Spanish Treasury Postpones the Definition of Crypto Tax Declaration Models Until Next Year
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Loading... - Sara Wright
- 09 Feb 2022
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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. Read More…
