In the Bitcoin news today, we have the taxpayers in Chile and their recent efforts linking to paying taxes on cryptocurrency earnings from Bitcoin and other tokens this year. According to the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) and its recent Annual Income Tax Returns form, there is a section under crypto assets that has to be filled.
Local media also covered this topic, saying that last year the country’s government ruled that cryptocurrencies are not subject to Value-Added Tax (VAT) and are seen as “intangible assets.” Chilean taxpayers, however, will pay taxes on crypto-related earnings as these may swell up their total income.
Currently, taxes in Chile are paid annually in April.
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However, the novelty is that for the first time ever (Source:Diario Bitcoin), there is 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.”
Even though Chileans have to pay taxes on their crypto earnings, the legal status of the currencies is still being discussed. The report also adds that some see this move as positive as it offers “legitimacy to cryptocurrencies.”
Nevertheless, crypto adoption is an emerging field in the South American nation.
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