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On Friday, the press in Chile echoed a notification sent by the Internal Revenue Service (SII) that cryptocurrency foreign exchange houses provide information about the transactions that their customers made in 2017 to this entity. They have until August 20 to comply with the regulations.
According to the notification sent, this request is made under Article 60 of the Tax Code, as an information requirement, and not as the beginning of an audit. The main Chilean exchange houses such as Buda.com, Crypto MKT and OrionX will be affected by this measure.
In this regard, the legal director of Buda.com, Samuel Cañas, stated that they considered it as more signal from the tax administration the legitimacy of our activity " .While this type of action on the part of the regulator validates the cryptocurrency trading industry and that in this sense " we believe this is an important step. "
Adds that part of this legitimacy With Buda.com being treated as any Chilean taxpayer company and that, if entities such as banks are required to provide this type of information, they are also required to follow this regulation.Casas noted "The foregoing implies compliance with everything the law requires us to respect."
Cañas ensures that the position of the trading house before the measurement is not it was not carried away by nervousness and "The notification does not explain the purpose for which the Sii will use this information, so anticipate or speculate about it would be imprudent" . Finally, Sergio recommended to clients who have doubts "to consult their advisers or the Internal Revenue Service" .
The Internal Revenue Service plans to improve its collection system by adapting it to the new financial instruments. Apparently, it is handled informally that it is very likely that in the forms to declare income taxes next year in Chile, taxes related to cryptocurrency transactions will be considered.
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