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The Treasury is preparing changes for next year’s statement. A draft of a new Regulation was published this week that will affect cryptocurrency holders. If finally approved, a
The Treasury is preparing changes for next year’s statement. A draft of a new Regulation was published this week that will affect cryptocurrency holders. If finally approved, a new obligation to hold virtual currencies will come into effect from January 1, 2023. In addition to having to declare earnings, the Treasury will have to report the balance..
Following the disappearance of Model 720, the Treasury is changing its tax obligations regarding cryptocurrencies. This new Regulation is the first step towards the creation of a new model 721, to which new obligations will be added next year. Here are some requirements that will come into effect in 2023, but will apply to the fiscal year 2022.
Both individuals and companies in Spain determine the amount of cryptocurrencies they hold and its corresponding value in euros. To date, the reporting obligation has fallen mainly on profits, but from next year the Treasury will also require reporting on balances.
According to the proposed document, for this conversion to be presented in euros, Average price of cryptocurrency as of December 31 and held through the main trading platforms. As described, there will also be a box showing the price and the value used to make such a valuation.
Regarding the operations, the Treasury, different movements, date of operation and public addresses of origin and destination associated with cryptocurrencies received or delivered. From these transactions, the type of cryptocurrency acquired and its equivalent value in euros and the associated commissions should also be marked. That is, the Treasury will want a fairly comprehensive report on transactions.
While the requirements prepared by the Treasury are more, an exception remains for those with small amounts. As explained in the document: “As of 31 December, there will be no obligation to report on any virtual currency when the euro balances referred to in section 3.d) do not jointly exceed 50,000 euros. that common limit will be reported in all virtual currencies”. Well, If the cryptocurrency balance does not exceed 50,000 Euros, there will be no liability..
on Xataka | How to declare income in cryptocurrencies in 2021: what changes this year and when it is not necessary to add them
Source: Xataka
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