The Spanish Government’s Tax Administration Agency (AEAT) is taking serious action to collect taxes from local holders of digital assets.
As part of this effort, the agency plans to send notifications to 328,000 traders across the country.
This marks a 40% increase in the number of notifications sent out compared to last year. In 2020, the AEAT sent out around 230,000 notifications to remind people of their obligation to pay taxes on cryptocurrency holdings.
However, this year, the number has risen to 328,000, with only 15,000 being sent in 2021.
It’s important to note that receiving a tax notice is not an official warning, but rather an invitation to voluntarily pay taxes.
The tax rate can vary from 19% to 23%, depending on the amount of profit made.
The AEAT’s crackdown on taxes is not just limited to cryptocurrency owners.
The notifications will also be sent to owners of real estate for rent and people who receive income from abroad.
Interestingly, in early February, the Spanish rehabilitation center, The Balance, added treatment for cryptocurrency trading to its list of services.
This move highlights the increasing popularity of cryptocurrencies in Spain and the need for proper taxation of these assets.