 1,200 million with a rate of 3% on the business of digital services including online ad sales, the intermediation of digital platforms and the sales of platforms that use data generated by users of companies with a turnover of more than 3 million. Along with the "Tobin tax" "These are budding projects that Brussels wants to be European.


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