The Spanish Treasury now requires crypto operations to be declared even if they have resulted in a loss

Those affected by the crypto crash, the widespread cryptocurrency market crash, They must submit their losses to the 2022 income campaign in Spain. From the treasury Inspections are activated to locate irregularities in the declarations by investors in virtual currencies.

However, according to data from TaxDown, only 4% of the declarations presented by the platform involve cryptocurrencies. Now the tax authority is finalizing a new regulation for this type of coin, which will require companies and individuals to submit annual informative models on the cryptos they manage both in Spain and abroad.

Given the bearish scenario of cryptocurrencies Many investors choose to exit their virtual currencies even if they lose money included. This investment liquidation measure must be declared in next year’s income campaign, even if money was actually lost, tax experts at TaxDown confirm.

The Spanish Treasury now requires crypto operations to be declared even if they have resulted in a loss
The Spanish Treasury now requires crypto operations to be declared even if they have resulted in a loss

On the other hand, the Ministry of Finance has already put the magnifying glass on cryptocurrencies in this campaign. The number of notices sent out by the tax authority was 233,000, which is 1.474% more than in the previous year, when only 14,800 notices were sent. Despite this increase in the number of alerts, according to the same study cited above, they were only sent to 3.33% of investors in these types of coins.

To avoid government injunctions, Crypto investors who sold last year have one week to factor those moves into their personal income tax.

Cryptocurrencies were released in the declaration with a new box this year. Nevertheless, next year the way these virtual currencies are declared will change again. The tax authority is finalizing a new regulation, which is currently the subject of a public hearing, meaning it is open to accepting allegations and proposals until next July 8th. If successful, the public body will oblige natural and legal persons of crypto services to submit annually informative models about the virtual currencies they manage both in Spain and abroad.

„Public bodies are still considering how to deal with cryptocurrencies and how to most effectively declare this type of currency. Therefore, everything indicates that the changes in the declaration of these virtual currencies will be constant in the coming years‘ confirmed Enrique García, CEO and co-founder of TaxDown.

Next year, the Treasury will tighten crypto controls

Starting next year, both individuals and companies in Spain that own cryptocurrencies or conduct cryptocurrency transactions will have to report their activities by submitting them to the tax authority. The Ministry of Finance has therefore presented it in a draft of the decree that will be issued with the aim of monitoring activities related to cryptocurrencies.
Disclaimer: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

You might be interested in:

Investing in crypto assets is not regulated. They may not be suitable for retail investors and you may lose the entire amount invested. The services or products offered are not intended for and are not accessible to investors in Spain.

Similar Posts