The tax change initiative generated a stir among specialists.
They will make the residents of Spain flee when BTC rises, Bravo Mateu said.
The Sumar Parliamentary Group presented amendments to Congress in a project to modify three tax laws in Spain, regarding cryptocurrencies.
The project proposes to modify General Tax Law 58/2003, regarding prescription, collection, mutual assistance and information obligations, as well as Law 35/2006 on Income Tax and Law 29/1987 on Inheritance and Donation Tax.
Through this proposal, it is proposed that profits from crypto assets not considered financial instruments are taxed in the Personal Income Tax (IRPF) with a general base of up to 49%ceasing to be in the savings base (30%). It also defines that these profits are taxed in Corporate Tax at 30%.
In turn, it establishes that the National Securities Market Commission (CNMV) creates a visual risk traffic light for cryptocurrencies, which must be displayed on platforms for investors in Spain, evaluating factors such as official registration, supervision, support and liquidity.
For the economist and tax advisor José Antonio Bravo Mateu, these measures are “useless attacks against Bitcoin, which is resistant against political attacks.” The reason is that holdings in a self-custody wallet are outside the scope of financial supervision and tax confiscations.
“The only thing they achieve with these measures is that their holders residing in Spain think about fleeing when BTC rises so much that they do not care what politicians say,” sentenced the economist.
The proposal also includes a modification of the embargo regime to include all crypto assets as seizable assets. This represents an expansion of the spectrum of the rule that until now only included those regulated by the Cryptoasset Market Regulation (MiCA) of the European Union.
This point of the proposal generates confusion among specialists, such as lawyer Chris Carrascosa, who points out that it is “unenforceable.” It explains that cryptocurrencies not regulated by MiCA, such as tether (USDT), cannot be custody by a centralized provider with authorization. This is because they will never be able to be seized.
“This modification does not make sense, is unexecutable and does not add any value. On the contrary, it complicates the life of the CASPs.” [Proveedores de Servicios de Criptoactivos] “They are the ones who ultimately have to execute the seizure orders,” added the lawyer
According to his view, if the draft amendments are approved, “it will mean animal chaos in the entire crypto tax regime in Spain.” “If any politician wants to stop this savagery, please count on me,” he warned, criticizing that the country already experiences a “complex and suffocating tax system.”
Parallel to this initiative, a project by two Treasury inspectors, Juan Faus and José María Gentil, proposes a special regime to tax profits with bitcoin (BTC) separately from the rest of cryptocurrencies. As reported by CriptoNoticias, the idea generated enthusiasm in the ecosystem because it means a lower tax burden for the largest digital currency that drives the economy.