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Treasury increases by 1400% the number of notices for investments in cryptocurrencies

The proliferation of investment in cryptocurrencies in our country has had as its main consequence that the Executive advances with the creation of a legal framework that defines these currencies. One of the big bets this year is the creation of a specific box (the 1626 and following) in the income statement for these virtual currencies, with the aim of offering a more transparent personal income tax.

This novelty has also been reflected in the number of notices sent by the Tax Agency, which has reached a whopping 233,000, that is, 1,474% more than the previous yearwhen only 14,800 notifications were transferred, as confirmed by TaxDown.

Despite this increase in the number of alerts, they have only been sent to 5.3% of cryptocurrency investors, as reported by TaxDown. Since it must be taken into account that the people who invest in this type of currency already reaches 4.4 million, as reflected in the ‘III Report on fintech knowledge and habits’ by Asufin. However, in this income tax return campaign, only those taxpayers who have sold or exchanged cryptos will have to include them in the personal income tax. in 2021 any of these virtual currencies, regardless of whether profits or losses have been made in the process. But those who just bought them and made no move with them won’t have to.

In this way, progress is being made in regulating cryptocurrencies in a context in which these currencies have now entered due to the invasion of Ukraine and the appearance of possible sects linked to these currencies. Likewise, in a European sphere, the first directive to legally and specifically frame these assets began to be drawn up in 2018, known as the MiCA Regulation, although it is expected that not take effect until 2024. Meanwhile, in Spain, they are governed by the normal treatment of capital gains and losses caused by the transfer of elements.

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Other Treasury notices: rents

Virtual currencies are not the only element for which the Tax Agency has reinforced its efforts this year. The public institution has also increased in 78% the number of rental notifications compared to the previous campaign. In fact, the final figure reaches 713,000 warnings, while in 2020 they barely reached 400,000. These notices are based on the information on bonds provided by the Autonomous Communities.

Despite the inclusion of a specific box for cryptocurrencies, many taxpayers do not know how they have to present these assets or even if they are required to do so or not”, affirms Enrique García, CEO and co-founder of TaxDown, and adds “For all of them, TaxDown has launched this year a specific function to declare these digital currencies, making the process much easier. In addition, we have also developed a guide that explains step by step how to present cryptos.”

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