The tax agency of Spain (Agencia Estatal de Administración Tributaria, AEAT) reportedly stated that it would detect and monitor the financial impact coming from the new technologies (in particular, cryptos and blockchain) as measures to prevent the tax fraud.
According to the local media El Pais, the announced initiative has been already added to the annual tax control plan. It was reported that the National Fraud Investigation office, branch of the tax agency, has checked Spanish companies, banking organizations and intermediaries, and after that, it has formed the list of 15,000 taxpayers for more detailed examination.
In particular, the agency intends to control whether the taxpayers indicate corresponding income as well as use cryptos in illegal schemes, especially money laundering. It was also noted that the cryptos as a payment method are considered as the major challenge requiring attention. As a result, the authority strives to update the ways of data collection and processing striving to cope with the expanding threat in the form of cryptocurrencies.
In late October, it was approved a draft of the rule under which investors would have to inform the tax agency about crypto holdings and operations.