Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad
The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month. New Model 720 in Parliament An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish Parliament on February 10th. The antifraud law....
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Spain’s Ministry of Treasury has admitted that Spanish citizens are not forced by law to declare their cryptocurrency holdings under the disputed Model 720, which involves declaring funds held abroad. While the antifraud law approved last year established this duty, there are still no rules regarding cryptocurrency after Model 720 was declared to be illegal by European laws.
No Obligation to Include Crypto in Tax Statements Under Model 720
The Spanish Treasury Ministry has admitted that the current legal framework does not include the obligation for Spaniards to declare....
Public officials in Russia will now be required to declare all the crypto assets they hold as income. The measures are with effect from Jan. 1, 2021, local media reported. Russia’s prosecutor general Igor Krasnov declared: “Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets.” Krasnov said this on Oct. 20 while speaking at a corruption meeting involving 15 other prosecutor generals from the Shanghai Cooperation Organization (SCO) member states and elsewhere. The SCO is an eight-member political, economic....
Spain’s government has reportedly approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets. Spain’s Finance Minister and the government’s spokesperson, Maria Jesus Montero, said at a press conference following the weekly cabinet meeting that this bill is part of broader legislation to crack down on tax fraud, several Spanish news outlets have reported. The bill was sent to the Spanish Congress of Deputies on Tuesday and will now go to parliament for discussion and final approval. “This is a bill that will....
President Vladimir Putin has approved amendments to his own decree requiring Russian citizens running for office to declare their property abroad. The updated regulation lists cryptocurrencies among the assets that candidates should report to the state. President Putin Requires Russian Officials to Reveal Crypto Asset Purchases in Foreign Countries Candidates for government offices in Russia are now expected to provide authorities with details about the crypto funds they have acquired in other jurisdictions. A decree recently signed by Vladimir Putin adds the requirement to an earlier....
The move reverses a 2018 decision that officials did not have to declare crypto holdings. Russia's public officials will be mandated to declare all private crypto assets holdings from New Year’s Day, 2021.The requirements were announced on Oct. 20 by the office of Russian prosecutor general, Igor Krasnov, following a meeting with 15 fellow prosecutor generals representing member states of the Shanghai Cooperation Organization (SCO).“Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets,” Krasnov said.In 2018, Russia’s labor....