Overview of cryptoassets taxation in Spain for individual investors (Part 1)

2024-12-15T12:06:00
Spain
Spanish tax authorities have taken steps to determine the tax treatment of these digital assets

Overview of cryptoassets taxation in Spain for individual investors (Part 1)
December 15, 2024
The use of cryptoassets is rapidly gaining importance in the economic sector. Recognizing this trend, the Spanish tax authorities have taken steps to determine the tax treatment of these digital assets. In response to the increasing prevalence of cryptoasset transactions, the Spanish tax authorities have introduced new tax measures aimed at enhancing oversight and control over transactions involving these virtual assets.

In contrast, apart from certain reporting obligations introduced by Act 11/2021, no specific provisions regarding the taxation of cryptoassets have been incorporated into Spanish tax legislation.

Therefore, to determine their taxation, existing legislation must be applied, adapting its interpretation to their characteristics. To that end, there have already been several binding rulings from the Spanish Directorate-General for Taxation ("DGT") that have contributed to providing greater legal certainty regarding the tax treatment of cryptoassets.

This article analyses how individual investors resident in Spain are taxed on the various sources of income obtained from cryptoassets and on their mere holding.
Taxation under the Personal Income Tax (PIT) in Spain to income from cryptoassets. 

See complete article at: ThoughtLeaders4 Private Client. Issue 17, December 2024.
December 15, 2024