The situation in Spain may be critical considering the health crisis and the horrible loss of life, but the local tax agency - Agencia Estatal de Administración Tributaria (AEAT) – continues sending notices to the cryptocurrency traders under its jurisdiction. They can expect such notices to be sent between April 1st to June 30th. The country has about 66,000 local cryptocurrency investors. The agency is also collecting data from over 60 cryptocurrency platforms and exchanges.
Spain has been taxing digital currencies under the capital gains tax laws. According to the agency’s data, this year the number of sent notices has increased a lot which means there has been a surge of cryptocurrency investors, likely due to the imposed strict quarantine.
No one likes taxes but hopefully these money will go toward supporting people suffering from the health crisis.
I imagine they see large balance sheets. With only 66k crypto traders in the country, there must be some monetary incentive for the tax agency to do this now.
Or they seriously need the money or need something to do.
Maybe they are hoping to find more?
That’s always possible. Perhaps they’re also see large amounts of money move out of retirement and investment accounts since the start of the pandemic.
Because of all the casualties?
Hopefully not the case.
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I really hope so too. It would be horrible otherwise.