The Spanish treasury ministry has announced it will postpone the establishment of the complete framework for declaring taxes related to cryptocurrency assets until 2023. While the Spanish government has advanced when it comes to cryptocurrency regulation, the specifics of what will be taxed and in which way are still a mystery for traders and holders. The organization is still looking for information to control these tax statements effectively.
Spanish Treasury Ministry Will Begin Formulating Crypto Tax Requirements Next Year
The Spanish Treasury has announced it will hold off till next year to formulate the specifics of how crypto-related taxes will have to be declared. The organization announced this decision in its Annual Tax and Customs Control Plan for 2022, surprising analysts that expected this to be executed this year due to the relevance that cryptocurrency has taken on in the country.
Now, with this resolution, traders and holders of cryptocurrency will have to wait until the elaboration of these models to declare their holdings and earnings and establish how much they will have to pay. The models are derived from the anti-fraud law approved in July, which establishes several obligations for cryptocurrency users regarding holdings outside Spain, and also for VASPs (Virtual Asset Service Providers).
Still Searching for Information
However, even a year before this tax enforcement, the document states that the treasury is still searching for sources of information regarding cryptocurrency transactions with the objective of better controlling the statements of taxpayers. To this end, the aforementioned plan establishes:
[The treasury] will continue the tasks started in previous years related to obtaining information from various sources related to operations carried out with virtual currencies.
On this subject, treasury officers put international cooperation as one of the bases for their objective, as well as their participation in international forums to strengthen this cooperation.
However, even with this legal vacuum, the Spanish authorities have asked several taxpayers to reveal and declare their crypto-related operations from the years 2017, 2018, 2019, and 2020 according to local media. Lawyer Jesus Lazaro states the treasury is putting all the weight of reporting on taxpayers because the state currently has zero data regarding cryptocurrency transactions.
Finally, the plan leaves new tech such as NFTs outside of its scope, new elements that have achieved significant growth last year.
What do you think about the new resolution of the Spanish Treasury that postpones the elaboration of crypto-specific tax models until 2023? Tell us in the comments section below.