According to experts who attended a recent conference, announcing a bitcoin tax to the Spanish government is a headache whenever it needs to be done by the people.
At the beginning of the year, governments around the world usually open income tax returns for their people for a period of time, and people must calculate and declare their income for the previous year. Thus, taxes can be levied on those who meet the rules.
However, since cryptocurrencies are a new field, their declaration is a complex task for many people who do not know how to implement this procedure. Obviously, this problem is not unique to Brazil.
"Announcing a Bitcoin tax is a headache," says Spanish economist
Economist Ruan Ramón Rallo, who has a YouTube channel with 410,000 subscribers, has promoted in recent days a live event on the taxation of cryptocurrencies. According to him, this technology is designed to evade checks, but the State continues to push to find these assets.
Ruan said that whether you like the topic or not, it is important for those who have cryptocurrencies to understand what the tax is. In the case of Spain, the discussion clearly shows that the headache begins when it becomes necessary to announce cryptocurrencies, because the rules that investors must follow are not clear.
Many people fail to inform the tax authorities about their property due to the difficulty of providing information about the sector. According to Alberto Toribio, who attended the conference, citing data from December 2021, 7 million Spaniards invest in cryptocurrencies and Spain is one of the countries with the highest activity in this sector in the entire European Union.
The experts made it clear that investors in cryptocurrencies, NFTs, tokens and items related to the industry cannot afford not to send information to the government, despite the fact that the Spanish government does not specify it.
Is it in Brazil?
In Brazil, RFB Normative Directive No. 1888 of May 3, 2019, informs Brazilians of the mandatory provision of information about the industry. The annual income tax filing period opened last Monday (7th) and runs until April 29th.
In addition to annual declarations, investors and brokers may be required to declare monthly information. In other words, in Brazil, the rules on how filing works are clear enough that even if the practices are a headache, it is still safe to understand and file.
To explain some of the queries, Livecoins recently went live on Instagram with Ana Paula Rabello, an accountant from Declaring Bitcoin, which helped to better clarify things for investors who didn't know where to start.