Buddha publishes a tax guide for cryptocurrencies for Latin American countries

May 8, 2020 elysium News Views - 740

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Buda, an exchange operating in several Latin American countries, has a guide to explaining your Bitcoin or other cryptocurrencies in front of the treasury of several Latin American countries: Argentina, Chile, Colombia and Peru.

The world is still in unknown shock due to the Covid 19 pandemic. To this end, several countries have made great financial efforts to alleviate this unprecedented crisis. Several governments have loosened rent payments, delayed taxation, or put money into the markets to avoid collapse. However, there is one event that appears to be undated, namely the tax return.

Assets that need to be declared annually include cryptocurrencies. Before this event, many users do not know how to do it or whether to declare it. According to the law, a citizen has to pay taxes on his cryptocurrenciesOtherwise, you would commit fraud in the eyes of the law.

For many, of course, this task is complicated, as many governments do not have a well-defined protocol and, as such, new assets generally do not fully understand what tax officials are dealing with with these new digital currencies.

For this reason, the guide of the Buda Stock Exchange, which operates in Argentina, Chile, Colombia and Peru, is very useful when you declare your taxes in one of these Latin countries, especially since each country has its own system. BeInCrypto describes the following steps.

When do you have to declare your cryptocurrencies?

Depending on the country, citizens have to state their taxes in different situations. Here is a very brief summary of the situation in which you have to pay taxes on your cryptocurrencies. additionally always recommends consulting a professional due to the existing complexity.

Colombia

According to the Directorate of National Taxes and Customs In Colombia, cryptocurrencies are considered a digital good. It appears that one of the countries with the highest acceptance of cryptocurrencies in Latin America is the country with the largest legal basis for submitting the declaration.

According to the guide, this statement applies to all activities that are carried out with Bitcoin or a cryptocurrency. It must be declared in the event of a purchase or sale, even if you no longer have this digital currency at the time of the declaration. This means that the law covers every form of movement with its cryptocurrencies, including mining.

Chile

In Chile, cryptocurrencies are treated as digital goodsaccording to Regulation No. 963 published on May 14, 2018. The Chilean case is slightly different from the Colombian case.

Every sale made with a cryptocurrency has also been declared, but only You must indicate whether you have achieved a higher value with this saleBasically, the tax on profit is calculated.

Peru

The country of Limas sigh may only be declared in the event that the citizen receives cryptocurrencies due to the exercise of his profession.

Argentina

It is very special to find the Argentina case where the document adds the term develop to all questions the guide tries to answer.

This very special detail shows that Argentina is one of the Latin American countries that is breaking records for the volume of bitcoin exchanges. As a result, cryptocurrency users in the land of Tango remain in a state of limbo that, depending on their perspective, can create a feeling of insecurity or relaxation.

The tax return is still one of the least preferred activities of the citizen, but he is obliged to conduct such an activity for moral reasons, even if this has the motivation to legitimize before Bitcoin law and cryptocurrencies due to his poisoned image.