Crypto Currency News

Colombians must include their crypto assets in tax returns

The DIAN declared that "you have to pay taxes even if it is an element of the digital economy."

The Colombian tax authority DIAN -National Tax and Customs Directorate- reminded taxpayers this week of their duty to include their assets in crypto currencies in their tax returns starting this year. The entity also reported that it is empowered to carry out verifications on the data received from taxpayers to guarantee the correct application of the country’s tax laws.

Lasiandra Junco, director of DIAN, declared that “Taxes have to be paid even if it is an element of the digital economy.”

The Colombian body defined that all elements that meet the definition of assets in the law must be declared, including bonds, shares and crypto currencies.

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On the other hand, cryptocurrency miners must also declare their mining figures, as the entity has also classified mining profits as income.

Regarding the application of this rule and possible sanctions, the Colombian tax authority has some sources that can help you detect cryptocurrency tax evasion. Junco stated that the DIAN is immersed in different information exchanges with other countries, which deliver the names of citizens who must declare taxes related to crypto currencies.

The penalties for not declaring taxes on crypto currencies in Colombia amount to twice the funds not included in the tax return. Thus, Colombia has collected 1,000 million dollars in the last three years in taxes related to the digital economy.

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