The Venezuelan government has published a decree requiring taxpayers with crypto operations in the country to pay their taxes in cryptocurrencies. Similarly, operators of foreign currencies must pay their taxes in those currencies. The decree states that the change is necessary for the “strengthening of the current fiscal regime.”
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Venezuelan government published the official gazette No. 6,420 dated Dec. 28 on Monday, local media reported. It contains Decree No. 3,719 which outlines new tax payment rules for cryptocurrency operators. Dinero publication explained:
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.
Article one of the decree states that 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.”
Furthermore, the decree describes that payments such as tax refunds for cases established in the decree will be made in the “national currency.”
On Tuesday, the intendant of Servicio Desconcentrado de Administración Tributaria (Sedemat), Jean Carlos Martínez, clarified to Noticia al Dia publication that “taxpayers will not be charged taxes in petros.” He elaborated:
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.
He added that the petro has two values: one as a cryptocurrency and the other is “as a unit of account that translates into 9,000 sovereign bolivars, which will be used in passport procedures or current salaries.”
The new decree establishes “that the payment of taxes will be made depending on the economic activity of each company or microenterprise,” the news outlet noted. Martinez was then quoted as saying, “If someone had transactions in petro, bitcoin or other currency, [they] should declare [their income] according to the currency that [they] manage.”
What do you think of Venezuela requiring crypto operators to pay taxes in cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock and the Venezuelan government.
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The post Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies appeared first on Bitcoin News.
Source: NewsBtc
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