In a new advance towards the regulations of digital currencies, the Spanish Treasury has launched the proposal for a tax reform that would allow cryptocurrencies to be seized in the execution processes of taxpayers’ debts.

It is a proposal that the European Union made in 2021 and whose application could accelerate the Spanish government by advancing the necessary tax reforms.

In this sense, it is important to remember that the Spanish Administration had already issued “a decree declaring electronic money entities as tax collection agents.”

Which means that these institutions must execute “seizure actions on the client’s digital money and crypto assets when required by the government,” just as traditional banks and credit institutions do.

For their part, taxpayers will be obliged to declare their crypto assets abroad. With this data, the Administration will have support for when the reform is applied, which, in addition, involves a change of concepts for Spanish regulators.

M.Pino

Source: cripto247

(Reference image source: Kanchanara at Unsplash)

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La entrada Spain proposes cryptocurrency embargo when executing taxpayers’ debts apareció primero en Bitfinance.

The president of Chile, Gabriel Boric, announced a bill to carry out a tax reform in the country, which aims to advance tax justice, prevent abuses and achieve growth in social justice for Chileans.

Boric explained that the tax reform is focused on tax justice, avoiding abuses and seeking to ensure that Chile grows with justice. He also aspires to finance structural reforms and the development of social rights such as health and pensions.

The project proposes a “wealth tax” for people with assets greater than five million dollars, as well as raising royalties for mining activities, seeking an improvement in the social rights of Chileans.

The president stated: “This reform is in favor of greater equity, greater social cohesion and is not against anyone. It is for a better distribution of the wealth that we all generate and that will allow us social rights”.

Key areas of the tax reform

The project presented by the executive addresses four major areas, and they hope that once approved, it will allow tax collection of 4.3% of the country’s GDP. The initiatives will be focused on:

• Restructuring the income tax: For which the aim is to create a modern semi-dual system, which stimulates business investment and directly encourages actions aimed at increasing their productivity and simplifying the system as a whole.
• Reduction of tax exemptions: It is related to the set of measures that will make it possible to dispense with loopholes that facilitate misrepresentation, in addition to strengthening the capacity to combat tax evasion, facilitating tax compliance for taxpayers.
• A new mining royalty: Which will increase the income resulting from the exploitation of non-renewable resources, without discouraging investments and the development of the sector. This tax will support “the country’s productive diversification,” as well as financing regional governments for their investments in social infrastructure and productive development.
• Corrective taxes: Which will be used to “promote the preservation of the environment, reduce emissions, the development of a healthy life and balanced territorial development.

M. Rodríguez

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Source: finanzasdigital.com

La entrada Chilean government presented the tax reform project apareció primero en Bitfinance.

The Inter-American Development Bank (IDB) granted a loan of 500 million dollars to Peru to strengthen the sustainability of fiscal management and support the recovery of the Andean country.

The loan, which has a repayment term of 20 years and an interest rate based on LIBOR, is the first in a series of two operations. It supports the implementation of reforms to increase tax collection, strengthen the quality of public investment for support economic and fiscal recovery, and improve the effectiveness of public spending.

The multilateral organization explained that the operation supports measures to strengthen fiscal and transparency rules that ensure a sustainable fiscal framework.

In line with this objective of fiscal discipline, the project includes the approval of legal regulations to improve the government’s collection capacity, grant temporary tax relief to companies, and increase the transparency of the tax system.

In terms of improvements in public spending management, the loan supports the introduction of regulations to strengthen and streamline public investment management, including improvements in the allocation of investment resources for regional governments.

K. Tovar

Source: Finanzasdigital

La entrada IDB grants loan to Peru for its tax reform apareció primero en Bitfinance.

British Finance Minister Rishi Sunak announced that the world’s most developed economies, meeting at the G7 in London, reached a historic agreement on the reform of the global tax system.

Thus, the G7 ministers, made up of the United States, the United Kingdom, Germany, France, Canada, Italy and Japan, agreed to commit to at least a 15 % minimum corporate rate.

At the end of the meeting, Sunak said he was “delighted to announce that, after years of discussions, the G7 finance ministers have reached a historic agreement to reform the global tax system“.

The minister also highlighted that the pact “is designed to adapt it to the global digital age and, crucially, to ensure that it is fair, so that the right companies pay the right tax in the right place and that is a huge price for the British taxpayer.”

He noted that “this is something that has been talked about for at least ten years. And here, for the first time today, we have reached an agreement of tangible principles on how these reforms should be and that is a great progress.”

K. Tovar

Source: La Voz de Galicia

La entrada G7 reaches an agreement to reform the tax system apareció primero en Bitfinance.

The board of directors of the Banco de la República de Colombia decided by a majority of six votes to one to maintain interest rates at 1.75 %, as reported in a statement by the entity after its monetary policy meeting.

Among other factors, the entity took into account that inflation at the end of March stood at 1.51 % year-on-year, while core inflation stood at 0.94 %. The projections of the agency’s technical team point to inflationary levels being within the target range of 3 % between 2021 and 2022.

On the other hand, central banks managers revised up the GDP projection for 2021, from 5.2 % to 6%, taking into account a better-than-expected performance of the economy in the first quarter. However, the outbreaks of Covid-19 and the uncertain evolution of the virus, as well as the uncertainty due to the tax reform proposal, could alter this projection.

The Central Bank warned that the increases in unemployment in March (14.2 %) and poverty (42.5 % in 2020) are facts “that justify a historically low policy interest rate like the current one.“

“Under these conditions, and taking into account the balance of risks, the board decided to maintain the intervention rate at 1.75 % by a majority of six votes to one, which voted to reduce it by 25 basis points“, the institution explained.

K. Tovar

Source: dpa

La entrada Central Bank of Colombia maintains interest rates apareció primero en Bitfinance.