Spanish tax authority to send more letters to crypto traders this year, despite coronavirus

The Spanish tax authority, the AEAT, is set to send more letters to crypto traders this year, despite the coronavirus pandemic.

From April 1 - June 30, the AEAT would send notices to 66,000 cryptocurrency holders to remind them of their tax obligations, according to a report from Europa Press earlier this week.

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That number is nearly 350% higher than the last year of 14,700, per the report. The AEAT is also targeting those who earn rental income and foreign income.

Crypto in Spain is subject to capital gains tax. The tax rate ranges from 19% to 23%, according to Spanish tax consultant GM.

Spain's tax authorities have been active in the crypto space since as early as 2015. Most recently, they contacted over 60 firms, including crypto exchanges, to get information on traders.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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