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Spanish Tax Agency Warns 5.3% of Crypto Investors About Income Tax

Cryptocurrency Apr 26, 2022 04:30AM ET
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Spanish Tax Agency Warns 5.3% of Crypto Investors About Income Tax

  • National tax agency warns only 5.3% of crypto investors in spain.
  • Taxdown CEO, Enrique Garcia, comments on the news.
  • Only users who have purchased and sold crypto are expected to report to the tax agency.

Spanish local media reported that only 5.3% of crypto investors have been warned to declare income taxes to the national tax agency. Numbers have shown that 233,000 investors have received the warning out of a total of 4.4 Million investors.

While the agency failed to include a large number of investors, it still represents a milestone to the tax agency as it raised the number of investors from 14,800 in 2021 to 233,000. The reasons for this increase have to do with the information coming from multiple sources about cryptocurrency transactions.

According to Jesús Gascón, head of the Spanish Tax agency, compared to other years, there is more information coming in this year regarding the crypto industry in Spain. This comes as a result of the increasing awareness around the crypto industry and web 3.0 movements.

Even with all of this, some say the average Spanish citizen receiving one of these warnings wouldn’t know what action to take in order to declare cryptocurrency operations. For this, the tax agency has explicitly created two special sections to declare cryptocurrency tax income and heritage.

Enrique Garcia, CEO and Co-Founder of Taxdown, a company that processes online income tax statements, commented

Many taxpayers do not know how they have to present these assets or, even, if they are obliged to do so or not.

Furthermore, only crypto investors who sold and purchased crypto are supposed to report to the national tax agency. Yet at the same time, Spain has been busy when it comes to regulating the blockchain industry, crypto in particular.

The Spanish Treasury Minister admitted, back in March, that cryptocurrencies should not be declared under Model 720, a designation related to funds held abroad. This model was rendered illegal by the EU due to its elevated penalties and had to be changed.

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Spanish Tax Agency Warns 5.3% of Crypto Investors About Income Tax
 

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