The local media reports suggest that the country’s revenue authority has included crypto assets in the Annual Income Tax Returns form, which will be declared as ‘other own income and/or third-party income from companies that declare their effective income.’ Investors will now be required to pay tax on earnings generated from crypto-related investments. However, it is not clear at what rate the crypto tax will be levied.
As such, citizens who buy, sell, or trade virtual currencies will have to register their enterprises by completing what are known as ‘tax-exempt invoices’, which are meant to allow the Internal Revenue Service to monitor their operations.
The new crypto tax was an attempt by the Internal Revenue Service ‘to expand the tax structure as much as possible to cover all types of crypto assets.’ Also, the tax may have been ‘due to the current lack in Chilean legislation of figures specifically designed for this type of instruments, which makes it difficult to generate more specific items.’
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