Spain to Intensify Oversight of Gambling Winnings
The Spanish tax agency has announced plans to enhance scrutiny over the reporting of gambling winnings, among other sources of income. Soledad Fernandez, the agency's director general, revealed intentions to bolster monitoring efforts specifically targeting profits generated from online gambling, cryptocurrencies, foreign earnings, and rental income from real estate.
Under current tax regulations, winnings are subject to a progressive tax rate, ranging from 19% on the first €12,450 to 45% on amounts exceeding this threshold. The agency has already issued 64,000 notices regarding online gambling winnings, signaling a proactive approach to enforcement.
In a significant shift, new regulations implemented since 2022 mandate the reporting of all winnings, whereas previously only amounts exceeding €300 required declaration. This move underscores Spain's commitment to ensuring comprehensive oversight of taxable income across various economic activities.
12 April 2024, 08:00
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