Cryptocurrencies must be declared in personal income tax like any other currency.
The criptomonedas must be declared in the Income Tax of Individuals (income tax) and any other currency at the moment even without specific regulations in the Spanish legal system, according to lawyer Maria Esther Gonzalez , a specialist in taxation Arag.
González explained that the Treasury is not aware of these operations “because they take place in channels that are not supervised, as is the case with banking,” Arag reported this Wednesday in a statement.
According to her, the fact that cryptocurrencies escape the control of financial institutions does not imply that they should not undergo any control.
In addition, he believes that the law that regulates personal income tax “allows us to understand that cryptocurrencies are within its scope of application”, so it would be necessary to act in the same way as if it were euros or dollars.
Even so, María Esther González considers that “most of the people who do not include them in their income tax return do so due to ignorance .”
If a company pays an employee in cryptocurrencies, González recommends applying the same criteria as for any other currency: declaring the remuneration as earned income.
Investment product performance
Regarding the returns of investment products, the rule on capital gains and losses that implies the corresponding personal income tax taxation must also be applied.
The lawyer adds that no standard determines the type of information that companies that operate with cryptocurrencies in financial markets must declare or that operate with them, but companies and individuals must be cautious to avoid a later claim, she warns.
González recalled that, according to Model 720 of assets and rights abroad, it is mandatory to declare all investment outside the border and all purchase of a property over 50,000 euros with any payment system, and the obligation does not prescribe.