The European directive DAC8, according to which crypto exchanges will be required to provide data on the cryptocurrency accounts of their clients, has passed a round of consultations, but has not yet entered into force. The directive is expected to be signed this year.
Stunning news seems only at first glance. Until quite recently, it seemed unbelievable to us that any Russian bank would provide information to the Dutch side. Today it is a reality. We wrote more about the automatic exchange of information between countries here. The tax authorities of all countries of the world have been working for several years to ensure that the incomes of citizens become more and more transparent.
When should we expect changes?
If crypto exchanges are required to submit balances, then most likely this will happen no earlier than January 1, 2023. And these data will need to be reflected in the declaration for 2023.
Is there a need to resubmit declarations?
You may have a question: will the tax authorities revise tax returns (and it has the right to do so) for the last five years? And then the next question: is it necessary to resubmit them if your previous declarations did not reflect the full data?
Nalog.nl specialists assess the chances of revision of tax returns as not very high. Simply because it will be difficult to implement technically.
But still there is a chance. Especially considering that Box 3 will be revised (it declares income from savings and investments). More about Boxing 3 in our webinars.
At the moment we are working on a video where we will talk about the latest news and plans of the government regarding Box 3. The situation is quite tense, but interesting - we are waiting for big changes. Do not miss our video, which will be released in a few days, follow our announcements in social networks and on the website.
Our recommendation
What do we advise you to do? Collect documents about past transactions with cryptocurrency. At the very least, it is worth having information about the balance as of January 1, 2022. In case you still have to resubmit declarations, the documents should be on hand. We will follow the news and be sure to write when there are details!
If you are still worried and want to resubmit declarations, then you can do it yourself or contact us. We remind you that information about all savings and investments is required to be declared. There is only one exception to this rule - the owners of 30% ruling. They are not required to show their savings in Box 3.
Remember that sooner or later the tax authorities will get to all electronic wallets and virtual payment systems. It's only a matter of time. It's time to think - not about how to hide income, but about how to optimize your taxes.
If you need individual advice, we will be happy to discuss all the nuances of your situation. Write to us at info@addiction.nl, in the chat-bot on the site and in the social network.
Publication Date: 08.02.2022
