Spain Revises Tax Model for Disclosing Crypto Assets Held Abroad

On February 13, the Spanish parliament proposed amendments to the tax model 720 for declaring overseas cryptocurrencies and other assets, easing some of the penalties associated with it. The amendment forces taxpayers to disclose cryptocurrencies and other types of assets held abroad. The amendments include that taxpayers will only be liable for debts for the past four tax periods. Another major change proposed is a change in penalties that would apply to taxpayers. Judging from the aforementioned fines, the new sanctions are in line with the current general tax law. (News Bitcoin)