The 2021 Income campaign concludes and the first data of the declarations are already known. As a novelty, the Tax Agency has published the aggregate data declared by taxpayers of operations with cryptocurrencies. Nearly 35,000 returns filed in recent months have incorporated earnings from trading virtual currencies. They all add up to 759 million euros in profit during the past year, as explained by the Tax Agency in a press release.
It should be remembered that operations and holding are taxed by two taxes. With regard to personal income tax, which is affected by the Income Campaign, the profits or losses that have occurred in operations with these assets must be declared. It is the same that occurs with income from savings, where it is taxed according to what has been earned for these returns. During this campaign, the Tax Agency sent thousands of reminders to those who have had or have cryptocurrencies to include these operations in the declaration. In this case, it is only declared for the operations, not for the holding.
Second, it is taxed in the wealth tax. Those who must declare this tax - broadly speaking, those who have more than 700,000 euros, not counting part of the main home - have to declare how much they have invested in these assets. This has been the first Patrimony campaign in which a box has been included for those who have cryptocurrencies to declare them. According to data from the Tax Agency, there have been 1,275 filers who have reported holding 911.9 million euros in their cryptocurrency portfolios at the end of last year.
The Ministry of Finance and the Tax Agency have recently expanded the obligations for cryptocurrency owners. Among other actions, communications with exchange platforms have grown so that they report taxpayer data or the aforementioned information letters, in order to prevent these assets from being left untaxed. Recently, the Treasury has issued a Royal Decree in a public hearing that will increase the information obligations for the owners of these assets.
Thus, new informative documents have been launched, which will come into force next year to declare the activity of this 2022, among which the new model 721 stands out. Cryptocurrencies held abroad will be declared through this document. In addition, the creation of two other procedures has been approved to declare the balance at the end of each year and another to indicate the operations that have been carried out with cryptocurrencies during a year.
Regarding the Income Campaign, the Tax Agency indicates that it has already returned 7,293 million euros to more than 11.1 million taxpayers. Thus, 80% of the requested refunds have already been paid, the AEAT points out in its note. As expected, the Agency has received a slightly higher number of declarations this year (+1.9%), reaching the figure of 22,033,000, although, and in line with the latest estimates made, the declarations with a to enter grow considerably, while those with a result to return decrease. At the end of the campaign, 62.8% of the declarations have been submitted with a refund request, exceeding the figure of 13,833,000. In turn, 6,656,000 have given a result to enter (+10.5%).
Parallel to the Income Campaign, the one corresponding to the Wealth Tax has also been developed, which should be declared by those taxpayers with a quota to pay (after applying the corresponding deductions and discounts), and also those with a quota to pay that last year they had assets and rights worth more than two million euros. At the end of the campaign, more than 230,500 Wealth declarations have been registered and the amount to be deposited reaches 1,328 million euros. It should be remembered that this tax is completely subsidized in the Community of Madrid and is not collected among those who have a high net worth.