New cryptocurrency regulation is stuck at the end of the year: this is what you should remember if you have done business with them in 2023

Impuestos y criptomonedas
  • The disagreement between the Treasury and the Council of State is delaying the publication in the BOE of regulation and forms to declare the cryptocurrencies handled during 2022, reports Vozpópuli.
  • Currently, there is only an obligation in Spain to declare them whether or if they have been earned or lost with them or if they are part of a high heritage.

There was a time to talk about cryptocurrencies, cryptoassets, smart contracts and blockchain technology amounted to making it from a medium-clandestine world that often moved in dark corners of the Internet, far from laws and regulations, with all that means: freedom in exchange for dispropriation.

But cryptocurrencies form in an increasingly clear way of public conversation, although it has taken time to do more than many vaticinated years ago. They’re already part of the Mainstream.

Investors know that, above all, the Government and the Treasury, who have long been trying to update regulations and forms so that everyone who has operated with cryptocurrencies in 2022 can declare them with rigor and transparency.

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Management, however, is becoming more difficult than it seemed at first. Although the project has been in place since the beginning of 2022 and has been speculated with the publication of the forms and regulations at the end of the summer, the months are going to pass and time is run out for this to enter into force in 2023 with an obligation for taxpayers to provide the data for 2022.

Among the reasons for this delay, explains this Friday Vozpópuli, the outrages that have recently arisen between the Tax Agency (AEAT) and the Council of State, the highest advisory body in Spain.

In particular, what is happening, this means is that on the one hand the Treasury is in favour of establishing among the declarants the obligation to provide as much data as possible. This worrying approach to the Council of State, which believes that some of the Spanish fiscus information requirements could go against data protection laws.

Among each other are the taxpayers, who are currently awaiting the publication of the 172 models, dedicated to the balance of virtual coins; 173, which must report on the operations that have been carried out with them, and 721, which will affect the cryptocurrencies that are handled abroad.

Currently, as he explained a few months ago Business insider spaña, There is only an obligation to declare cryptocurrencies if business has been done with themwhether it’s good or bad.

This means, for example, that we should not do it if the only thing that has been done during 2022 is to buy digital coins.

Nor in the case that the only thing that has happened is that the value of the digital portfolio has increased or decreased over the past year. In short, if the cryptocurrencies have been acquired and, in a follow, nothing has been done with them for now, and in the absence of seeing what the new regulations, they should not be declared.

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A case apart those in which cryptocurrencies are part of a high heritage. In these contexts, specialists clarify, cryptocurrencies must be part of the archiconocide Heritage tax, which should only submit the declarants whose property exceed 2 million euros.

In the absence of the publication of the new regulations, therefore, the cryptocurrencies must be declared for now only if they have been taken, i.e. if, after your purchase, they have been sold, there are profits or losses.

In 2022, the second possibility is much more likely, given the context of overall cooling of the economy, which has been hitting the crypt world strongly since last April. With inflation, many investors have chosen to abandon volatile bets such as cryptocurrencies in favour of shelter values such as national debt and gold.

As a result, for example, bitcoin, the main cryptocurrency and the one that usually throws all others, has collapsed from the 40,000 euros marked last spring to the just over 15,000 with which it is going to close the year.

It’s not entirely bad news for investors. Since it should also be necessary to declare and regularize exercises from before 2022, experts say, this year’s losses may compensate for the profits of previous years, which can facilitate the taxpayer to pay less taxes.

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It must be remembered, as this midway explained in April, that, in the course of the sale, this is an heritage gain derived from a transmission, so it is integrated into the basis of savings with the types between 19% and 23%:

In particular, if the earnings of operations with cryptocurrencies are less than 6,000 euros, the income tax payment is 19%; if they are more than 6,000 euros, it corresponds to 21%; and if they are over 50,000 euros, it is 23 per cent.

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