Cryptocurrencies abroad
From 1 January 2024 until 31 March, taxpayers resident in Spain must declare the digital assets they hold outside Spain to the tax authorities if their value exceeds 50,000 euros.
In April 2023, the government approved the royal decree that obliges individuals and companies based in Spain to declare cryptocurrencies held abroad.
The decree obliges the holders of these assets to inform the tax authorities of their balance. Taxpayers must submit an annual declaration using Form 721, in which they must declare all cryptocurrencies they own on 31 December of each year and which they have held at any time during the year. In addition, they must pay tax on the gains or losses as part of their income tax and, if applicable, also file for wealth tax or large estate tax.
On the other hand, the management companies of these digital assets or custodians in Spain must inform the tax authorities of their clients’ assets using forms 172 and 173.

Deduction for letting
From the new year, the deduction of net income from income tax (IRPF) for property owners will be reduced from 60% to 50%. In other words, the owner can deduct up to 50% of the difference between income and rental expenses. However, this 50% deduction applies to rental contracts concluded from 1 January, while the 60% deduction will be maintained for contracts concluded until 31 December 2023 or later.
You can also deduct 60% if the property was renovated two years before the contract was signed.

Energy-efficient works
The Executive has extended until 2024 the reduction in income tax to 60% of the amounts invested in renovation work to improve the energy efficiency of residential buildings. This reduction can therefore be claimed for work carried out between 6 October 2021 and 31 December 2024. Previously, it ended in December 2023.

Electric car
Anyone who buys a plug-in electric or fuel cell car between 30 June 2023 and 31 December 2024 can deduct 15% of the purchase price of the vehicle (up to a maximum of €20,000) from their income tax. Specifically, the purchase value, including acquisition costs and taxes, can be deducted, although any subsidies or amounts received from public support programmes must be deducted. The tax deduction can be made in two ways. On the one hand, it can be used in the tax period in which the vehicle is registered (2023 or 2024). On the other hand, in the event that the seller is paid an amount for the future purchase of at least 25% of the value of the vehicle, the deduction is made in the year in which this first amount is paid, but with the obligation to pay the balance and thus the purchase of the vehicle in the following year.

Farewell to inheritance and gift tax in four regions
Taxpayers in the Balearic Islands, La Rioja, Arago¬nia and Valencia will no longer pay inheritance and gift tax or will only pay a small amount from next year, after the respective regional governments decided on a reduction of between 99% and 100% following the last elections on 28 May.

Self-employed persons must declare IRPF even if they have no income
From 2024, all persons who were registered in the special regime for the self-employed or self-employed professionals (RETA) at any time during the tax period will have to file an income tax return, regardless of the income earned. Previously, only those self-employed persons who had a net income from their economic activity of more than 1,000 euros per year or a property income of more than 1,000 euros per year had to file a tax return.

Sales on online platforms
From next year, digital platforms will have to report to the tax authorities the sales made through them by users, whether professionals or private individuals, for example on Amazon, Wallapop, Airbnb or Vinted, if they exceed 30 transactions per year or a turnover of 2,000 euros.

VAT on oil and pasta. Food and energy
The government has already confirmed that it will only extend the reduction in VAT on food and the price of electricity until June 2024 for the time being. This measure means that basic foodstuffs such as milk and eggs will not be subject to this tax and VAT on oil and pasta will be reduced from 10% to 5%.