In recent years, the use of cryptocurrencies in Spanish companies has gone from being something marginal to becoming an everyday reality for investment transactions, collection or payment of services. However, this adoption is accompanied by increasingly strict control by the Tax Agency.
At Gutiérrez Pujadas & Partners, we help companies comply with all their tax obligations related to cryptocurrencies, avoiding penalties and optimising taxation.
1. Updated legal and tax framework
Cryptocurrencies are not legal tender in Spain, but they are considered taxable assets.
The regulatory framework governing their tax treatment includes:
- Law 11/2021 on measures against tax fraud.
- Royal Decree 249/2023 and its amendment to the General Tax Regulations.
- Order HFP/886/2023 regulating Form 721.
- Order HFP/887/2023 for Forms 172 and 173.
- General Tax Law and VAT Law.
In addition, from 2024, the European DAC7 directive strengthens the obligation to report transactions involving digital assets.
2. Tax obligations for companies operating with cryptocurrencies
a) Form 721 – Foreign holdings
- Mandatory if the company has cryptocurrencies held abroad with a value exceeding £50,000 as at 31 December.
- It must be submitted between 1 January and 31 March of the following year.
- It only needs to be resubmitted if the value increases by more than €20,000 compared to the last declaration.
b) Form 172 – Balances on Spanish platforms
- Mandatory for companies that hold cryptocurrencies on behalf of third parties or platforms resident in Spain.
- The balance as at 31 December must be reported in euros, together with the identification details of the holder.
c) Form 173 – Transactions with cryptocurrencies
- For companies that intermediate or facilitate the sale, exchange or transfer of cryptocurrencies.
- It includes detailed information: date, type of transaction, units, value in euros and counterparty.
3. Taxation of cryptocurrencies in Corporation Tax
Capital gains or losses arising from the sale or exchange of cryptocurrencies are taxed as part of business profits in corporate income tax.
In the case of VAT:
- The exchange of cryptocurrencies for euros is exempt.
- If goods or services are sold and paid for in cryptocurrencies, VAT must be charged in the same way as if they were paid for in fiat currency.
4. How to correctly declare cryptocurrencies in your company
To comply with the tax authorities and avoid penalties:
- Record all transactions with the date, value in euros and counterparty.
- Keep supporting documents such as invoices, exchange statements and transaction screenshots.
- Always value transactions in euros on the date of the transaction.
- Submit the information forms within the deadline.
- Declare gains or losses in your corporation tax return.
5. Penalties for non-compliance
The tax authorities impose heavy penalties for failure to comply with these obligations:
- Failure to submit Form 721: £5,000 per piece of information omitted, minimum £10,000.
- Late submission or submission with errors: £100 per item of information, minimum £1,500.
- Possible surcharges, interest on arrears and inspection procedures.
6. How Gutiérrez Pujadas & Partners can help
At Gutiérrez Pujadas & Partners we offer:
- Tax and accounting audit of cryptocurrency transactions.
- Preparation and submission of forms 721, 172 and 173.
- Advice on optimising corporate income tax.
- Defence against inspections and requests from the Tax Agency.
Conclusion
The declaration of cryptocurrency transactions for companies is no longer optional: it is a tax obligation required by the Tax Agency with exhaustive controls and very severe penalties in the event of non-compliance.
At Gutiérrez Pujadas & Partners, we have more than 30 years of experience in tax and accounting advice for companies, adapting quickly to new regulations and the challenges posed by the digital economy. Our team combines in-depth knowledge of Spanish tax legislation with a strategic vision focused on tax optimisation and legal certainty for our clients.
We have assisted companies from all sectors in complex tax regularisation processes, digital asset audits and the filing of information forms with the Tax Agency, always guaranteeing technical accuracy, regulatory compliance and maximum peace of mind for the company.
If your company operates with cryptocurrencies — whether as an investment, means of payment or part of its commercial activity — at Gutiérrez Pujadas & Partners we will help you to:
- Comply promptly with all reporting requirements and obligations.
- Avoid penalties through proper tax planning.
- Integrate the accounting of crypto assets into your corporation tax.
- Defend your interests in the event of tax inspections or requests.
Trust a firm that understands your business and is well versed in the latest tax regulations. Contact us and find out how we can protect and optimise the tax management of your cryptocurrencies.