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V1657-22 8 July 2022 · SG de Impuestos sobre el Consumo Criterion in force
IVA · gestión de criptomonedas

Crypto asset management fees are subject to VAT and must be invoiced

A financial entity seeking to raise funds for buying and selling cryptocurrencies consults the IAE's relevant section and VAT treatment of its management fees. The DGT determines that the activity falls under financial services tax and that management fees for cryptocurrencies are not exempt from VAT.

The question raised

1. Heading of the Tax on Economic Activities in which the applicant must be registered for said activity.

The DGT's ruling

The raising of funds for the purchase and sale of cryptocurrencies constitutes a taxable event for the Tax on Economic Activities (IAE), being provisionally classified under heading 831.9 'Other financial services n.e.c.'. Management or advisory services for the purchase of cryptocurrencies in exchange for a commission do not have a financial nature and, therefore, are subject to and not exempt from VAT. Consequently, the entity must issue an invoice for said commissions.

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