Spain Proposes Raising Crypto Gains Tax Rate to 47%

Spain's Sumar parliamentary group filed a bill amendment on Nov. 26 to increase taxation on cryptocurrency gains to rates up to 47%, Criptonoticias reports. The proposal would modify the 2006 Personal Income Tax Law to tax crypto assets not classified as financial instruments under the general income tax base, compared to the current savings tax base capped at 30%. The amendment also expands seizure provisions under the 1987 Inheritance and Gift Tax Law to all crypto assets, sets a 30% corporate income tax rate on crypto gains, and requires Spain's National Securities Market Commission to create a visual risk indicator system for cryptocurrencies on investor platforms.