Terra (LUNA) and bearish “crypto” market, how do I face the payment of personal income tax?

Due to the bearish situation in the “crypto” world in recent weeks, and mainly due to the Terra (LUNA) case, many clients have problems being able to afford the payment of the income statement for the 2021 financial year, the year in which the profits have been raised.

According to current regulations, it is possible to defer and/or split the payment of personal income tax if you have difficulties coping. Next, we explain them to you.

Divide the payment of the declaration

It is the route best known by taxpayers. It consists of splitting the payment without surcharges or interest as follows:

• 60% of the amount paying it in June.
• 40% of the amount paying it in November.

To carry out this route, you must present the declaration within the established voluntary term and opt for this modality.

Defer and split the payment of Personal Income Tax (IRPF)

Depending on the amount to be deposited, it may not be enough to split the payment to be able to pay the fee. For this reason, another procedure can be established, the deferment and instalment of said payment.

As we mentioned in the previous section, you can request the installation of the IRPF payment in the declaration. Well, now, to request a deferral, the procedure can be more laborious and require the help of a tax advisor.

This postponement requires meeting certain requirements, and we could differentiate it in:

• Debt less than 30,000 euros.
• Debt greater than 30,000 euros.

Until a few years ago, it was necessary to provide guarantees for debts greater than 18,000 euros, but as a result of a regulatory change at the end of October 2015, it is not necessary if the amount to be deferred does not exceed 30,000 euros.

If the debt exceeds the figure of 30,000 euros, the Treasury requires payment guarantees, giving rise to an ordinary procedure, where said guarantee must be indicated in a written request and will be provided within a maximum period of 30 days from the approval. Of the same.

The total amount to be guaranteed will be that of the debt plus default interest plus 25% of the debt, and the duration of the guarantee must exceed the term granted for payment by six months.

What type of guarantees should you offer for the deferral of the debt?

These will generally consist of a bank guarantee or an appraisal of the assets offered as collateral regarding the guarantees to be provided.

If it is impossible to obtain any of these guarantees, the applicant must prove this situation, and the law allows its replacement by a mortgage, pledge or personal and joint guarantee. On the other hand, the guarantee could also be replaced by precautionary measures issued by the competent body.

Maximum terms of postponement

• Amount less than 30,000 euros:
  • Maximum 12 months.
  • Automatic grant.
  • Monthly fee not less than 30 euros.

• Amount greater than 30,000 euros:
  • Maximum 36 months.
  • Monthly fees not less than 30 euros.