Spanish Treasury delayed creation of cryptocurrency tax returns until 2023
The Ministry of Finance plans to cooperate with local crypto exchanges to identify and study information
09.02.2022 - 07:55
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What’s new? Spain’s Ministry of Finance has announced that it will delay the creation of the complete framework for declaring taxes related to cryptocurrencies until 2023. While the Spanish government has made progress in regulating cryptocurrencies, the specifics of taxation are still not fully understood. The authorities will need another year to analyze additional information.
The organization announced this decision in the Annual Tax and Customs Control Plan for 2022.
Annual Tax and Customs Control Plan 2022
What is the basis for the creation of the documentation? The crypto tax declaration models are based on the anti-fraud law. It establishes several obligations for cryptocurrency users regarding their storage outside of Spain, as well as for VASPs (Virtual Asset Service Providers).
What are the prospects? The agency intends to apply tax measures, as the hype in the cryptocurrency markets generates “tax risks.” The Ministry of Finance’s representatives plan to cooperate with local crypto exchanges to uncover information on the owners of digital assets. On this issue, treasury officials put international cooperation as one of the main objectives, as well as participation in international forums to strengthen it.
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