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 <p class="is-style-lead">Spain introduces a new <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> tax regulation requiring residents to declare their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency holdings on <a rel="noopener noreferrer nofollow" title="foreign" href="https://thebittimes.com/tag/foreign.html">foreign</a> platforms by March 2024.</p>
 <p>Spain has introduced new tax regulations requiring residents to declare cryptocurrency holdings on foreign platforms. This directive was issued by the Spanish Tax Administration Agency, Agencia Tributaria, which has created a specific tax form, Form 721, for declaring virtual assets held overseas.&nbsp;</p>
 <p>The regulations stipulate that both individual and corporate taxpayers in Spain must report the value of their cryptocurrency holdings on foreign platforms as of Dec. 31. The reporting period for this declaration begins on Jan. 1, 2024, and concludes at the end of March 2024.</p>
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 <p>Notably, the <a rel="noopener noreferrer nofollow" title="declaration" href="https://thebittimes.com/tag/declaration.html">declaration</a> requirement applies to those whose <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency holdings exceed €50,000. For those with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets in self-custodied wallets, the existing wealth tax form, Form 714, is to be used for <a rel="noopener noreferrer nofollow" title="declaration" href="https://thebittimes.com/tag/declaration.html">declaration</a> purposes.</p>
 <p>This move is part of the Agencia Tributaria’s broader initiative to monitor and tax <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency assets more effectively. In April 2023, the agency issued 328,000 warnings to residents who failed to declare their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets, reflecting a significant increase from the 150,000 warnings issued in 2022. The escalating number of warnings underscores the agency’s growing focus on ensuring compliance with <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> tax regulations.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/spain-enforces-new-crypto-tax-law-for-foreign-asset-declarations-tbt71968.html">https://thebittimes.com/spain-enforces-new-crypto-tax-law-for-foreign-asset-declarations-tbt71968.html</a></p>

Spain enforces new crypto tax law for foreign asset declarations

TheBitTimes

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