It is reported that Spanish AEAT plans to issue 40% more warning notices than in 2022.
The Spanish Tax Administration Agency (AEAT), also known as Agencia Tributaria, is escalating its efforts to tax local cryptocurrency asset holders.
According to the news report shared by the local newspaper El Mundo, the agency plans to issue 328,000 warning notices to individuals who must pay taxes on their cryptocurrency holdings for the 2022 fiscal year.
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As reported by El Mundo, the number of warning notices grew by over 40% within a year, jumping from 230,000 in 2022.
However, it is worth noting that this issue has only recently been taken seriously by Spanish AEAT, as in 2021, it sent only 15,000 tax notices.
However, the increased scrutiny isn't exclusive to the crypto sector. The AEAT will also dispatch more than 660,000 notices this year to individuals who have underreported their rental income and 807,000 to those with undeclared income from abroad.
These warning notices act as an invitation for recipients to voluntarily pay the tax ranging from 19% to 23% on gains derived from selling digital assets. Those who neglect to pay the taxes in a timely manner will be subject to an additional 26% penalty based on the total amount of unpaid funds.
It appears that Spanish crypto investors aren't the only ones avoiding paying crypto tax. The Swedish cryptocurrency tax platform Divly estimated that only 0.53% of global crypto investors paid their taxes in 2022. This report showed that around 1% of Spanish crypto investors actually paid their crypto tax.
