Colombians Will Have to Declare Operations Performed on Exchanges with Bitcoin -Breaking
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- Colombian officials charged two Colombians with failing to report commercial transactions made using.
- They traded on LocalBitcoins’ Finnish-registered exchange.
According to notification sent by LocalBitcoins to two users, the agency will require that any peer-to-peer (or P2P) cryptocurrency transactions in Colombia via crypto exchanges be reported to the tax regulator.
Local media DiarioBitcoin reported that the Directorate of National Taxes and Customs of Colombia (DIAN) imposed a penalty on two individuals for using cryptocurrencies to trade and failed to report it in tax returns.
Both taxpayers were notified by the tax agency that there had been irregularities in the filings for their fiscal years 2021 tax returns.
Residents of the Department of Santander were penalized for “possible errors in income and complement tax declarations, taxable year 2019, for operations with cryptocurrencies.”
They were urged by the regulator to confirm the irregularities and correct them as required under article 644 of National Tax Statute. Both must pay their fines as well as send updated information and the BTC operations associated to the tax agency.
Flipside
- There was no regulatory framework in place for cryptocurrency trading during the fiscal year 2019.
- The bill for the “Crypto Asset Exchange Services Offered Through Exchange Platforms” presented in Congress has not yet been discussed.
The two tax payers were fined for operating on LocalBitcoins. Or because they are part of an investigation. What has been revealed so far is that the Finnish Tax Authority participated in the investigation, resulting in the notification “for control action” by the DIAN.
This notification is from Colombian regulator and refers to the operations of the taxpayers who used bitcoins, or equivalents in Colombian pesos.
The exchange could have provided the information to DIAN. It is possible that DIAN requested information about the Finnish company that is registered there. Then, DIAN shared the investigation with Colombian authorities.
LocalBitcoins asks users for their personal information in order to use BTC to transact in accordance with its KCY (Know Your Customer), policies. This rule led to a decrease in trading volume on the exchange.
What You Need to Care About
- We don’t know whether the Colombian cryptocurrency platforms will also need to be declared.
Binance users have had issues with blocked accounts, particularly due to the investigations by the Colombian Police in collaboration with the United States Drug Enforcement Administration.
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