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Spain’s Solution for Tax Debts: Digital Currency! The Spanish Ministry of Finance is taking a big step in financial regulation by expanding the capacity of financial institutions to collect taxes on behalf of the government. These new reforms are designed to allow the government to seize digital assets in particular, in order to collect tax debts.
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The Ministry aims to adapt to the growing importance of the digital economy and strengthen efforts to combat tax evasion with this move.
Digital Currency
The Ministry of Finance, led by María Jesús Montero, is working on legal reforms to revise the existing legal framework, specifically Article 162 of the General Tax Law, to access and seize the crypto assets of tax debtors. This step will give the Spanish Tax Agency the authority to more effectively identify and confiscate the crypto assets of taxpayers with outstanding tax debts.
A royal decree that came into force on February 1 expands this new tax collection authority, extending reporting obligations that were previously limited to banks, savings banks, and credit cooperatives. This expansion aims to modernize tax collection processes and provide access to a wider range of assets, including digital assets.
With these reforms, Spain will have taken a significant step towards ensuring tax compliance and broadening the tax base, which will increase the government’s financial strength and strengthen the regulatory framework for the digital economy.