{"id":18290,"date":"2023-03-03T11:39:22","date_gmt":"2023-03-03T11:39:22","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/spanish-tax-agency-puts-crypto-in-its-sights-for-the-upcoming-tax-season-taxes-bitcoin-news\/"},"modified":"2023-03-03T11:39:22","modified_gmt":"2023-03-03T11:39:22","slug":"spanish-tax-agency-puts-crypto-in-its-sights-for-the-upcoming-tax-season-taxes-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/spanish-tax-agency-puts-crypto-in-its-sights-for-the-upcoming-tax-season-taxes-bitcoin-news\/","title":{"rendered":"Spanish Tax Agency Puts Crypto in Its Sights for the Upcoming Tax Season \u2013 Taxes Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Spanish tax agency has included crypto as part of its new guidelines for this year\u2019s upcoming tax collection season. Apart from boosting the channels for voluntary tax applications, the agency will potentiate the investigation of cryptocurrency in digital payments, including potentially seizing cryptocurrency associated with tax debts and criminal activity.<\/strong><\/p>\n

Spanish Tax Agency to Intensify Crypto Tax Oversight<\/h2>\n

The Spanish tax agency is preparing its crypto strategy for the upcoming tax collection season. On Feb. 27, the agency revealed<\/a> several guidelines to increase the collection of taxes related to the use of cryptocurrency in digital payments, and also to curb criminal activity.<\/p>\n

In the document, the agency declares that \u201cthis year, the intention of the collection area to promote actions to locate crypto assets subject to seizure is underlined.\u201d This could mean that tax debtors will be tracked and have their cryptocurrency seized to amend their debts. However, the document does not offer more details about how the agency aims to do this, or the tools that it will use for this purpose.<\/p>\n

In the same way, the institution indicates that it will develop \u201can 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.\u201d<\/p>\n

Crypto in the Crosshairs<\/h2>\n

These new movements are directed to strengthen the vigilance that the Spanish tax agency exerts on crypto assets, with the objective of ramping up collection.<\/p>\n

Other tax agencies in the world are also including digital wallets and cryptocurrency as an important part of their investigative and seizure processes. For example, the Argentine tax authority has been able to confiscate<\/a> funds from digital wallets since February 2022, when the organization included this kind of structure, very popular in Argentina, as part of the assets susceptible to seizure.<\/p>\n

However, the Spanish tax agency has historically not been so successful when targeting the growing cryptocurrency investment crowd. Reports indicate that it only managed to warn<\/a> 5.3% of the cryptocurrency investors in the country about their duty of paying crypto taxes in 2022.<\/p>\n

This means that more than 4 million cryptocurrency investors were not contacted by the agency regarding their cryptocurrency tax duties. Some of these crypto holders don\u2019t even know they have to declare these assets, according to local analysts.<\/p>\n

What do you think about the actions of the Spanish tax agency regarding collecting crypto taxes? Tell us in the comments section below.<\/strong><\/em><\/p>\n

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\nSergio Goschenko <\/h6>\n

\nSergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Cromavision \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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