The Income campaign ended on June 30 and, according to data from the Tax Agency, this year a total of 22,033,000 returns have been filed, 1.88% more than last year. In this sense, only 15% of cryptocurrency investors who received a notice this year from the Tax Agency declared profits for crypto trading.
Of the more than 22 million income tax returns filed this year, only 35,200 have incorporated profits derived from virtual operations despite the fact that the Tax Agency sent a total of 233,000 notices at the beginning of April. As reported by TaxDown, the notices sent this year by the Tax Agency were only received by 5.3% of cryptocurrency investors.
This year the creation of a specific box (the 1626) in the income statement was released for virtual currencies with the aim of offering a more transparent personal income tax. This novelty was also reflected in the number of notifications sent by the Tax Agency at the beginning of the income campaign with a total of 233,000, that is, 1,474% more than the previous year, when only 14,800 notifications were sent, according to confirmed from TaxDown. Of all these alerts, only 5.3% were directed at cryptocurrency investors.
It is important to emphasize that this year only those declared would have sold or exchanged any of these virtual currencies in 2021, regardless of whether profits or losses were made in the process, but not those who bought and did not make movements. This partly explains why there are 35,200 taxpayers who declared cryptocurrencies.
“Despite the inclusion of a specific box for cryptocurrencies, many taxpayers do not know how they have to present these assets or even if they are required to do so or not” stated Enrique García, CEO and co-founder of TaxDown, adding “It is also important to bear in mind that, although the deadline for submitting the income tax return ended on June 30, it can still be submitted to the Tax Agency, although this delay implies a small penalty for the taxpayers who are furthest behind.”.
However, next year the way these virtual currencies will be declared will change again. The Tax Agency is finalizing a new regulation that is currently subject to a public hearing, that is, it is open to receiving allegations and proposals until July 8. If it prospers, the public body will oblige natural and legal persons of crypto services to annually present informative models on the virtual currencies that they manage both in Spain and abroad.
Starting next year, both people and companies in Spain that own or carry out operations with cryptocurrencies will be obliged to declare their activities by presenting them to the Tax Agency.. The Ministry of Finance thus presented it in a draft of the decree that will be issued with the aim of supervising activities related to cryptocurrencies.
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