The final stretch of the income campaign is collapsing cryptocurrency-related tax consultants. Faced with saturation and shortage professionals with experience in this field, requests for advice are being transferred to the network and guides on taxation such as that of the start-up Spanish Atani.
This young company, to which we dedicated a report a little over a year ago, does not offer tax advisory services or anything similar, although has decided to publish this manual to guide Spanish taxpayers with cryptocurrencies interpreting current legislation.
"In most countries, taxpayers are required to declare the benefits derived from operations with cryptocurrencies"
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Interpreting legislation (yet) not adapted to the irruption of cryptocurrencies
Spain, as we know, lacks specific laws on this matter to date, although the experts usually agree that users are the ones who are obliged to contact the Treasury to declare the operations.
The possession of cryptocurrencies, in our country, implies the possession of an intangible asset. The outlook, however, will change when the new law against tax fraud comes into force, which provides for the obligation to report ownership and balances. "It is necessary to have greater control over cryptocurrencies", they explain from Moncloa when presenting this project.
Analyzing the taxation of operations related to crypto assets, Atani indicates that a distinction must be made between those that have been addressed in an administrative ruling and those that have not
For now, and specifically for the 2020 income campaign, which we have in place until June 30, 2021, the Atani guide makes it clear that currently, in terms of crypto assets, "There are different administrative pronouncements issued". These, therefore, are the ones that essentially leave us the clues of what cryptocurrency holders should do.
For example, the manual highlights that "The taxable event of personal income tax constitutes the obtaining of income by the taxpayer"Therefore, "those operations that do not generate a taxable event because they do not constitute a patrimonial alteration are not subject to declaration." And it lists which operations should be declared and in what way and which not, also making a distinction between those for which an administrative ruling already exists and, on the other, operations for which it does not exist.
"In most countries, taxpayers are required to declare the benefits derived from operations with cryptocurrencies"They remember from Atani in the introduction.