Agencia Estatal de Administracion Tributaria (AEAT), the Spanish authority in charge of the national tax and customs systems, has started filing tax returns for crypto investors and other taxpayers in the country.
AEAT issues tax returns to crypto investors
Although the country found itself in an amazing situation during the coronavirus outbreak, the tax authority did not give in to send tax returns to exactly 66,000 cryptocurrency traders and investors in Spain, according to a report from a local news agency.
AEAT started publishing the announcement on April 1st and according to the report it will last until June 30th. Compared to previous records, the number of tax notices issued by AEAT to taxpayers, including those dealing with digital currency, is increasing every year.
Approximately 66,000 tax returns
As of last year, the Spanish tax authority only issued 14,700 tax returns to crypto investors. However, the number has increased significantly to around 66,000. The surge may indicate a lot of interest in cryptocurrency in the country.
It is worth noting that the rapidly growing interest in cryptocurrency in Spain has also caught the attention of AEAT, as the agency has primarily targeted companies related to digital currencies, according to reports from the past two years.
At the time, AEAT mainly focused on cryptocurrency exchanges and ATMs, financial companies, and other companies that supported digital assets as a payment option. There were now only 16 companies registered in these categories in Spain, according to an analysis by the National Fraud Investigation Office (ONIF).
Are messages coming at the wrong time?
There are reportedly a large number of confirmed cases of the coronavirus in Spain. The nation sees at least 110,000 cases to follow Italy and the United States. In total, over a million cases of the virus have been reported worldwide today.
If so, the tax notices for crypto investors in Spain could work as planned as the number of new cases normally reported in the country stabilizesAccording to a spokeswoman for the Emergency Coordination Unit of the Spanish Ministry of Health, Maria Jose Sierra. She commented:
We continue with an increase of around 8%. As we have already seen, this indicates a stabilization of the data we have registered.