News

Spanish Tax Agency Cracks Down On Crypto Holders with 328K Notices

Key Points:

  • Spanish tax agency increases efforts to charge crypto holders; 328K warning notices to be dispatched for unpaid taxes in 2022.
  • 6.8% of Spain’s population holds crypto assets, majority aged 35-44, with higher education and monthly earnings over €3,000.
  • Fines up to 26% for those who fail to pay taxes on gains from selling digital assets in time.
The State Tax Administration Agency of the Government of Spanish (AEAT) is increasing its efforts to ensure that local holders of cryptocurrencies pay their taxes.

Specifically, the AEAT intends to dispatch 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year. This is a significant increase from the 150,000 warnings issued in 2021, representing a year-on-year increase of 40%. The fiscal authorities have taken the matter seriously only recently, as there were only 15,000 notifications altogether in 2021.

It is worth noting that the AEAT’s efforts are not solely focused on crypto. For instance, more than 660,000 notices will be sent this year to those who underreported their rental income, and 807,000 for income obtained abroad.

The notices sent by the AEAT represent a voluntary invitation to pay the tax, which varies between 19% and 23% for gains obtained by selling digital assets. Those who do not pay their taxes on time will be subject to an additional 26% fine, calculated from the number of unpaid funds.

According to a report by the National Securities Market Commission (CNMV) in August, 6.8% of Spain’s population holds crypto assets. The majority of these individuals are aged between 35 and 44, have higher education, and earn over 3,000 euros (around $3,300) monthly. Given the increasing popularity of cryptocurrencies in Spain, it is unsurprising that the country holds the first spot in Europe by the number of crypto ATMs, with 231 machines. This represents roughly 15% of the total number of machines in Europe. Globally, the country stands at the fourth spot after the United States, Canada, and Australia.

The AEAT’s efforts to ensure that local holders of cryptocurrencies pay their taxes are increasing. It is also interesting to note that the popularity of cryptocurrencies is growing in Spain, as evidenced by the increasing number of crypto ATMs and the percentage of the population that holds crypto assets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

18 mins ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

2 hours ago

Crypto PAC Fairshake Continues to Boost 2026 Election With Support from a16z

a16z and Coinbase have pledged substantial funds to crypto PAC Fairshake, aiming to support crypto-friendly…

3 hours ago

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

6 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

9 hours ago

This website uses cookies.