Spain to Tax its Bitcoin Miners up to 47% of Profits

Spain to Tax its Bitcoin Miners up to 47% of Profits

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A recent notice from the official taxation authority in Spain sees bitcoin mining fall under the purview of an economic activity, opening cryptocurrency mining to taxation.

Bitcoin and cryptocurrency miners in Spain will see taxation of their profits, a recent notice issued by the country’s National Directorate of Tax revealed.

First reported Spanish industry publication CriptoNoticias, the new directive would require all cryptocurrency miners to register themselves with Spanish authorities before submitting taxes on mining-earned profits.

Cryptocurrency miners

Citing reasons for the new tax measures, the report sees curbing money laundering, tax evasion and the ‘possible’ relation to cybercriminal activity and tools such as ransomware.

While the new tax rule sees the light of day in theory, there is the task of Spanish authorities plan on enforcing it to permissionless cryptocurrency miners beyond established or professional, large miners. Notably, the Spanish Ministry of Finance will be responsible

Read more ... source: TheBitcoinNews

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