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Chilean tax payers must report the profits of cryptocurrency to Chilean IRS: local media

The Chilean tax payers must report their profits in cryptocurrency to the Cilean Internal Revenue Service (SII), reports of the Spanish media crypto Diario Bitcoin on January 17th.

The SII decreed, in 2018, that digital currencies were not subject to value added tax (VAT), but should nevertheless be taken into account in the calculation of the annual income tax, as they fall within the definition of intangible assets.

Due to this consideration, the dedicated income tax form 22 will include, for the first time, a special section dedicated to "other own and / or third party income from companies that declare their actual income and do not declare it to full accounting, attributed … "

DiarioBitcoin reports that although it was not explicitly stated in the form, an SII statement issued at the end of 2018 found that taxpayers must declare their income from the sale of foreign fiat currencies and cryptocurrencies in the aforementioned section.

As Cointelegraph reported at the beginning of the current month, the Chilean anti-monopolist court again guaranteed the protection of local cryptocurrency trade by forcing banks to keep their accounts open.

In April 2018, the news broke that the Chilean cryptocurrency exchanges of BUDA, Orionx and CryptoMarket (CryptoMKT) had resorted to a court of appeal to address the banks that closed the accounts of their platforms.

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