Last June 30, 2022 The deadline for voluntarily submitting the declaration of the rent of 2021, so anyone who submits the declaration after the deadline will have to face a series of surcharges and interests of delay that will depend on the time it takes to present it. However, it can also be the case of people who, having fulfilled their obligation to file the income tax return on time, detect that they have made mistakes in it and do not know how to proceed.
From TaxCripto , a platform for tax legislation for tax settlement that integrates functionalities to help small and medium investors in cryptocurrencies, They explain what is advisable to do in situations like that. The first step is to fix the problem by filing a supplemental return..
It must be submitted voluntarily and without prior request from the AEAT (Agency State of Tax Administration) a supplementary declaration of last year’s income, including operations with cryptocurrencies corresponding, and later will pay the corresponding fee plus a surcharge. This extra amount to pay can range from 1% to 15% of the fee not paid depending on the time it takes to file the supplementary return., from which it follows that the most convenient thing is to present it as soon as possible. If this time exceeds 365 dayslate payment interest will also be paid.
In this same sense, it is recommended to do it voluntarily and before it becomes a requirement of the AEATsince the regime sanctioning applicable is much more burdensome than the system of surcharges applicable in the event of voluntary regularization.
Some citizens can do nothing and wait 4 years for the statute of limitations to expire. tax (unless the AEAT performs a prior check). However, it is an extremely risky strategy: in addition to the interests, may be sanctioned with an amount of 50% to 150% of the fee left to enter. If that occurs and the reason is the regularization of those undeclared operations with cryptos, the sanctions can range from 50% to 150% of the fee left to enter plus taxes..
There are three main taxes to be aware of when liquidating cryptocurrencies. In the Personal Income Tax (IRPF) for tax purposes, it is necessary to take into account the capital gains or losses, whether from transmissions or not. (for instance, air drop or hard forks), income from movable capital and income from economic activities.
The second refers to the Wealth Tax, which Any natural person who has cryptocurrencies and assets with an amount greater than the minimum established must present for their Autonomous Community. Finally, there is the Inheritance and Donation Tax, for which we must take into account those cryptocurrencies that we have received through donation or acquisition of goods by inheritance or legacy.
For income tax purposes, there is an obligation to declare the profits obtained from the transmission of cryptocurrencies, the gains or losses obtained from operations other than the sale of assets, the returns on movable capital that may be generated by the platforms that have received the cryptocurrenciesas well as profits obtained from economic activity, such as mining operations and sales negotiated for third parties.
Taxation will depend on the type of operation carried out. For example, the sale of cryptocurrencies or swaps will be taxed for capital gains (if there are losses, they can be compensated with other gains); if income is obtained by providing liquidity to a liquidity pool (set of funds locked in deposit in a smart contracts), the return is taxed as return on movable capital for the transfer of capital; the same would happen in the case of farming or staking; and if we talk about airdrops, they would be taxed as capital gains to be integrated into the general base.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
It may interest you:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.