Transactions with crypto assets they are becoming more and more common in the country and have been extended to different markets. From the purchase in a restaurant to the acquisition of a property.
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This is how the authorities have made the decision to regulate this type of cryptocurrency exchanges. For now, crypto asset exchange platforms are required to report their operations.
Recently, the Directorate of National Taxes and Customs of Colombia reported the implications that Colombians would have if they do not declare cryptocurrencies in the country.
Dian pointed out that she will be able to “carry out verifications in order to determine the accuracy of the assets declared by taxpayers and compliance with tax regulations“, according to information from Bloomber Line.
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According to the entity, taxpayers have the duty to declare all economic events that, according to the Tax Statute and international financial reporting standards (IFRS), comply with the definition of asset.
That is, cryptocurrencies are now considered as any financial asset.
That is why, according to Bloomberg Line reports, “regardless of the denomination that a tangible or intangible asset receives, if it meets the definition of an asset, it must be declared in the income tax and complementary in the fiscal period in which it was purchased by the taxpayer.
So far, Colombia has collected around 1 billion pesos in three years because of the digital economy, according to Dian’s general director, Lisandro Junco. “You have to pay taxes even if it is an element of the digital economy,” he assured.
These would be the consequences of not declaring cryptocurrencies in the country.
The senior official clarified that in order to know which assets must be declared, one must take into account the international tax exchangewhich allows you to see the platforms where transactions with cryptocurrencies take place.
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THE CONSEQUENCES FOR THOSE WHO DO NOT DECLARE
In accordance with the provisions of the Tax administrationthe omission in the income statement of this type of assets implies:
1. That the Tax Administration include the assets omitted in the income tax return and its complementary
2. The total value of the asset must be included as taxable liquid income
3. The Administration may impose a penalty for inaccuracy, which will be calculated on the highest value of the tax payable.
Since 2018, the penalty for inaccuracy is equal to 200% of the highest value of the tax to be determined.
BRIEFCASE
