Why does the Treasury include it and what do we have to do with it?

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This year’s Income Statement comes with news. And one of them is the introduction of a new dedicated box for cryptocurrencies. As of April 6, we will be able to start carrying out the procedures with the Treasury and we must keep this change in mind in case we have Bitcoins or other virtual currencies.

To date, cryptocurrency balances had to be included in a generic section of ‘other assets’. However, the Treasury has decided to separate this type of assets with its own section. It is an administrative change, more focused on facilitating the Declaration and making it easier for the taxpayer to find where to place their cryptocurrency declaration.

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The Treasury’s motivation to include this new box is promoted by the increased popularity of this asset. In mid-2021, the new Anti-Fraud Law came into force, establishing the obligation to declare the balances of virtual currencies. The inclusion of this new box for cryptocurrencies is in line with the regulation that the Treasury is carrying out.

This is how box 46 works for cryptocurrencies

Treasury Cryptocurrencies

Last February, the BOE published the different declaration models for this 2022. In it you can see the inclusion for the first time in the history of a box for cryptocurrencies: box 46.

In previous years, cryptocurrencies had to be placed in box 389 ‘Other capital gains to be included in the tax base of savings’ and recently in the section ‘Other assets and rights of economic content’. Now they will have a much clearer dedicated section.

The new section will appear under the title of ‘Balances in virtual currencies’under the section ‘Other gains and losses arising from the transfer of assets’.

Box 46

When should we declare cryptocurrencies?

The obligation to present the Income Statement is when the income through payroll, interest, dividends and cryptocurrency earnings exceeds 1,000 euros. In case the income exceeds this amount, even with a lower profit we will have an obligation.

Here it is good to point out the concept of profit. In other words, having cryptocurrencies as such does not imply that we have to declare them, it is when we sell them and movements are made with them. At the moment we obtain a benefit from having cryptocurrencies, be it for example by converting them to euros or exchanging them for others. A 19% withholding will be applied to the first 6,000 euros of earnings.

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Cryptocurrency earnings can come from different places. Be from a sale; for interest and income from keeping them in an exchange; by referral programs or airdrops or by directly mining them. Regardless of the way in which we have obtained a profit, we must declare them. Now, with a box dedicated to ‘Balances in virtual currencies’ that is much more visible.

In Xataka | A new regulation for cryptocurrencies in Spain comes into force: how it affects and what obligations are added

This year’s Income Statement comes with news. And one of them is the introduction of a new dedicated box for…

This year’s Income Statement comes with news. And one of them is the introduction of a new dedicated box for…

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