Spanish parliament introduced amendment to previous crypto law for easing and eliminating

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The Spanish government introduced an amendment on February 10 to the previous crypto law pertaining to form 720 of the antifraud law which compelled citizens to disclose cryptocurrency and other holdings abroad. The amendment reportedly aims to ease some of the penalties associated with it. The amendment has not yet been approved. On January 27, the Court of Justice of the European Union declared the antifraud law illegal and said that Spain failed to fulfill its obligations under the free movement of capital and goes beyond what is necessary.
The proposed amendment would relax the harsh regulation of form 720 model in the following ways:

  • Taxpayers will continue to be obliged to report the cryptocurrency holdings they have abroad, and those who conceal information will have to pay fines.
  • It would do away with the penalty on the debtors of paying 150% of their holdings abroad.
  • The amended 720 model will be used for declaring these taxes before March, when the period for presenting tax statements closes.
  • Taxpayers will now onwards only be liable for the debts of the last four tax periods.
  • The new sanctions have been levied according to the current General Tax Law ranging from fines of 150 to 250 euros.

According to the antifraud law approved in June 2021, the citizens who failed to inform authority about their crypto assets were subject to additional assessment of the tax due on the amounts corresponding to the value of those assets. Besides they were imposed a proportional fine and specific flat-rate fines.
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Read More: Spanish parliament introduced amendment to previous crypto law for easing and eliminating

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