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Cryptocurrencies

Cryptocurrencies

Spanish Treasury Postpones Definition of Crypto Tax Declaration Models to 2023

Spanish Treasury Postpones Definition of Crypto Tax Declaration Models to 2023
Photo by Alesia Kozik from Pexels Photo by Alesia Kozik from Pexels
Spanish Treasury Postpones Definition of Crypto Tax Declaration Models to 2023
Photo by Alesia Kozik from Pexels Photo by Alesia Kozik from Pexels

The Spanish Treasury Ministry has announced that the establishment of a comprehensive framework for declaring taxes on cryptocurrency assets will be postponed until 2023. While the Spanish government has made strides in terms of cryptocurrency regulation, the specifics of how and what will be taxed remain a mystery to traders and holders. The organization is still looking for information in order to effectively manage these tax statements.

Next Year, the Spanish Treasury Ministry will start drafting crypto tax regulations.

The Spanish Treasury has announced that it will postpone defining the specifics of how crypto-related taxes must be reported until next year. This decision was announced in the organization’s Annual Tax and Customs Control Plan for 2022, surprising analysts who expected it to be implemented this year due to the growing importance of cryptocurrency in the country.

With this decision, cryptocurrency traders and holders will have to wait for the development of these models before declaring their holdings and earnings and determining how much they will have to pay. The models are based on the anti-fraud law passed in July, which imposes several obligations on cryptocurrency users and VASPs with regard to holdings outside of Spain (Virtual Asset Service Providers).

Even a year before the tax enforcement, the document states that the Treasury Department is still looking for sources of information about cryptocurrency transactions in order to better control taxpayer statements. As a result, the above-mentioned plan establishes:

[The Treasury] will continue the work begun in previous years in obtaining information from a variety of sources about transactions involving virtual currencies.

In this regard, treasury officers cite international cooperation as one of their goals, as well as their participation in international forums to further that cooperation.

Despite this legal void, according to local media, the Spanish government has asked several taxpayers to reveal and declare their crypto-related operations for the years 2017, 2018, 2019, and 2020. According to attorney Jesus Lazaro, the Treasury Department is putting all of the burdens of reporting on taxpayers because the state currently has no data on cryptocurrency transactions.

Finally, the plan excludes new technologies such as NFTs, which saw significant growth last year.

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