Chilean Citizens Will Begin Paying Cryptocurrency Taxes in 2019

Taxpayers in Chile are reportedly going to have to pay taxes on cryptocurrency earnings this year, as the country’s Internal Revenue Service (Servicio de Impuestos Internos, SII) has included a section for cryptoassets in a form that has to be filled on taxpayers’ Annual Income Tax Returns.

According to local media, last year the country’s government ruled cryptocurrencies aren’t subject to Value-Added Tax (VAT), as these are seen as “intangible assets.” Chilean taxpayers will pay taxes on crypto-related earnings as these will swell up their total income. In Chile, income taxes are paid annually in April.

Per Diario Bitcoin, the Chilean government has, for the first time ever, included 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.”

Reference: https://www.ccn.com/chilean-citizens-will-begin-paying-cryptocurrency-taxes-in-2019/

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