CHI CHI CHI, LE LE LE; Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

CRYPTO IS ACCEPTED IN OVER 5000 RETAILERS IN CHILE AND AS OF THIS YEAR, CHILEANS WILL START PAYING TAXES ON CRYPTO

According to local media, last year the country’s government ruled cryptocurrencies aren’t subject to Value-Added Tax (VAT), as these are seen as “intangible assets.” Chilean taxpayers will pay taxes on crypto-related earnings as these will swell up their total income. In Chile, income taxes are paid annually in April.

Per Diario Bitcoin, the Chilean government has, for the first time ever, included a section in its forms for cryptocurrencies, which will be declared as “other own income and/or third-party income from companies that declare their effective income.”

The same news outlet details that according to an official letter signed by the director of the SII, Fernando Barraza, those who trade cryptocurrencies have to register their operations through “tax-exempt invoices” so the agency can monitor them. Diario Bitcoin notes that a cryptocurrency boom within Chile saw the government start monitoring cryptos, as people are using them as “valid currencies to trade products and services.” Please Read More Here