Spanish tax authority to send more letters to crypto traders this year, despite coronavirus
April 3, 2020, 5:05AM EDT
1 min read
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.
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.