- There is no specific regulation for virtual currencies, but if they are used as a payment method, the Treasury does claim the consequent taxes.
Doubts about bitcoin continue to grow as it grows in popularity.GTRES
There is no official market for cryptocurrencies. They are "virtual currencies that can be exchanged and operated as a means of payment to buy objects and pay for services through the network , and as an element of speculation insofar as they are listed on unregulated markets", as explained by experts from the legal sector. What does this mean? That their value is not exclusively linked to the behavior of a specific economy and depends on the commitment of users to maintain their price when converting them to traditional currencies. Precisely here is the key to the question: “they are beyond the control of governments and financial institutions, without being subject to aspecific regulation ” .
However, the National Fraud Investigation Office has asked, since 2015, information about the accounting books from all companies that know or suspect that they can move cryptocurrencies, and recently the Tax Agency has sent a series of requirements to different companies in order to complete the information obtained to date.
The question that arises is, if they are not subject to a specific regulation, am I obliged to report my capital in virtual currencies? No, as a general rule, but what happens if I use cryptocurrencies as a means of payment?
According to the Court of Justice of the EU, virtual currencies, such as Bitcoin, are a means of payment analogous to traditional currenciesand, therefore, they can be exchanged tax-free throughout the common territory. This was explained by him following a query raised in 2015 by the Swedish Supreme Court on the occasion of the Hedqvist case. However, art. 135 Directive 2006/112 of the European regulations on VAT provides an exemption for operations relating to foreign currency, banknotes and coins that are “legal means of payment”.
In summary: if they are used as a means of payment, the corresponding VAT recorded by the transaction must be paid , but in euros, because the Treasury does not accept virtual currencies to pay taxes.
This apparent legal vacuum has generated in the Ministry of Finance the concern to draw up certain guidelines on the subject, as included in questions e) and g) of the section 'Investigation and verification actions of tax and customs fraud' Annual Control Plan Tax and Customs 2018, which allude to cryptocurrencies are an issue that is still subject to analysis and investigations regarding their "tax incidence of new technologies" or "the traffic and trade of all kinds of illicit goods" through from the 'deep web'.
So, do you have to declare each sale made with virtual currencies?
As the experts indicate, “there will be an obligation to reflect cryptocurrencies in the income statementif they have operated with them and obtained a profit or a loss, as in the case of a sale in which the cryptocurrencies are traded for a price different from the one at which they were acquired, and they will be taxed as well as capital gains or losses ”. In other words: "even if the benefit with cryptocurrencies is not made effective -in real money, it is necessary to pay taxes for those benefits", since the Tax Agency must have evidence of them who, "if any error is found in the self-assessment of Personal Income Tax, it will warn the taxpayer and claim the debt, which must be paid together with the default interest ”and a penalty“ which generally ranges between 50% and 150% of the amount that was left unpaid ”.
To verify the capital gain and to be able to declare the operations carried out with cryptocurrencies, it is necessary to calculate “the difference between the acquisition value and the transmission value, excluding expenses (generally commissions ). In the event of capital losses, they can be offset with other capital gains ”.