Spain’s Tax Authorities to Soon Ask for Crypto Usernames and Bank Accounts

[orangetax]

According to the local media reports in Spain, the Spanish tax authorities have started sending requests to more than 60 companies to collect information about the cryptocurrency investors in the country.

Read full article here : https://coinfrenzy.io/tax-authorities-spain/
For more interesting and trending articles, visit : http://coinfrenzy.io/

[DdmrDdmr]

Yes, it’s another step forward on behalf of the Ministry of Finance towards squeezing people even further.
I figure that the documentation requirement should allow then to perform their inner studies on how to apply taxes in the near future with further control over the crypto operations people perform.

Currently, people should declare if they’ve made gains (or loses) as a result of purchasing and selling crypto-assets, just as one would need to do if they traded in the stock markets.
The thing is that keeping track of purchase price and sell price on a rather dynamic portafolio of all transactions is not an easy feat, but necessary to manage to calculate the net result.

There are unclear rules as of now regarding how to declare these crypto assets. The current basic rule of thumb is that if FIAT conversion is involved in the selling process, then benefits (or loses) should be declared.
Where everything is blurry is trying to understand what to do if you have purchased crypto, sold it to buy other cryptos on the market, but still haven´t got back to converting any of it to FIAT.

Regardless, this year’s tax campaign has just started in Spain, so whatever they are doing now is probably headed to tighten the noose around the taxpayer in the coming fiscal years.

[masterfocus]

Again, socialism, in its MANY different forms, is trying to do what they know best: stealing every tiny bit of money from the people which produced it.. That's why cryptocoins MUST prevail: socialism must be DESTROYED!

[qiwoman2]

This is going to be so hard for day traders and will probably put a lot of people off Crypto, if they have to be taxed and declare every single trade. I can understand paying taxes once you convert to FIAT and bring it legally into a bank, like paying say a capital gains tax, but for every single friggin' trade, it's going to make it so difficult for people to stay in the game. It looks like the noose is tightening around the necks of crypto enthusiasts from every corner now and this is worrying to be honest. I am wondering if our Industry is going to survive at all having all the blood sucked out of it.

[kindbtc]

For short term it may sound like a fud news but overall it is great news for cryptos, it liyerally means that governments are realising the fact that cryptos are real assets, they are legalizing it by taxing, so it is great for crypto markets for long term.