Thursday, 20 June 2024

Crypto News

Spanish tax agency to send over 328K notices to crypto holders

Spanish tax agency to send over 328K notices to crypto holders

The State Tax Administration Agency of the Government of Spain (AEAT) increases its efforts to charge the local holders of crypto assets. The AEAT intends to dispatch 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year. 

As the local newspaper El Mundo reported on Apr. 11, the number of notices raised by 40% in a year — from 150,000 warnings in 2022. The fiscal authorities took the matter seriously only recently — in 2021, there were only 15,000 notifications altogether.

However, such activity isn’t focused solely on crypto — for example, more than 660,000 notices will be sent this year to those who underreported their rental income, and 807,000 for the income abroad.

The notices represent the voluntary invitation to pay the tax, which varies between 19% and 23% for gains, obtained by selling digital assets. Those who won’t pay the taxes in time would be subject to an additional 26% fine, calculated from the number of unpaid funds.

Related: Spain’s central bank approves euro-linked token pilot as part of sandbox initiative

According to the National Securities Market Commission’s (CNMV) August report, 6.8% of Spain’s population holds crypto assets. The majority of them are aged 35 to 44, have higher education and earn over 3,000 euros (around $3,300) monthly.

Spain holds the first spot in Europe by the number of crypto ATMs with 231 machines — roughly 15% of the total amount in that part of the world. Globally the country stands at the fourth spot after the United States, Canada and Australia.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips