While the global crypto market is beginning to become saturated, some have started to sneak their way out of reporting their taxes. However, according to the latest report, the Spanish tax authority wants to fish out these individuals by sending out notices.
On April 11, local media outlet El Mundo reported that the Spanish tax agency will send out 328,000 notices to individuals who owe taxes on their cryptocurrency holdings for the 2022 fiscal year.
Unreported Crypto Taxes Surges 40% In A Year
According to the report, these pending notices set to be dispatched represent a 40% increase from the 150,000 notices sent out in the previous year, and a significant jump from the 15,000 notifications issued the year before that.
Although the focus has been on cryptocurrency, the agency will also send out notices for other tax-related issues. Thousands of notices higher than that dispatched to crypto holders will be sent out.
Related Reading: How Spain Could Force Crypto Holders To Disclose Their Funds
For instance, this year alone, over 660,000 notices will be sent out to those who underreported their rental income, while over 807,000 will be sent out to individuals earning income from abroad.
Notably, the notices set to be dispatched are seen as voluntary invitations to pay taxes on profits gained from selling crypto holdings. This range from 19% to 23%. However, failure to pay taxes on time will result in a 26% fine, calculated based on the amount of funds yet to be paid.
Spain’s Stance On Crypto
While some countries are still far away from leveraging the potential of crypto, Spain is one the countries that have embraced crypto in a notable manner. According to the National Securities Market Commission (CNMV), n
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Author: Samuel Edyme
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