Key Takeaways
- The number of notices increased by 40% in a year.
- According to Soledad Fernández, head of Spain’s tax authority, the crypto tax payment reminders, which have increased 40% from the previous year, reflect more crypto activity and better information on the sector.
Spain’s Tax Administration Agency Agencia Tributaria- AEAT is ramping up its efforts to crack down on crypto sector. The AETA intends to send out 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year.
As per local media reports, the tax agency plans to reinforce its inspection and surveillance activity on cryptocurrencies. Reportedly, the number of notices increased by 40% in a year, with 150,000 warnings issued in 2022.
The notices reflect the voluntary invitation to pay the tax, which varies between 19% and 23% for gains obtained through selling digital assets. Those failing to pay the taxes in time would be subject to an additional 26% fine, calculated from the number of unpaid funds.
According to Soledad Fernández, head of Spain’s tax authority, the crypto tax payment reminders, which have increased 40% from the previous year, reflect more crypto activity and better information on the sector.
In a February 2023 document,AEAT had declared that “this year, the intention of the collection area to promote actions to locate crypto assets subject to seizure is underlined. The tax agency had also said that it will develop “an investigation plan associated with the use of cryptocurrencies in the field of the digital economy in order to detect assets whose origin may be linked to criminal activities.”
The latest crackdown by AETA comes amid reports that Spain is one of the leading countries regarding real estate offerings that can be paid with crypto. The Forex study, which aggregated properties available in specialized crypto real estate portals revealed that 289 properties were available to purchase with crypto in Spain alone.
An August 2022 report from the National Securities Market Commission’s also revealed that 6.8% of Spain’s population holds crypto assets, with the majority of them being aged 35 to 44. While Spain’s tax agency is cracking down on the digital asset sector, the Bank of Spain is working towards launching its own experimental program with a wholesale CBDC.
Earlier this year, the Bank of Spain also approved fintech firm Monei to issue its EURM token as part of a testing phase expected to last between six to 12 months.
