The Spanish Tax Agency is working on two tax forms to declare digital currencies to the tax authorities. These are the ‘Modelo 172’, an informative model in order to declare balances, and ‘Modelo 173’, an informative model for the declaration of crypto transactions.
The ministry recently introduced new regulations regarding the declaration of digital currencies to the tax authorities. The Tax and Customs Administration is rushing to have the new regulations come into effect in 2023 and this week the order was given to prepare the two new forms.
Taxpayers must submit the models in January containing the balances of December 31, 2022 and all transactions carried out in 2022. The forms can only be submitted through the telematic system.
In principle, the declaration is made just like other declarations, using an electronic signature. If something goes wrong, the Tax and Customs Administration will display an error message.
As revealed earlier this month, individuals and entities domiciled in Spain and owning cryptos, as well as companies based in Spain and providing services related to the storage and transfer of digital assets, are required to file an informative annual return, showing the amount of cryptos involved.
The intention is that tax payers can indicate exactly which types of cryptos are involved and the exact amounts. In addition, the value of the indicated cryptos must be entered. For this, the tax authorities use the valuations on the best-known digital currency platforms on December 31, 2022.
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