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HomeCRYPTOCURRENCIESDIAN establishes sanctions for taxpayers who do not declare their cryptocurrencies •...

DIAN establishes sanctions for taxpayers who do not declare their cryptocurrencies • ENTER.CO

At the end of January of this year, the Directorate of National Taxes and Customs (DIAN) issued a statement announcing that it would start the control of cryptocurrencies, which means that if you are a taxpayer and currently carry out operations with cryptocurrencies, you will have to report the income that comes from these transactions.

The DIAN determined this new action not only because they have shown that there are people who evade their tax responsibilities by being inaccurate or not reporting their income, but also because, according to the Tax Statute and the international financial reporting standards (IFRS), all taxpayers they must declare the economic facts that meet the definition of an asset and the cryptocurrencies qualify as such.

According to the words that Portafolio collected from the general director of the DIAN, Lisandro Junco, Colombia has collected around 1 billion pesos in three years due to the virtual economy, for which “you have to pay taxes even if it is an element of digital economy”.

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The entity also took the opportunity to point out that the total values ​​of cryptocurrencies should be included as taxable liquid income and warned that omitting the income statement of crypto assets triggers several consequences, including the imposition of a penalty for inaccuracy, the which will be calculated on the highest value of the tax payable: penalty that for four years is equivalent to 200% of the highest value of the tax payable determined.

The foregoing means that said sanction will be applied to the difference between the value declared in the private declaration made by the taxpayer and that made by the DIAN.

According to Bloomberg Online, in addition to the taxpayers who use cryptocurrencies, the miners of this type of currency are also subject to the income statement that must be made from this 2022, since the commissions received for this activity are seen by the DIAN as an income in kind.

Images: The Reason

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