The Spanish treasury ministry has announced it will postpone the establishment of the complete framework for declaring taxes related to cryptocurrency assets until 2023. Although the Spanish government has made progress in cryptocurrency regulation, traders and holders are still not sure what the exact tax structure will be. This organization is still searching for information to effectively control these tax statements.

Spanish Treasury Ministry will begin formulating crypto tax requirements next year

The Spanish Treasury announced that it will wait until next year to determine the details of crypto-related taxes. The organization announced this decision in its Annual Tax and Customs Control Plan for 2022, surprising analysts that expected this to be executed this year due to the relevance that cryptocurrency has taken on in the country.

Traders and holders of cryptocurrency must wait for the creation of these models in order to declare their earnings and determine how much they will need to pay. The models are derived from the anti-fraud law approved in July, which establishes several obligations for cryptocurrency users regarding holdings outside Spain, and also for VASPs (Virtual Asset Service Providers).

Still Searching for Information

The document also states that even though the tax enforcement took place a year ago, the treasury continues to search for information about cryptocurrency transactions in order to better control taxpayer statements. The aforementioned plan provides the following:

[The treasury] will continue to perform the same tasks as in previous years.

Treasury officers consider international cooperation to be a key element in achieving their goal. They also encourage their participation at international forums that will help strengthen this cooperation.

However, even with this legal vacuum, the Spanish authorities have asked several taxpayers to reveal and declare their crypto-related operations from the years 2017, 2018, 2019, and 2020 according to local media. Jesus Lazaro, a lawyer, stated that the treasury is reporting all the burden on taxpayers since the state has no data about cryptocurrency transactions.

Lastly, the plan excludes new tech like NFTs from its scope. These elements have seen significant growth in the last year.

What do you think about the new resolution of the Spanish Treasury that postpones the elaboration of crypto-specific tax models until 2023? Please leave your comments below.

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