In the new world of crypto coins, there is no accounting legislation or a specific legal framework for them, but emission or mining is recognized as tax evasion and even computer crime in the case of not being declared to the Treasury, such as In turn, the Crypto-currencies will be taxed differently according to the use we give them and we will be able to base ourselves on consultations with the General Tax Directorate (DGT), the Institute of Accounting and Audit of Accounts (ICAC) or even the Court of Justice of The European Union (ECJ), while we wait for specific legislation. Banks and notaries are behind the sales and purchases that we do traditionally, not so with crypto-currencies because they are not centralized, that does not mean that we do not have to declare them, because the profits are reflected and we should save emails and transfers Banks for crypto-currencies, as well as cryptographic traces as evidence of our revenues.
We would distinguish several groups, each with a different taxation:
- The traders, who in turn divided into exchanges and speculators.
- The miners.
Operators: Exchangers and shops
The exchanges are those persons or entities that profit from the exchange of currency, provided that one of those currencies is a crypto coin. Here we must also divide the activity of exchanger into two: on a personal basis by taxing in rent or by a corporation taxing in societies.
Through a partnership: The ICAC through the resolution of a consultation dictated: “the crypto-currencies will belong to the group of Inventories if they are destined to be transformed into financial availability through the sale as ordinary activity of the company”, this means That at the time of acquiring the crypto-currencies, these are accounted for at their cost (the price at which we acquired them), at the end of the year if the net realizable value (VNR) is lower than the acquisition value, a deterioration will be made and accounted for As an expense in the exercise; In the case of a subsequent rise in the price of Bitcoin and the VNR exceeds the acquisition value, at most the previous deterioration up to the purchase price can be reversed (the price of Bitcoin can not be revalued above the purchase price). In this area, the DGT makes clear, following certain queries, that the purchase and sale of Crypto Deductions are subject but exempt from VAT, in this way, VAT is supported and not deductible.
Personally: You simply pay in rent the profits resulting from the income obtained by the sale of the crypto-currency, the expenses of the purchase of that CryptoDivisa and other expenses related to the activity.
All this taking into account that the exchange and the exchange of currency occurs between FIAT money and a crypto-currency, it is not contemplated the exchange between two crypto-currencies, it is incurred in a patrimonial alteration of which it does not exist, until the moment, no consultation.
“Within the IRPF, they tax as equity gains and losses and only at the time of their sale, exactly like any other asset”
Any person who has Bitcoins or another crypto-currency must declare to the Treasury the possession of these even if the legislation in force is not clear and there are no consultations in this regard, since there may be an obligation to present, in addition, the new model 720 of Cristóbal Montoro in which All assets of taxpayers abroad must be declared. We then enter into the paradox of knowing whether or not the crypto-currencies we have been abroad. However, in Spain for example, applying the Income Law, it is established that there is a gain in equity when there is an alteration in the valuation and composition of the equity (both premises must be given). For example, exchange an ARCELOR share for another That gives us the same rights would not fulfill the premises to establish it as equity gain since the alteration of the valuation complies (the value of the shares varies) but the composition of the equity not (we have the same, of different value) Then by selling A crypto-currency for FIAT money would produce a profit, we went from having FIAT money to having a Criptodivisa also modifying the values of them. In this way, we would tax 19% to the 6,000 € in profit, 21% to 44,000 € and 23% from 44,000 €
In this case and applying the same Law of Income, the exchange between CryptoDivisas should also be declared, since it complies with both premises, it alters the valuation and the composition of the patrimony.
They are those that generate crypto coins by computational power and, in Spain, since September 2016 it is mandatory that all miners are registered in the Treasury and Social Security under the corresponding headings, it will be considered as autonomous, must pay the monthly fee And the benefits must be declared as an economic activity. The balance obtained as a result of expenses, income and investments is the benefit to be settled in the IRPF or in the corporation tax, depending, of course, on whether we carry out the activity as a natural or legal person.
Governments will not be left behind, the desire for centralization and collection will not end with crypto coins but, as we will discuss in another article, governments will adopt and try to control crypto-currencies from within. At the moment we are left with these legal guidelines, because: “Ignorantia juris non excusat“ or so that we all understand: “The ignorance of a law does not exempt from the fulfillment of this”