Chile: Citizens Should Report Profits from Cryptocurrency to State IRS

Since the 17th of January, Chilean citizens should report their profits from cryptocurrency operations to the Chilean Internal Revenue Service and pay taxes. This was reported by Spanish crypto-media Diario Bitcoin.
In 2018, the Revenue Service declared, that cryptocurrencies should not have been a subject to VAT, but it should be considered to count the annual income tax. The main reason for that is the classification of cryptocurrency as intangible assets, profits on which should be a subject to annual income taxation.
Now, for the first time in the history of the country, the tax income for 22 is going to include a special section about cryptocurrencies. No, this point is not states explicitly in the form, but there, citizens should report this source in income, as well profits received from it.
Reminder: this month, Chilean anti-monopoly court took the side of crypto-exchanges by forcing the banks not to block account connected with cryptocurrency activities, so, cryptocurrency activities revitalized in the country. This is a story that has happened to the main Chilean cryptocurrency exchanges BUDA, Orionx, CryptoMarket, when their accounts in the banks were closed. The exchanges addressed the anti-monopoly court with a claim and a request to confront the banks and make them open the closed banks accounts. Now, Chile can be considered as a cryptocurrency-friendly country.

Add a Comment

Your email address will not be published. Required fields are marked *