Spanish tax agency to send over 328K notices to crypto holders

The Spanish Tax Administration Agency (AEAT) is increasing its efforts to charge the local holders of crypto assets. The AEAT intends to dispatch 328,000 warning notices to those who should pay their taxes on crypto for the 2022 fiscal year.

According to the local newspaper El Mundo, the number of notices increased by 40% in a year, with 150,000 warnings in 2022. However, the fiscal authorities appear to be taking the matter seriously only recently, with just 15,000 notifications in 2021.

However, such activity isn’t focused solely on crypto, with more than 660,000 notices to be sent this year to those who underreported their rental income and 807,000 for their income abroad.

The notices represent the voluntary invitation to pay the tax, which varies between 19% and 23% for gains obtained through selling digital assets. Those who won’t pay the taxes in time would be subject to an additional 26% fine, calculated from the number of unpaid funds.

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According to the National Securities Market Commission’s August 2022 report, 6.8% of Spain’s population holds crypto assets. The majority of them are aged 35 to 44, have higher education and earn over 3,000 euros (around $3,300) monthly.

Spain holds the first spot in Europe by the number of crypto ATMs with 231 machines, roughly 15% of the total amount. Globally the country stands fourth after the United States, Canada and Australia.

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