Spain’s Treasury Ministry to Finalize Tax plans for Crypto in 2023

The Spanish Treasury Ministry has announced that it will postpone the establishment of a framework for declaring taxes for crypto-related assets until 2023. The country’s government has advanced its regulation discussions; however, the specifics of these talks remain unknown. As such, traders and holders will have to wait patiently for news surrounding their crypto-assets as regulators come up with ways to effectively tax these holdings.

The organization declared this postponement in its Annual Tax and Customs Control Plan for 2022, which surprised analysts expecting the details to be released this year. Currently, traders must observe and bide their time until the final decisions are released as they are unsure of how much tax they will need to pay in the future. Although the organization has not released details, it is reported that the models will be based on the anti-fraud law approved last July. The law established several obligations for cryptocurrency users regarding holdings outside Spain and VASPs (Virtual Asset Service Providers).

While the specifics of the plan will be announced next year, the ministry released a document stating its search for information regarding crypto-transactions is still ongoing. According to the document, the plan will “continue the tasks started in previous years related to obtaining information from various sources related to operations carried out with virtual currencies.”

In line with this, Spanish authorities have requested several taxpayers to reveal their crypto-related operations from 2017 to 2020. Attorney Jesus Lazaro notes that the treasury is putting all the weight of reporting on taxpayers since the state has almost no data regarding cryptocurrency transactions.

Lastly, the plan will reportedly exclude new crypto-developments such as NFTs, even if these have achieved significant growth in the past years.

Source: Bitcoin News