Chile will have tax on criptomoedas

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By Soraia Barbosa
Posted on January 19, 2019

Chilean taxpayers will apparently have to pay taxes on cryptographic derivatives this year. The Internal Revenue Service (Internal Revenue Service, SII) included a session for digital badets in the taxation of annual income tax.

According to local media reports, last year the government ruled that digital badets were not a value-added tax because they were considered "intangible badets". Chilean taxpayers will pay taxes on cryptocurrency gains because they increase the total amount the person earns each year. In Chile, the tax is still paid in April.

According to Diario Bitcoin, the Chilean government included for the first time a section dedicated to cryptomoedas, declared "personal gain or money received from other companies".

In the same article, it is detailed in an official letter signed by the Director of SII, Fernando Barraza, that those who negotiate digital badets must register their operations via the "invoice without tax" so that the agency can monitor investors. Diario Bitcoin also noted that the crypto-currency boom in Chile led the government to monitor currencies and investors who used them as "valuable currencies for trade in goods and services".

Although cryptos were included in the Chilean tax, the legal status of these coins remains a mystery to be discussed. Some even argue that SII's decision is positive, giving more legitimacy to digital badets.

It is not known whether it is possible to record losses in crypto-coins as tax exemption. Apparently, only the gain will be taken into account.

The news is not bad for the Chilean market. During the past year, the country's trade has begun a difficult battle against traditional banks, which imposed a complete blockade on trade accounts, breaking almost all businesses.

Government's official position on the legitimacy of money. with their inclusion in the tax, can give more strength to the exchanges to deal with banking institutions.

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