The Spanish tax authority has reportedly started sending notices to about 66,000 cryptocurrency owners in the country. This number represents a massive increase from the 14,700 tax letters the agency sent to crypto owners last year. The letters will continue to be sent until the end of June despite the coronavirus crisis Spain is facing.
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Tax Authority Sending Letters to Crypto Owners
Despite the coronavirus pandemic and rising death toll, the Spanish tax authority, the Agencia Estatal de Administración Tributaria (AEAT), has started a campaign to send out tax notices to remind residents of their tax obligations. According to Europa Press:
[The Spanish tax authority] plans to quadruple the notices to taxpayers with cryptocurrency … going from 14,700 notices last year to about 66,000 in the campaign that started this Wednesday.
The campaign started on Wednesday, April 1, and will continue through June 30 regardless of the coronavirus pandemic situation, the publication conveyed. The campaign will also see the number of tax letters sent to residents with real estate rental income increase from 700,000 to 1.5 million this year and from 2.17 million to 2.32 million for those with accounts abroad.
Crypto Regulation and Taxation in Spain
While cryptocurrencies are not legal tender in Spain, the country currently has no specific regulatory framework for them, explained Global Legal Insights, a publication that specializes in providing information on legal, economic and policy developments.
