Chile “Cryptographic profits must be reported to the IRS”

Chile taxpayers must declare the profits they gain from cryptography to the Chilean Internal Revenue Service. According to the report, the Chilean National Taxation Office said that in 2018, digital currencies are not subject to VAT, but digital assets are classified as intangible assets and should therefore be considered when calculating income tax for one year.

According to the Chilean National Tax Service, the company will include a dedicated entry box to report the revenue of cryptographic money on the income tax return form. Although it was not clearly documented in the income tax return, the Chilean National Tax Service’s statement announced at the end of last year made it mandatory to declare profits from the sale of foreign currency and cryptographic money in the entry field. For more information, please click here .