After the approval of the Law against tax fraud in July 2021, the obligation to declare the cryptocurrencies was included in Form 720, declaration of assets and rights located abroad. Although the entry into force of this rule was not specifically established, it was understood that this obligation would already exist for the declaration of this Form for 2021, that is, the declaration that must be submitted before March 31, 2022 referring to the assets and rights abroad that the taxpayer had on 12/31/2021.
However, the Government has not yet developed a specific form for cryptocurrencyes, being close to the legal deadline for filing the declaration, so many taxpayers did not know how to declare them.
Last Friday, March 18, in a communication published on the page of the Spanish Tax Authorities, the following notice was reported:
- NOTICE: In the 720 Form, virtual currencies are not reported.
- The informative declaration on virtual currencies located abroad is not required with respect to the 2021 financial year”
You can view this notice in the link that we attach below, which corresponds to the Spanish Tax Authorities page to which you must go if you submit Form 720:
Consequently, the obligation to include cryptocurrencies abroad in Form 720, provided that the legal thresholds are exceeded, is postponed to 2022, that is, to the Form that is submitted before March 31, 2023.
For any matter related to this or other matters of tax relevance, do not hesitate to contact us.
