The Spanish Tax Administration Agency (AEAT) has announced its intention to amplify its efforts to collect taxes from cryptocurrency holders in Spain.
Specifically, the agency plans to send out 328,000 notices in the upcoming fiscal year of 2022 to individuals who are required to pay taxes on their cryptocurrency holdings. This represents a significant increase from the previous year’s total of 150,000 notifications, indicating that the Spanish fiscal authorities are beginning to take the issue of cryptocurrency tax seriously.
The AEAT’s crackdown on tax evasion is not limited to cryptocurrency. In addition to the notices to be sent to crypto asset owners, the agency will also send over 660,000 letters to those who under-reported rental income and 807,000 notices to those who underreported their income from abroad.
These letters provide taxpayers with a voluntary opportunity to settle their dues. Taxpayers are expected to pay between 19% and 23% on the gains realized from the sale of digital assets. However, failure to pay taxes on time will result in a 26% fine based on the overdue amount.
According to the National Securities Market Commission’s report from August 2022, 6.8% of Spaniards own cryptocurrency. The majority of crypto asset owners in Spain are between the ages of 35 and 44, have advanced degrees, and earn over 3,000 euros (about $3,300) per month.
Spain also has 231 crypto ATMs, which is about 15% of the total in Europe and makes Spain the European country with the most crypto ATMs. Globally, Spain ranks fourth after the United States, Canada, and Australia.
In terms of crypto ATMs, Spain has 231 machines, which is about 15% of the total in Europe. This makes Spain the European country with the most crypto ATMs. On a global level, Spain ranks fourth after the United States, Canada, and Australia.
It’s worth noting that this move is not unique to Spain, as many other countries are also beginning to take a closer look at taxing cryptocurrency transactions as the use of cryptocurrencies becomes more widespread.
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