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Taxes
The Venezuelan government has issued a decree requiring taxpayers to encrypt the country to pay taxes in cryptocurrencies. Likewise, foreign currency traders must pay their taxes in those currencies. The decree states that change is necessary for the "strengthening of the current tax regime".
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
Pay taxes in cryptocurrencies
The Venezuelan government has published the Official Journal n. 6,420 of 28 December, local media reports. Contains the decree n. 3,719 which outlines the new tax payment rules for cryptocurrency operators. The Dinero publication explained:
The government of President Nicolás Maduro has published a decree that will impose taxpayers who carry out operations in foreign currencies or cryptocurrencies to pay taxes in that same currency and not in bolivar.
<img class = "size-medium wp-image-272553 alignright” title=”Venezuela decrees crypto operators to pay taxes in cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-300×300.jpg” alt=”Venezuela decrees that cryptographic operators pay taxes in cryptocurrencies "width =" 300 "height =" 300 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-300×300. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-150×150.jpg 150w, https://news.bitcoin.com/wp-content/uploads/2019/01/ maduro-768×768 .jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-1024×1024.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 /maduro-696×696.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-1392×1392.jpg 1392w, https://news.bitcoin.com/wp- content / uploads /2019/01/maduro-1068×1068.jpg 1068w, https://news.bitcoin.com/wp-content/uploads/2019/01/maduro-420×420.jpg 420w, https: //news.bitcoin. com / wp -content / uploads / 2019/01 / maduro.jpg 1600w "sizes =" (maximum width: 300px) 100vw, 300px”/>The decree states that "the Venezuelan people are currently facing a fierce war conducted by internal and external factors that pursue the deterioration of the economy, which is why it is necessary to take sufficient measures to ensure the strengthening of the current tax regime. " The Ministry of Economics and Popular Finance is in charge of the implementation of the decree which is effective from the time of publication in the national gazette.
Article 1 of the decree states that taxpayers in Venezuela "carrying out transactions" in foreign currencies or cryptocurrencies as authorized by law "must determine and pay [their tax] obligations in foreign currency or cryptocurrency ".
<img class = "size-medium wp-image-272516 alignright” title=”Venezuelan decrees Cryptographic operators must pay taxes in cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coins-1-300×195.png” alt=”The decrees of Venezuela Cryptographic operators must pay taxes in cryptocurrencies "width =" 300 "height =" 195 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/coins-1 -300×195.png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-1-768×500.png 768w, https://news.bitcoin.com/wp-content/uploads / 2019/01 /coins-1-696×453.png 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-1-645×420.png 645w, https: //news.bitcoin .com / wp -content / uploads / 2019/01 / coins-1.png 817w "sizes =" (maximum width: 300px) 100vw, 300px”/>The decree lists two exemptions: "securities traded on exchange" and "export of goods and services, carried out by public bodies or entities".
Furthermore, the decree describes that payments such as tax reimbursements for the cases established in the decree will be made in the "national currency".
Using Petro for tax calculations
<img class = "size-medium wp-image-272518 alignright” title=”Venezuelan decrees Cryptographic operators must pay taxes in cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/petro-300×204.png” alt=”The decrees of Venezuela Cryptographic operators must pay taxes in cryptocurrencies "width =" 300 "height =" 204 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/petro-300×204 .png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/petro-768×522.png 768w, https://news.bitcoin.com/wp-content/uploads/2019/01 / petro-1024×696 .png 1024w, https://news.bitcoin.com/wp-content/uploads/2019/01/petro-696×473.png 696w, https://news.bitcoin.com/wp-content/uploads / 2019/01 /petro-618×420.png 618w, https://news.bitcoin.com/wp-content/uploads/2019/01/petro.png 1066w "sizes =" (maximum width: 300px) 100vw, 300px”/>The municipality of Maracaibo, in the state of Zulia in Venezuela, recently announced that it will use the national "cryptocurrency", the petro, as a basis for professional tax calculations, said Runrunes. The announcement created some confusion among the residents, who thought they would have to pay taxes in petros.
On Tuesday, the agent of Servicio Desconcentrado de Administración Tributaria (Sedemat), Jean Carlos Martínez, clarified to the publication of Noticia al Dia that "taxpayers will not be charged taxes in oil". Has elaborated:
We are using the petro value as a unit of reference to be able to determine the minimum tax, as the ordinance of the current economic unit is still established in percentages of gross income.
He added that the petro has two values: one as a cryptocurrency and the other is "as a unit of account which translates into 9,000 sovereign bolivars, which will be used in passport procedures or current wages".
The new decree establishes "that the payment of taxes will be made on the basis of the economic activity of each company or micro-enterprise", the statement notes. Martinez was then quoted saying, "If someone had petro, bitcoin or other currency transactions, [they] he should declare [their income] according to the currency that [they] handle."
What do you think of Venezuela that requires encrypted operators to pay taxes in cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and the Venezuelan government.
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