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concerning to buying and selling cryptos, I would like to know if you 2gether are going to inform Spanish Authorities in matter of taxes. I mean if no, we all should write it down each and every crypto operation in order to be able to declare gain/loss at the end of the economical year in the well known spanish IRPF.
If you are using the profit to buy something with the card then you don't need to report to the Spanish TAX authority. On the other hand, if you are cashing out EURO via ATM, you are depositing EURO to your bank account or you buy and sell crypto you should report it. I another word if you use crypto like you could use Dollar then you don't need to report it
Well.. I do not agree. Imagine you buy 10 eur in BTC, you store them in your wallet and after one week you use them to buy a 11 eur thing paying with the card because BTC value has risen. So you have gotten 10% profit, so you have to pay taxes for that, in the case of Spain, 19% so 0.19€.
Am I wrong?
Tu summarizes the answer we got from a Spanish specialist:
- According to a European Union Court of Justice (ECJ) ruling in 2015, bitcoin (hence any cryptocurrency) is considered as any other means of payment
- As such, capital gains tax only applies when you sell your crypto back to euros. In that case, it should be treated as any currency / forex investment
- Hence, if you spend your crypto from your card, no taxes would apply. It is like if I buy pounds today, I wait 6 months and then I go to the UK and spend them. It doesn´t matter if the price of the pound has doubled, I don´t pay any tax.
Of course, each country is sovereign and could have local rulings or even laws that could differ from this, but this is the general rule that we can share with the clients.
My recommendation is that if
you are going to move significant
amounts of euros and change them to Bitcoin,
then pay with the card from the BTC or ETH wallet,
the logical thing is to save the transactions of
these operations in case the day of tomorrow You
need to justify it before the Public Treasury.
Hello Manucre.
I have a friend who works in the Public Treasury, and for a while he recommended that all the transactions in exchange for cryptocurrencies that I have made for a future. That is to say, it has been a long time that he keeps each and every one of them. This does not mean that my friend is right but I just in case I do.
