Venezuelan Crypto Operators Must Pay Taxes in Cypytocurrecies

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Paying Taxes by cryto

The government of Venezuela published the official gazette No. 6,420 dated Dec. 28 on Monday, local media reported. Also, the decree contains Decree No. 3,719 which outlines new tax payment rules for cryptocurrency operators. According to the publication:

"The government of President Nicolás Maduro published a decree that will require taxpayers who carry out operations in foreign currencies or cryptocurrencies to pay their taxes in that same currency and not in bolivars."

(President Nicolás Maduro)

The Ministry of Popular Power of Economy and Finance will be in charge of the execution of the decree. The decree will be effective as of the time of the publication in the national gazette.

"Taxpayers in Venezuela who carry out operations in foreign currencies or cryptocurrencies as authorized by the law must determine and pay [their tax] obligations in a foreign currency or cryptocurrency."

On the other hand, there are two exemptions listed in the decree: "transactions of securities traded on a stock exchange" and "the export of goods and services, carried out by public bodies or entities.”

The payments such as tax refunds for cases established in the decree will be made in bolivars.

Petro

Reportedly, recently the city Maracaibo in Zulia State of Venezuela states that it will use Petro as the basis for business tax caculations. Citizens are quite confused because they thought that they might have to pay their taxex in petros. But on Tuesday related authority clarified that taxpayers will not be charged taxes in petros:

"We are using the value of the petro as a reference unit to be able to determine the minimum tax, since the ordinance of the current economic unit is still stipulated in percentages of gross income."

The official also states that the petro has two values. One as a cryptocurrecy and the other one is to translate into 9,000 sovereign bolivars for current salaries or be used in passport procedures.

As the new decree states, the payment of taxes will be made depending on the economic activity of eachi company or microenterprise.The official Jean Carlos Martinez of Servicio Desconcentrado de Administración Tributaria said: "If someone had transactions in petro, bitcoin or other currency, they should declare their income according to the currency they manage."

    Adapted from: Author: Raymond Executive editor: Raymond
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