Lately in the economic forums and also in the media communication there is a lot of talk about virtual currencies, the best known, but not the only, the Bitcoin (Other Ethereum, Litecoin, Ripple). With these so informatic names are known some types of "cryptocurrency" that are being used for the purpose of investment or currency of payment by both professionals and amateur investors.

The doubts that arise now are not only about the future profitability of the investment and the financial consistency of the same, but also about the taxation or not that entails the movement, management, investment and disinvestment of this type of cryptocurrencies.

There is no specific regulation to regulate cryptocurrencies fiscally. From the information that exists in the media, several conclusions can be reached with regard to taxation in certain taxes:

  • With regard to VAT, such as the Bitcoin It is considered "means of payment" are exempt from such tax.
  • As regards the IRPF, the profits and / or losses produced by the transmission of bitcoins, will go to the base of savings, if they are profits they can be taxed at a fixed rate of 23% if several purchases have been made at various times, to assess the cost of they can be used the FIFO method (First in, First out). In case of losses, these can be compensated with other capital gains, with other income from movable capital with a limit of 20% and, as the case may be, with other capital gains of the next 4 years.
  • Regarding the Wealth Tax, here it seems clearer that this asset will be part of the investor's assets and therefore susceptible to be taxed by said tax, in case the thresholds provided by the regulations of each autonomous community are exceeded.

At the moment it is what can be pointed out about the taxation pending that the tax administration gradually regulates more concretely.


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Lawyers Francisco Vinaches partner DiG Barcelona

Francisco J. Vinaches

DiG Lawyers

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