Spain’s new anti-tax fraud bill includes crypto implications

The “Draft Law on Measures to Prevent and Combat Tax Fraud” recently received the green light from the Spanish Council of Ministers, Spain’s central governing entity.

Spain’s Finance Minister and the government’s spokesperson, María Jesús Montero said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval.

María Jesús Montero, Spain’s Finance Minister 

The bill also bans all cash business transactions higher than 1,000 euros, down from the country’s former 2,500 euro limit. The latter amount remains in place for non-business transactions between persons however, Cointelegraph reporting detailed. Any business-related payment higher than 1000 euros must occur in electronic form, seemingly increasing the surveillance of Spain’s residents. If central bank digital currencies come into play, financial tracking could become even easier for countries, giving citizens less privacy and freedom

According to Global Legal Insights, capital gains from the sale of cryptocurrencies by a resident of Spain are taxed between 19% and 23%. The higher rate applies to gains in excess of €50,000 ($58,666). The exchange between cryptocurrencies and euros is VAT-exempt.

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