Declaring Bitcoin tax in Spain is a headache, experts believe

Declaring Bitcoin tax in Spain is a headache, experts believe

According to experts who attended a recent meeting, declaring the Bitcoin tax to the government of Spain when it has to be done by the population is a headache.

At the beginning of the year, it is common for governments around the world to open an income tax filing period for their populations, who must calculate and declare the previous year’s income. For example, taxes can be levied on those who comply with the rules.

However, since cryptocurrencies are a new sector, their declaration is a complicated task for many people, who do not know how to do this procedure. Apparently the problem is not unique to Brazil.

“Declaring Bitcoin tax is a headache,” says economist from Spain

Economist Ruan Ramón Rallo, who has a YouTube channel with 410,000 subscribers, has been promoting a live on taxation of cryptocurrencies in recent days. According to him, this technology was created to evade inspections, but the state continues to look for these assets.

According to Ruan, whether you like this topic or not, it is important for those who have cryptocurrencies to know about taxes to know what such obligations are. And in the case of Spain, the discussion made it clear that when it is necessary to declare cryptocurrencies, the headache sets in, as the rules that investors have to comply with are not clear.

Because it is difficult to provide information in the sector, many leave the tax authorities behind about their assets. According to Alberto Toribio, who attended the meeting, seven million Spaniards are investing in cryptocurrencies, citing data from December 2021, with Spain being one of the countries with the most activity in the segment in the entire European Union.

The experts made it clear that while the Spanish government does not make the rules clear, investors in cryptocurrencies, NFTs, tokens and items related to the sector do not fail to send information to the government.

It’s in Brazil?

In Brazil, the RFB Normative Instruction No. 1888 of May 3, 2019 informs about the mandatory provision of information by Brazilians about this sector. Last Monday (7) the annual income tax return was opened, which runs until April 29.

In addition to the annual return, investors and brokerage firms may be required to provide monthly information. In other words, in Brazil the rules are already clear about how the declaration works and, even if the practice is a headache, it is still possible to understand and declare safely.

To clear up some doubts, recently the live coins live on Instagram with accountant Ana Paula Rabello, of Declarando Bitcoin, which may help clarify matters better for investors who don’t know where to start.

Source: Live Coins