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Home Blockchain

Spanish Tax Agency Ramps Up Efforts, Sending 328K Notices to Crypto Holders

by Dan K
Apr 12, 2023 - 12:00 am
in Blockchain
Infographic showing the rise of registered crypto firms in Spain in 2023.

Spanish Tax Agency Intensifies Crypto Tax Collection Efforts

The Spanish Tax Administration Agency (AEAT) is determined to collect taxes from the local crypto asset holders. This year, the agency will be sending out 328,000 warning notices, a significant increase of 40% from 2022 when only 150,000 warnings were issued. The number of potential taxpayers who failed to declare their crypto assets rose sharply, prompting the agency to take action.

A Steady Increase in Warning Notices

While the number of notices has seen a substantial increase, the Spanish fiscal authorities had only sent out 15,000 notifications in 2021. This year’s increase in warning notices highlights the growing concern of the Spanish government to ensure proper tax collection from cryptocurrency holders.

Notices Extend Beyond Crypto Assets

The AEAT’s efforts are not limited to crypto holders alone. The agency will also be sending more than 660,000 notices to individuals who underreported their rental income and 807,000 to those who failed to declare their income from abroad.

Voluntary Tax Payments and Penalties

The warning notices serve as an invitation to pay taxes voluntarily, which can range from 19% to 23% for gains obtained through selling digital assets. Those who fail to pay their taxes on time will face an additional 26% fine, calculated based on the amount of unpaid funds.

Crypto Holders in Spain

According to a report by the National Securities Market Commission from August 2022, 6.8% of Spain’s population holds crypto assets. Most of these individuals are aged between 35 and 44, possess higher education, and earn over 3,000 euros (approximately $3,300) per month. Spain leads Europe in the number of crypto ATMs, boasting 231 machines, which represents around 15% of the total number of crypto ATMs in the continent. Globally, Spain ranks fourth, following the United States, Canada, and Australia.

Tags: Cryptocurrency
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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