New application to pay cryptocurrency taxes from Chile announced

The Chilean company Krypto Ledgers is creating a platform to pay taxes on stocks of cryptocurrencies, as mentioned by the NGO Bitcoin Chile on their official Twitter account, Â on October 7, 2021.

In Chile, as in Spain and other countries, Cryptocurrencies are known as digital assets that pay taxes under certain conditions that sets the nation’s new tax laws.

In this sense, Crypto Ledgers is a new service in the country that enables users to pay taxes easily and securelyaccording to the platform on its official website.

New application to pay cryptocurrency taxes from Chile announced
New application to pay cryptocurrency taxes from Chile announced

The platform enables calculation of the profits or losses of users who own cryptocurrencies using the methods: FIFO (first in, first out, or first thing in is first thing out of the account), Â LIFO (last in, first out, last thing in is first out); and PMP, the weighted average price, which rates the price of each cryptocurrency and the number of units in stock; just as it was verified by Criptonoticias on their website.

The platform supports more than 2,500 cryptocurrencies that users can use to conduct all transactions that are valued between gains and losses.so that the current value of the currency and the cost of each crypto asset can be viewed

In addition, Crypto Ledgers enables users to monitor the portfolio, unlimited transactions per fiscal year, and synchronize users’ exchanges and wallets via API.

According to Todoformulario.cl, Official Notice No. 963 from the Internal Revenue Service (SII) advises that Users in Chile do not have to pay taxes to own or store cryptocurrencies. They only have to pay taxes when they make a profit, that is; the difference between the value they bought the cryptocurrency and the value at the time of saleunless they are tax-exempt.

The SII document stipulates that when selling cryptocurrencies and making a profit on the investment, this profit must be taxed. As if you buy a product with Bitcoin or another cryptocurrency and the value of the good or service is higher than the value you acquired with the cryptocurrency, you have to pay tax on the difference between the purchase value of the cryptocurrency and the purchase value of the cryptocurrency, the Product or service.

The regulator recommends keeping a record of all cryptocurrency purchases and sales to make it easier to calculate the amount of tax that cryptocurrency holders will have to pay.

On September 21, Cointelegraph reported that a study by Sherlock Communications indicated that the crisis sparked by the presence of Covid 19, particularly in Latin American countries, has spurred the search for investment alternatives to protect assets from inflation and the volatility of national currencies here Cryptocurrencies stand out as an option and main advantage in online transactions.

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