The Tax Agency has been working in recent years to tighten the siege on the control of cryptocurrencies in Spain, while increasing the attractiveness of this investment product. Thus, based on the collection of data that they have been carrying out from different sources (banks, platforms, etc.) it has been able to send 233,000 notices during this year to users who have these products to remind them that they must pay taxes for them in the face of the Income and Heritage campaigns that began this Wednesday and will last until the end of June. It represents a significant acceleration by the Tax Agency, since just a year ago the notices were sent to 14,800 people.
The notices are notifications made by the Tax Agency to those taxpayers about whom they have indications that they have certain assets that they must declare and they are previously informed of the start of the campaign. In this way, an attempt is made to encourage these citizens to comply with their tax duties before the tax authority has to open an investigation if they have not finally been declared. Other similar notices are made to those who have income from other countries (856,000 notices this year) or to those who have rented a property (713,000 notices). When these indications become certainties by the Tax Agency, they are incorporated into the tax data that already appear in the declarations.
In the case of virtual currencies, the agency points out that the reason for the sharp increase is due to the fact that “the information sent by financial entities has been expanded, which fundamentally corresponds to the increase produced in operations with virtual currencies in the recent times”. The Tax Agency recognizes how complex it is to collect data on these products, which affect both Personal Income Tax and Wealth Tax. Thus, they point out that it is still early to know the impact of these ad campaigns, since until now they were declared in general boxes.
It should be noted that, broadly speaking, cryptocurrencies affect two taxes, those mentioned above. In the income statement, the profits or losses that have occurred during the purchase and sale operations are taxed. In Patrimony, for those who exceed the minimums from which the declaration must be presented, these assets are accounted for as well as other investments that the taxpayer may have. Therefore, its balance must be declared. This year a specific box is released in the Patrimony declaration to indicate this balance, and in terms of Income, a new key is included to declare these capital gains or losses in the transmission of virtual currencies.
Jesús Gascón, general director of the Tax Agency, recalled that in addition to these novelties, the reinforcement of the control of cryptocurrencies that was included in the last law against tax fraud, approved last year, is pending regulatory development. Gascón has trusted that these changes will go out for public consultation in “the next few days or weeks” so that it can be put into operation for the next income statement, corresponding to this year. In this change, own declaration models will be created for these assets, allowing greater control and information by the Agency.