Spain’s Treasury Department Issues 1.5k Crypto Tax Warnings

The Treasury department of Spain has issued more than 1500 thousand tax warnings to citizens with warnings that they may have to pay tax on their Bitcoin and cryptocurrency transactions. The country’s Treasury also warned cryptocurrency exchanges, private companies, banks and private brokers that they must declare any money that they have made on cryptocurrency-related deals.

First reported by Rioja2, the digital currency news cited the Treasury warning to individuals through the following statement:

“According to data available to the tax authorities, you have carried out transactions using cryptocurrencies. We would like to remind you that profits generated in such operations constitute income subject to IRPF (Spanish Income Tax for freelancers).”

The press release also cites:

“…the agency under the Ministry of Finance notes that the number of notices to  taxpayers who have made “real estate rental ads  in different advertising media, including the Internet” is  around 700,000.The figure, once again, represents a strong increase since it is almost three times the 250,000 notifications of the previous year…”

According to another media outlet, almost 14,700 people received the “crypto warnings” this week including 470 residents of Murcia. The IRPF tax returns for FY2018 must be returned by June this year.

Finally, the agency has also warned more than 14,000 tax payers who have carried out some type of operation with cryptocurrencies and recalled “that the profits generated in these operations constitute income subject to IRPF.” The Treasury said that this is the first year that this type of warnings were made and have been carried out from information from the National Fraud Investigation Office (ONIF) as well as requirements that have already been sent to banks, companies, intermediaries and other exchange houses.

Meanwhile, in Colombia, the head of the Congressional Commission of Entrepreneurship has drafted a bill that – if passed – would impose a new set of regulations on the country’s budding cryptocurrency exchanges.

In Colombia, trading Bitcoin and altcoins has been booming over the past year and there is record-breaking crypto trading taking place across the entire Latin American region. However, it seems like this has not gone unnoticed by Colombian financial authorities.