The Spanish tax authority has reportedly began sending notices to about 66,000 cryptocurrency house owners within the nation. This quantity represents an enormous improve from the 14,700 tax letters the company despatched to crypto house owners final yr. The letters will proceed to be despatched till the tip of June regardless of the coronavirus disaster Spain is dealing with.
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Tax Authority Sending Letters to Crypto House owners
Regardless of the coronavirus pandemic and rising dying toll, the Spanish tax authority, the Agencia Estatal de Administración Tributaria (AEAT), has began a marketing campaign to ship out tax notices to remind residents of their tax obligations. In line with Europa Press:
[The Spanish tax authority] plans to quadruple the notices to taxpayers with cryptocurrency … going from 14,700 notices final yr to about 66,000 within the marketing campaign that began this Wednesday.
The marketing campaign began on Wednesday, April 1, and can proceed via June 30 whatever the coronavirus pandemic scenario, the publication conveyed. The marketing campaign may even see the variety of tax letters despatched to residents with actual property rental earnings improve from 700,000 to 1.5 million this yr and from 2.17 million to 2.32 million for these with accounts overseas.
Crypto Regulation and Taxation in Spain
Whereas cryptocurrencies usually are not authorized tender in Spain, the nation at the moment has no particular regulatory framework for them, defined International Authorized Insights, a publication that makes a speciality of offering info on authorized, financial and coverage developments.
Gross sales of cryptocurrencies are topic to capital beneficial properties tax at a variable charge of between 19% and 23%, the publication detailed, noting that the upper charge applies to beneficial properties in extra of 50,000 euros ($54,594). In the meantime, the change of cryptocurrencies into euros and vice versa is exempt from value-added tax (VAT).
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