[2019-01-19]Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

[ppblockchain]

Taxpayers in Chile are reportedly going to have to pay taxes on cryptocurrency earnings this year, as the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) has included a section for cryptoassets in a form that has to be filled on taxpayers’ Annual Income Tax Returns.

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.

https://paperblockchain.com/chilean-citizens-will-begin-paying-cryptocurrency-taxes-in-2019/

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[btyco]

Not bad news, it means that the governments have legalised and recognised crypto trading. If they want to avoid paying tax then switch to privacy coins like monero. It will probably find it's way into the top ten later this year

[veleten]

Not bad news, it means that the governments have legalised and recognised crypto trading. If they want to avoid paying tax then switch to privacy coins like monero. It will probably find it's way into the top ten later this year

can't find any information on the legalisation of the crypta in Chile
there were stories about their top exchanges like Buda and Orionx and the legal battles to allow banking
and now they force their citizens to pay taxes on crypto income
I hope this does mean that crypto is legalized and regulated, yet there are no definite laws as of yet:

Chile’s Minister of Finance Felipe Larrain claims that a group of state institutions “is making progress” in developing crypto regulation, local daily newspaper La Tercera reports Friday, Dec. 7

[rider4]

On the one hand, this is not bad news, meaning Bitcoin is recognized by the country and the government. And what's more, people may not be afraid to state what they are doing and freely trade on exchanges. On the other hand, the state of the market depresses mood with its prices, and soon there will be no way to pay these taxes. But we will believe in the best.