An airdrop is a promotional strategy used to raise awareness of a project by distributing new cryptoassets to users free of charge. It may sometimes require users to take part in promotional activities online and on social media.
For tax purposes, where the promotional activities connected with an airdrop do not arise from an employment relationship and do not involve the taxpayer independently organising production resources, human resources or both to participate in the production or distribution of goods or services, the cryptoassets received are taxed under Article 33(1) of the Personal Income Tax Act (LIRPF), as mentioned above.
Article 37(1)(l) LIRPF provides:
“(l) When assets or rights are acquired without a transfer, their market value shall be treated as a capital gain.”
Accordingly, the euro market value of the cryptoassets received must be included in the general tax base for Personal Income Tax in the tax period in which they are received, in accordance with Articles 45, 46 and 48 LIRPF.
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