Spain Ready To Confiscate Crypto Assets To Pay Tax Debt

Mebnteri Keuangan Spanyol▁pagi Jeswas Montero(photo: x @mjmonteroc)

JAKARTA - Spain's Ministry of Finance is considering expanding its control over cryptocurrency monitoring in the country in order to confiscate digital assets to settle tax debts.

Menurut laporan, kementerian di bawah kepemimpinan Total Jeswas Montero sedang mengembangkan reformasi legislasi terhadap Hukum Pajak Umum, khususnya Pasal 162, untuk memungkinkan Badan Pajak Spanyol mengidentifikasi dan menyitas aset kripto yang dimiliki oleh pemwaji TAK yang memiliki utang pajak yang belum dibayar.

On February 1, a royal decree came into effect that expanded the number of entities authorized by tax collection. Previously, only banks, savings banks, and credit cooperatives could report to the Ministry of Finance.

The Ministry of Finance also plans to be more aggressive in fighting tax evasion. They try to force banks and electronic money agencies to report all card transactions.

The speed of implementing these changes poses several challenges in the regulatory field. Spain is trying to move proactively with various regulations to regulate cryptocurrencies. In October 2023, Spain's Ministry of Economics and Digital Transformation reported that the European Union's first crypto framework, Crypto Asset Regulation (MiCA), will take effect nationally in December 2025, six months before the official deadline.

Spanish citizens who store crypto assets on non-Spanish platforms have until the end of next month to report them to the tax authorities. The period of filling out the 721 declaration form starts on January 1, 2024, and ends at the end of March. Individual taxpayers and companies must declare the amount of funds stored on their crypto accounts overseas as of December 31, 2023.

However, only individuals with a balance sheet of more than 50,000 euros (IDR 851.9 million) in crypto assets are required to report ownership of their assets abroad. Those who store their assets in their own storage wallet must report their ownership through the standard wealth tax form 714.