At Vicox, as a law firm specialising in Blockchain technology and Cryptoassets, we offer legal services in the metaverse via NFTs. We are announcing an early sale of tax advisory and annuity processing services to our clients. All this will be done through the offer of NFTs that will allow their holders preferential access to the services with interesting discounts on the different advisory packages we offer.
With regard to the constant growth in the volume of taxpayers who need to regularise their situation with the Tax Agency, as they are holding cryptoassets for the first time and have not previously filed a tax return, we have decided to reserve a limited quota of service for our clients, given the high demand that is being generated as the filing deadlines approach and the work capacity required to deal with this campaign.
Reference figures for the declaration
Taxpayers with earned income of €22,000 per year, or €14,000 per year from more than one payer must file an IRPF (Personal Income Tax) return, so a taxpayer with income below these amounts would not be obliged to file a tax return. However, those taxpayers whose income is lower than those indicated but who obtain gains from cryptocurrencies, added to other income, that exceed 1,600 euros jointly in 2021, or losses of more than 500 euros, would be obliged to file a tax return this year.
The new Law 11/2021 of 9 July on the prevention of tax fraud has brought about an important change with regard to cryptocurrencies, specifically those held in other countries. Its main objective is to provide greater transparency in cryptocurrency transactions, establishing the obligation to report balances and holders of cryptocurrencies held in custody.
2021 Income Campaign
- 6 April 2022, online filing of 2021 tax returns is enabled.
- 27 June 2022, deadline for tax returns with results to be paid and direct debited.
- 30 June 2022, deadline for tax returns with a refund, or with a deposit, without direct debit of the first instalment.
However, it will not be mandatory to report virtual currencies located abroad to the Tax Agency through Form 720 in this quarter of 2022. The obligation to report has been postponed to 2023, through the so-called Form 721, which is currently being developed and implemented by the AEAT.
Therefore, our decision to provide this service through NFTs on the one hand ensures our customers' responsiveness to the demand for services and on the other hand adds value to the services as only a select group of customers will have early access to them. In particular, a special series of the 150 NFTs has been reserved for customers who purchase them via the metaverse as a personal commitment to the decentralised universe.
Professional support
To carry out these legal services in the metaverse through NFTs, at Vicox Legal we have had the support of the company Metasistant to validate and develop all the necessary elements for the implementation of the campaign with all the guarantees and to be able to focus on what is most important, which are our clients. Metasistant is a project that brings together professionals from different strategic sectors with extensive experience in the development of services and solutions in Web3 and metaverse.
As for the next steps, we are working on the generation of different projects through Vicox Lab, a pioneering innovation space in the legal sector, where, among others, projects based on the issuance of smart iNFTs are already being developed in collaboration with an international network of law firms from different jurisdictions dedicated exclusively to crypto-law.
You can consult other posts on our blog to keep up to date with the latest news in the sector.
