Cryptocurrencies were one of the market sensations last year. This furor boosted a good part of the main cryptocurrencies to their historical maximum price in 2021. This is the case of bitcoin, which between October and November was close to 70,000 dollars (close to 60,000 euros). The annual rise of the most popular of digital currencies was 65%.
Investors who dare to take the plunge and bet on cryptocurrencies are more and more. Around 14% of Spanish investors have money in cryptocurrencies such as or , a percentage that has skyrocketed in the last year, according to the third edition of the Bestinver and IESE Observatory of Savings and Investment. Specifically, there are more people who have bought cryptos in Spain than those who have corporate bonds or public debt to their credit.
However, it is convenient to know how this novel reality is taxed before the Treasury. Finect has where you can consult information about these digital currencies.
The National Securities and Markets Commission (CNMV) recalls that crypto assets can be elements that energize and modernize the financial system in the coming years. At the same time, the supervisor adds nuances to the statement: so far, they are a complex and risky investment, as well as little regulated.
is being one of the focuses of the Tax Agency. The treasury has redoubled its efforts to collect and supervise all operations with crypto assets.
Bitcoin in the Income statement
People who at some point in the past year bought Bitcoin or another digital currency must reflect this in the 2021 Income campaign. For practical purposes, investing in cryptocurrencies hardly varies from the way you buy or sell currencies, especially through a broker. Cryptocurrencies are declared in box 389, intended for “other capital gains to be included in the savings tax base.”
For the Treasury, the money obtained -or lost- with cryptocurrencies is considered a capital gain or loss. That is, a Bitcoin owner will pay between 19% and 26% in personal income tax in the next declaration. Until this past year the ceiling was set at 23%. Since 2022 the Government includes a fourth tranche that will already be seen in the 2021 Income.
The Tax Agency establishes that 19% is applied to the first 6,000 euros of capital gain, which rises to 21% for the next 44,000 euros (range 6,000 to 50,000 euros). When the declarant claims to have earned with investments in cryptocurrencies more than 50,000 euros but less than 200,000 during a year, the rate rises to 23%. The last tranche that is now released, taxes 26% of profits over 200,000 euros.
What happens in the opposite scenario, when there are losses? The declarant can offset them with gains from the transfer of other assets. He will have the following four years of Income to carry out this compensation.
But, how is the capital gain of a cryptocurrency calculated? Suppose that a person has bought bitcoins throughout the year and has taken a slice of them: that subject bought bitcoin at 6,000 euros and sold it at 30,000 euros months later. During the Income statement, you must reflect that you had a profit of 24,000 euros, to which a tax rate of 21% will be applied (except for the first 6,000 euros, which are taxed at 19%).
Other cryptocurrency taxes
The Treasury has warned since 2017 that cryptocurrencies are subject to wealth tax. In other words, the value of the crypto is added to the calculation of the declarant’s net worth, just as it is with stocks or with
In addition, digital currencies are taxed at 25% in Corporate Tax, depending on the difference between how much the cryptocurrency cost to buy it and the profit from the sale. Likewise, a 10% amortization for value impairment can be added.
Taxes for exchanging cryptos
A very common mistake is to think that it is not necessary to pay taxes on the money earned by exchanging some cryptocurrencies for others. Nothing is further from reality. In these cases, the Treasury understands that there is an alteration in the composition of the assets for which it is taxed, since there is a change in its value.
The logic of the Treasury is as follows: a person who decides that money after a month (now with a value of 2,000 euros, for example), is earning money (a capital gain). In addition, in theory, that investor must pay taxes individually for each and every one of the changes in Income.
Beware of fines
The Government approved the new tax fraud law in 2021. This makes room for fines for not declaring cryptocurrencies in a timely manner. The text includes the obligation to inform the holders of the cryptocurrencies stored abroad. And it extends the obligation to its beneficiaries, authorized persons and anyone who may dispose of them. “Virtual currencies located abroad of which one is the owner, or in respect of which one has the status of beneficiary or authorized or in some other way has power of disposal. Custody by persons or service entities to safeguard passwords private third-party cryptocurrencies. To maintain, store and transfer virtual currencies”.
The new legislation warns: “Failure to submit on time and submit information returns incompletely, inaccurately or with false information constitute tax offenses.” The sanctions can be high, specifically “5,000 euros for each piece of data or set of data referring to each virtual currency individually considered according to its class, which should have been included in the declaration, or had been provided incompletely, inaccurately or falsely, with a minimum of 10,000 euros.
It is mandatory to inform in the form 720 of declarations of assets and rights abroad about the possession of cryptocurrencies abroad. The translation is that a user must include their crypto assets in this model.
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