certify
Home arrow Article arrow Article Detail

The Spanish Tax Authority sending massive Tax notices to crypto owners amid Corona pandemic

Profile Image

Jayashree Ingle Follow

INDIA

Apr, 07 2020

Apr, 07 2020

likes | comments 0

Article Image

Amidst the worldwide spread of coronavirus pandemic, the Agencia Estatal de Administración Tributaria i.e. the Spanish Tax Authority (AEAT) intends to send more notices to the crypto businesses and crypto holders than ever. Interestingly, though the cases of coronavirus are alarmingly increasing in Spain, it is also the hot destination for crypto and blockchain activities in Europe.  

The AEAT has disclosed that this year, it will send 66,000 additional notices in between April 1 to June 30 to remind the taxpayers to pay their taxes.

Interestingly the number of notices is 350% higher than the last year in which 14,700 entities have been sent tax pay notices. The notice campaign will also send notices to those earning real estate income such as rental income and foreign income.

No Cryptocurrency Regulations and Taxation in Spain 

As there is no regulatory framework for cryptos in Spain, the sale of cryptocurrencies is subject to capital gains tax in Spain. At a variable rate of 19% to 23%.

Also, the exchange of cryptos into euros is exempted from value-added tax (VAT).

Spain is not the only country to levy taxes on crypto owners but it has now joined the nations such as the US, Australia which wants to take crypto taxes.


likes | comments 0

Profile Image

Jayashree Ingle

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
Innovative Bitcoin Tool Empowers Billions of Companies with Lightning-Fast BTC Payments, Revolutionizing the Trillion-Dollar Market

The LINER (Lightning Index Rate) index is a cutting-edge tool that Amboss, a well-known Lightning data provider, has released in a bid to spur business adoption of Bitcoin's Lightning Network.;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.