The Spanish tax administration agency Agencia Tributaria announced the introduction of a new tax return form for reporting the movement of virtual assets by citizens of the country on foreign crypto platforms.
The Tax Department explains: private and corporate taxpayers are required to declare the entire amount of funds stored in any crypto accounts abroad as of December 31, 2023. The regulator’s requirements come into force on January 1, 2024.
At the initial stage of introducing new tax reporting, foreign crypto-assets whose balance exceeds the equivalent of 50,000 euros are subject to declaration.
Earlier, First Deputy Prime Minister Nadia Calviño, acting Minister of Economy and Digital Transformation of Spain, announced the government’s intention to shorten the transition period for the implementation of common European rules for crypto regulation MiCA.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
