Tax Authority Warnings

Tax Authority Warnings

Crypto news Media Social
April 4, 2020 by Super System
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Bitcoin Tax

Spanish Tax Watchdog Puts 66K Crypto Traders On Notice

Bitcoin Taxes

In 2019 14,700 tax warning notices were sent out by the AEAT to cryptocurrency holders to remind them about their tax obligations. They have begun a similar campaign on April 1, 2020, and have already sent out 66,000 notices, a steep jump from the preceding years.

AEAT, a Spanish tax watchdog, is additionally targeting those who are earning income abroad, as well as from real estate investments.

Taxes Don’t Stop Just Because Of A Pandemic

The chief sales officer at Spain-based Bit2me, Javier Pastor, a crypto exchange, said that he believes that the government may be looking for ways to help pay for the giant cost the government has incurred during the COVID-19 pandemic by actively turning up the pressure on taxpayers.

He said that the Spanish government has nether postponed the date to file tax returns by nor the amount of tax owed payments due to the pandemic. While the measure would not have much of an effect on Spanish exchanges, he does believe that stricter transaction monitoring and KYC rules are coming soon.

The cryptocurrency sector is not regulated in Spain, so it’s unlikely that they will collect significant tax revenues from crypto owners. Pastor also noted that this is not much of a problem for long-established businesses in the country who have been doing the right thing, but more for going after novices by applying pressure to pay taxes.

In the past couple of years, national tax authorities have become more interested in the crypto-verse, and a series of measures have been implemented to oversee tax obligations on that front.

Growing Interest In Taxing Cryptocurrency

In 2018 the Spanish tax agency sent requests for information to 60 companies that have cryptocurrency associations, including those that accepted cryptocurrency as payments. These informational requests were asking the companies to provide details about owners of the accounts and the frequency of crypto transactions.

This was an expectation of local crypto exchanges as well. They were asked to identify crypto traders as well as detail their transactions.

 


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