The Spanish government plans to develop Forms 172, 173 and 721, which are being promoted by the Treasury.
The country has recognized the exponential growth in the use of cryptocurrencies in Spain.
Companies and investors linked to Bitcoin (BTC) in Spain are required to report their holdings and movements to the country “expectedly” in 2022, according to a state decree. Therefore, details of this first announcement will be available as soon as 2023.
This was established in the annual plan for tax and customs control for the year 2022, which was presented on Monday, January 31, 2022 in the Official Gazette of the State.
The document states that the Spanish government intends to develop the Treasury’s information models on cryptocurrencies this year, which are protected by Law 11/2021. These are the 721, 172 and 173 forms that have already been reported.
The government specifies that the first call to announce before the IRS about the holdings and movements of digital assets, through the above-mentioned forms, It will also take place in 2022. Therefore, the results will be announced next year.
Meanwhile, the government has talked about the Spanish taxpayer aid model. As explained by tax expert Jose Antonio I did well, The request for financial statements associated with income tax will be “enhanced”, such as notifications of transactions with virtual currencies and cryptocurrencies.
treasury tax forms
What the government says through the prospectus makes it known that it has decided to advance models that seek to regulate bitcoin from a tax point of view.
It must be remembered that in the case of the 172 and 173 models, Install with cryptocurrency exchange and other companies related to the ecosystem. First forces Report on the balances held by holders of virtual currencies.
second groups Obligation to report all operations carried out by a company linked to Bitcoin in Spain, such as acquisition, transfer, exchange and transfer.
The other form, 721, is directed against investors. As we mentioned on CriptoNoticias, this procedure requires advertising of cryptocurrency holdings on foreign exchanges above 50,000 euros (EUR).
What is convenient is that this model contains, as far as is known, a punishment system similar to that of Form 720, which was recently banned by the Court of Justice of the European Union, which also declared it “extremely repressive”.
Bitcoin usage has grown and so has the tax risks
According to Spain, During the year 2021 there was a huge growth in the investment of virtual currencies. However, “the tax risks involved in these operations.”
For this reason, they justify that in 2022, “procedures initiated in previous years” are retained, which seek to “facilitate the voluntary compliance with tax obligations deriving from the transactions executed, as well as the proper tax control.”
These “actions” are the development and detailing of the above models, as well as the continuation of tasks Related to obtaining information from various sources related to cryptocurrency operations.
The methodology and analysis of the information obtained on taxes and the strengthening of computer tools necessary to facilitate procedures for controlling transactions, are also part of the objectives of the government.
Likewise, they intend to strengthen international cooperation and participate in forums “in order to obtain information about operations carried out with virtual currencies.” The same in working groups where regulation is discussed.
What the Spanish state transmits can be translated into a running organizational movement, approaching it from various wings, for the sake of which they decided to try to withdraw initiatives. For Bravo, the economist, the call to crypto users in Spain is clear: “Watch.”