Spain’s Sumar party wants to raise crypto taxes to 47%, classify all digital assets as seizable and introduce a “risk traffic light” system.
Spain’s Sumar parliamentary group has introduced amendments to reform three major tax laws affecting cryptocurrencies, including the General Tax Law, Income Tax Law and Inheritance and Gift Tax Law.
The proposal would change how crypto profits are taxed, shifting gains from non-financial-instrument assets into the general income tax bracket, which would raise the top rate to 47% instead of the current 30% savings rate, while setting a flat 30% tax for corporate holders, according to a Tuesday report from CriptoNoticias.
Sumar is a left-wing political alliance that holds 26 of the 350 seats in Spain’s Congress of Deputies as of early 2024. It is also a junior partner in the governing coalition with the Socialist Party.
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