The 2021/2022 Income Tax Return filing campaign is entering its final stretch. What happens if you don't file it on time?
April 6 The 2021 Income and Assets campaign started, which included, as a major novelty, a new box to declare the profits obtained through the sale of cryptocurrencies.
The campaign ends on June 27 for all those with a result to be paid and with direct debit, while for the rest The deadline for submission will be June 30The final deadline to request an appointment at the Tax Office will be June 29.
If you do not file your tax return within the deadlines set by the Ministry of Finance, the following penalties apply:
- Positive: If the declaration is positive, i.e. “you have to pay”, you will have to pay a 1% surcharge plus an additional 1% for each full month of delay with respect to the deadline for filing. If the declaration is filed 12 months late, the penalty will be 15% and all other penalties will be waived.
- Negative: If the declaration is negative, i.e. “if you are entitled to a refund”, and you do not submit it on time, you will be subject to a “minor penalty” consisting of a fine of 200 euros. However, if the declaration is submitted after the deadline, even without prior notice, the penalty will be half (100 euros).
According to data from the Ministry of Finance, almost 3 million declarations have been submitted with a positive result, while more than 7 million users have received the refund, the amount of which amounts to 4.895 million.
The new box to declare cryptocurrencies
For the first time in Spain, more than seven million people will have to include the Cryptocurrency earnings in their income tax return. The Treasury has included the New box 46 of “Virtual currency balances””, which we must use to specify the cryptocurrency balances that we have.
This box appears in the generic section “Other goods and rights of economic content”, in the draft of the Wealth Tax (IP) declaration, form D-714).
In this box, we will have to fill in the following fields:
- Percentage of ownership
- Denomination or type of virtual currency
- number of units
- Value in euros.
However, it will only be mandatory to check this box if we have sold or exchanged cryptocurrencies throughout 2021 and we have obtained profits exceeding 1.000 eurosIf we have incurred losses, we will not have to declare them, although it is advisable to do so, since they could offset our annual profits.
If you have made profits of more than 1.000 euros with cryptocurrencies and have not included them in the declaration, the Treasury could apply a Penalty of up to 150% of the value of the profit, as indicated in the Annual Tax and Customs Control Plan for 2021.
How are cryptocurrencies taxed in Spain?
Cryptocurrency taxation is divided into the following sections:
- Up to 6.000 euros: 19% is paid.
- 6.001 to 50.000 euros: 21% is paid.
- 50.001 to 200.000 euros: 23% is paid.
- From 200.001 euros: 26% is paid.
On the other hand, if you have lost money when buying or exchanging cryptocurrencies, we can compensate you with the profits derived from other transmissions. up to 25% with respect to the return on capital.
If you have questions about how to include cryptocurrencies in your income tax return, we invite you to consult the Bitcoin and other cryptocurrencies taxation and taxation course, where you will find all the information you need on this topic.
