Those affected by the crypto-crash, the general crash of the cryptocurrency market, they will be obliged to present their losses in the 2022 income campaign in Spain. From Treasury inspections will be activated to locate irregularities in the declarations of virtual currency investors.
However, according to data from TaxDown, only 4% of the declarations presented by the platform include cryptocurrencies. Now, the Tax Agency finalizes a new regulation for this type of coins that will oblige companies and individuals to submit annually informative models on cryptos they manage both in Spain and abroad.
Given the bearish scenario of cryptocurrencies, many investors are choosing to dump their virtual currencies, even if they lose money in the process. This investment liquidation action must be declared in the next year’s income campaign, even if money has actually been lost, as confirmed by TaxDown’s tax experts.
On the other hand, the Treasury has already put the magnifying glass on cryptocurrencies in this campaign. The number of notifications sent by the Tax Agency has been 233,000, that is, 1.474% more than the previous year, when only 14,800 notifications were sent. Despite this increase in the number of alerts, only 3.33% of investors in this type of coin have been sent, according to the same study cited above.
To avoid injunctions from the government, crypto investors who have sold last year have one week to include these movements in their personal income tax.
Cryptocurrencies have been released this year in the statement with a new box. Nevertheless, next year the way in which 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.
“Public bodies are still contemplating how to deal with cryptocurrencies and what is the most effective way to declare this type of currency, therefore, everything indicates that in the coming years the changes in how to declare these virtual currencies will be constant.”, affirmed Enrique García, CEO and co-founder of TaxDown.
Next year, the Treasury tightens crypto controls
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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