The Spanish Ministry of Finance postpones the definition of crypto tax return models until next year – Taxes

The Spanish Ministry of Finance has announced that it will postpone the establishment of the full framework for declaring taxes related to cryptocurrency assets until 2023. While the Spanish government has made progress in regulating cryptocurrencies, the details of what is taxed and how are still a mystery to traders and holders. The organization is still searching for information to effectively control these tax returns.

The Spanish Ministry of Finance will begin formulating crypto tax requirements next year

The Spanish Ministry of Finance has announced that it will wait until next year to formulate the details of how crypto-related taxes must be declared. The organization announced This decision in its annual tax and customs control plan for 2022 surprised analysts who expected it to be carried out this year as cryptocurrency has gained prominence in the country.

With this resolution, traders and cryptocurrency holders will now have to wait until these models are developed to declare their holdings and income and determine how much they will have to pay. The models are derived from the Anti-Fraud Act approved in July, which establishes several obligations for cryptocurrency users regarding holdings outside Spain and also for VASPs (Virtual Asset Service Providers).

Still looking for information

However, even a year before this tax enforcement, the document states that the Treasury Department is still searching for sources of information on cryptocurrency transactions to better control taxpayer returns. To this end, the above plan establishes the following:

[The treasury] wird die in den Vorjahren begonnenen Aufgaben im Zusammenhang mit der Beschaffung von Informationen aus verschiedenen Quellen im Zusammenhang mit Operationen, die mit virtuellen Währungen durchgeführt werden, fortsetzen.

On this topic, tax officials cite international cooperation as one of the foundations of their goal, as well as their participation in international forums to strengthen this cooperation.

However, despite this legal vacuum, Spanish authorities have asked several taxpayers to disclose and declare their crypto-related operations from 2017, 2018, 2019 and 2020 Local media. Lawyer Jesus Lazaro explains that the Treasury Department is putting all the weight of reporting on taxpayers since the state currently has no data on cryptocurrency transactions.

Finally, the plan leaves outside its scope new technologies such as NFTs, new elements that have achieved significant growth over the past year.

What do you think of the new decision by the Spanish Ministry of Finance that postpones the development of crypto-specific tax models until 2023? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. He offers a different perspective on crypto success and how it helps the unbanked and underserved.

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