According to local media reports, a Spanish DeFi investor has been assessed an additional tax of 9 million euros (10.5 million dollars) for obtaining a cryptocurrency collateral loan.
Spanish news outlet Periodista Digital noted in its report that documents obtained show the investor had declared all cryptocurrency operations and paid 5.84 million dollars in taxes.
Three years later, authorities issued an additional tax bill, which was not for undeclared profits but for the act of depositing assets into DeFi protocols in exchange for loans. The report stated that these assets were not sold and did not generate any profits.
A local tax advisor quoted in the report said, "Local tax authorities are taxing matters that do not constitute income from any economic or legal perspective." The advisor added that the asset flows in DeFi protocols are treated as realized gains, which is "an interpretation lacking legal basis in Spanish or European law."
The report pointed out that the Spanish National Tax Agency (AEAT) classifies stablecoin loans as capital gains and views the transfer of tokens to protocols like Beefy or Tarot as a taxable event.
Critics argue that this classification contradicts Article 33 of the Spanish Personal Income Tax Law, which clearly states that capital gains require actual economic benefit and changes in net assets.
The report indicates that this situation reflects deep-rooted issues within the local tax enforcement system.
Spanish tax authorities have been warning cryptocurrency holders about tax issues for years, sending out 328,000 warning notices for cryptocurrency taxes for the 2022 fiscal year in 2023, followed by another 620,000 similar notices a year later. Local regulations also require local cryptocurrency users to declare their offshore cryptocurrency holdings by the end of March 2024.
According to reports from June, if tax obligations are not fulfilled, the AEAT has the right to access and seize cryptocurrency holdings. The report suggests that Spanish citizens lack fair appeal channels when errors occur within the tax agency.
The first-level appeal body for tax disputes in Spain is the Central Economic Administrative Court (TEAC), which is an administrative body under the Ministry of Finance. In 2020, the European Court of Justice (ECJ) ruled that the TEAC does not meet the EU legal standard of an independent "court or tribunal."
The report also adds that the TEAC is an administrative court subject to the power and control of the local Ministry of Finance. The European Court noted that the officials of this court are appointed by the government, and these officials are appointed and governed by the same agency whose decisions they review.
Related: Dutch company Amdax plans to launch a Bitcoin (BTC) treasury company and list on the Amsterdam Pan-European Exchange.
Original: “Report: Spain Imposes Back Taxes on Trader for DeFi Loan”
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