The tax agency multiplies the messages to cryptocurrency investors to declare them

In recent years, the tax agency has been working to tighten its control over cryptocurrencies in Spain, while increasing the attractiveness of this investment product. Thus, based on the data collection they carried out from various sources (banks, platforms, etc.) against the backdrop of their revenue and inheritance campaign, which started this Wednesday and will continue until the end of June. Was sent.

Notifications are notifications made by the tax agency to taxpayers about whom they have instructions that they have certain assets to be declared and are informed in advance of the start of the campaign. Thus, an attempt is made to encourage these citizens to perform their tax duties before the tax authority has to launch an investigation if they are not finally declared. Other similar messages are given to those who have income from other countries (856,000 notes this year) or to those who rent property (713,000 messages). When these guidelines become clear to the tax authority, they are included in the tax data already seen in the returns.

In the case of virtual currencies, the agency notes that the reason for the sharp increase is that “the information sent by financial entities has expanded, which is fundamentally in line with the recent increase in transactions with virtual currencies.” Times ”. The tax agency recognizes how difficult it is to collect data on these products, which affects both personal income tax and property taxes. Thus, they point out that it is too early to know the impact of these advertising campaigns as they have so far been declared in general boxes.

It should be noted that, in general, cryptocurrencies affect the two taxes mentioned above. The profit or loss is taxable on the profit or loss incurred during the purchase and sale operations. In Patrimony, for those who exceed the minimum from which the return must be filed, these assets are recorded, as well as other investments that a taxpayer may have. Therefore, its balance must be declared. This year, the inheritance declaration publishes a specific box indicating this balance, and in terms of revenue, a new key is included in the transfer of virtual currencies to the declaration of profit or loss of this capital.

The director general of the tax agency, Jesუსs Gascon, recalled that in addition to these innovations, the strengthening of cryptocurrency control, which was included in the last law against tax fraud approved last year, awaits regulatory development. Gascon claimed that these changes would come out in the public consultation “in the next few days or weeks” so that it could take effect for future income reporting, corresponding to this financial year. This change will create its own models for declaring these assets, allowing the agency to have more control and information.