A disagreement between the Treasury and government means digital currency users don’t yet need to declare all of their crypto assets
SPAIN’S Treasury has delayed the implementation of legislation requiring taxpayers to declare all cryptocurrency information. The decision was announced on Friday, December 30 and means virtual currencies will not be treated the same as traditional currency until at least 2024.
As well as technological difficulties, the reasons for the 11th hour decision include a disagreement between the national tax agency and the State Council over the format of declarations. Spain’s tax agency is in favour of collating as much data as possible from taxpayers, whereas the State Council is concerned about potential data protection issues.
The tax codes that are under review and set to be amended from 2024 include 172, 173 and 721, which could change to require taxpayers to declare earnings in cryptocurrencies abroad and domestically.
Currently, data is only required on cryptocurrencies when it is used as a currency for domestic transactions. Taxpayers also do not currently have to declare the purchase of cryptocurrency. However, more stringent regulations apply to those whose assets are worth more than €2 million.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest World News Click Here