Spain will apply taxes on exchanges between cryptocurrencies
Filed in the nation under number V0999-18, the document aims to regulate exchanges on exchange platforms depending on a number of factors
The Directorate General of Taxes of Spain issued a recent statement in which it stated that the exchanges of one cryptocurrency for another will now be subject to tax rates.
Filed in the nation under number V0999-18, the document aims to regulate exchanges on exchange platforms depending on a number of factors, such as:
- If for the purposes of the Personal Income Tax the exchange operations between different virtual currencies originate obtaining income.
- In the event of an affirmative answer to the previous question, it is proposed how to quantify the patrimonial alteration, since there are no official quotes.
- Likewise, if the answer to the first question was affirmative and in an exchange between virtual currencies a negative equity variation arises, it is asked about the integration of said loss in the tax base.
- If the consultant must communicate to the tax administration the realization of the operations of exchange and sale of virtual currencies through some model.
For their part, the authorities explain that when generating capital gains from the transaction of a cryptocurrency by another, citizens must declare the proper taxes if they wish to remain exempt from sanctions.
The calculation of taxes will be obtained by subtracting the value of the asset at the time of its acquisition and the one it possesses at the time of its declaration. Which means that, if someone buys 200 dollars in bitcoins today, but when he is going to declare to the Treasury his value is 250, then the tax will be a difference in price between both periods.
N. Moncada
Source: CoinCrispy
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