The National Assembly (AN) elected in 2020 sanctioned the reform of the Tax Law on Large Financial Transactions whose purpose is that operations carried out in foreign currency pay a tax at least equal to or higher than that paid today by debits in bolivars.

The law will enter into force thirty (30) calendar days following its publication in the Official Gazette of the Bolivarian Republic of Venezuela.

The legal text seeks to give greater incentive and confidence to the use of the bolivar, which opens the possibility of raising the rate percentage for unconventional transactions with currencies and cryptocurrencies or cryptoactives.

Once sanctioned, the president of the Legislature, deputy Jorge Rodríguez, requested to send it to the National Executive for its review and subsequent promulgation.

The project applies the tax for these transactions with a rate that ranges from 2 % to 20 %, starting at 2.5 % for all transactions in foreign currency or foreign currency, until the National Executive establishes a different rate.

Source: Doblellave

La entrada Venezuelan NA sanctions foreign currency tax law apareció primero en Bitfinance.

The government of Spain recently announced that it is going to apply a new tax regulation that aims to control the use of cryptocurrencies in the country.

Specifically, those citizens of the Iberian region who possess cryptocurrencies must declare them before official entities. Also, they must report all types of transactions they make with these types of assets.

Since 2019 in Spain, a campaign began for crypto asset holders to include them in their annual income tax return, but the reality is that the regulations were not yet fully defined until the publication of these new mandate.

Thanks to law 11/2021, Spain will seek to fight against tax fraud and tax evasion with a well-defined regulatory framework in almost all its points.

The tax description points out the obligation to declare the crypto assets that are owned, sold, exchanged or exchanged in any way. However, it does not specify the initial amount of the tax base, so it supposes a gap in the law that must be modified.

K. Tovar

Source: 20minutos

La entrada Spain applies new regulations against cryptocurrencies apareció primero en Bitfinance.