The Spanish Treasury Ministry has announced that the establishment of a comprehensive framework for declaring taxes on cryptocurrency assets will be delayed until 2023. While the Spanish government has made strides in cryptocurrency regulation, the details of what will be taxed and how will remain a mystery to traders and holders. The organisation is still looking for information in order to effectively control these tax statements.
The Spanish Treasury Ministry will begin developing cryptocurrency tax requirements next year.
The Spanish Treasury has announced that it will wait until next year to finalise the details of how crypto-related taxes must be declared. This decision was announced in the organisation’s Annual Tax and Customs Control Plan for 2022, surprising analysts who expected it to be implemented this year due to the importance of cryptocurrency in the country.
With this resolution, cryptocurrency traders and holders will have to wait until these models are developed before declaring their holdings and earnings and determining how much they will have to pay. The models are based on the July anti-fraud law, which imposes several obligations on cryptocurrency users with holdings outside of Spain, as well as VASPs (Virtual Asset Service Providers).
Still Looking for Information However, even a year before this tax enforcement, the document states that the Treasury is still looking for sources of information about cryptocurrency transactions in order to better control taxpayer statements. To that end, the aforementioned plan states: [The Treasury] will continue the tasks begun in previous years related to obtaining information from various sources related to virtual currency operations.
In this regard, treasury officers cite international cooperation as one of the pillars of their goal, as well as their participation in international forums to strengthen this cooperation.
Despite this legal vacuum, according to local media, the Spanish authorities have asked several taxpayers to reveal and declare their crypto-related operations from 2017, 2018, 2019, and 2020. According to lawyer Jesus Lazaro, the treasury is putting all of the burden of reporting on taxpayers because the state currently has no data on cryptocurrency transactions.
Finally, the plan excludes from its scope new technologies such as NFTs, which saw significant growth last year.
