The Chilean company Krypto Ledgers creates a platform to pay taxes for holdings in cryptocurrencies, as mentioned by the NGO Bitcoin Chile in its official Twitter account, on October 7, 2021.
We welcome the new business partner of the Chilean Cryptotechnology Association: Krypto Ledgers. 🎉 pic.twitter.com/Q3t9x4CmMy
— ONG Bitcoin Chile ⚡ (@ACHICRIP) October 7, 2021
In Chile, as in Spain and other countries, cryptocurrencies are known as digital assets that pay taxes under certain conditions that establishes the new tax legislation of the nation.
In that sense, Krypto Ledgers is a new service in the country, which allows users to pay taxes easily and safely, as indicated by the platform on its site web official.
The platform allows calculating the profits or losses of users who own cryptocurrencies using the methods: FIFO (First in, First out, or the first thing that comes in will be the first thing that leaves the account), LIFO (Last in, first out, the last thing that comes in will be the first thing out of the account); and PMP, which is the weighted average price, which values the price of each cryptocurrency and the number of units in stock; as you have reviewed it cryptontics on your portal.
The platform supports more than 2,500 cryptocurrencies, where users can make all transactions that will be valued between profits and losses., allowing to show the current value of the currency and the acquisition cost of each cryptoactive.
In addition, Krypto Ledgers allows users to monitor the portfolio, unlimited transactions per fiscal year, and synchronize exchanges and wallets of users via API.
According to Todoformulario.cl, Official letter No. 963 of the Internal Revenue Service (SII) states that users in Chile do not have to pay tax for having or storing cryptocurrencies. They will only have to pay tax at the time of obtaining a profit, that is to say; the difference between the value they bought the cryptocurrency and the value at the time of sale, as long as they are not exempt from paying tax.
The SII document specifies that when selling cryptocurrencies and obtaining a profit from the investment, they must pay tax on that profit. As if you buy a product with bitcoin or another cryptocurrency and the value of the good or service is greater than the value that you acquired the cryptocurrency, you must pay tax on the difference between the acquisition value of the cryptocurrency and the purchase value of the product or service.
The regulator recommends keeping a record of all purchases and sales of cryptocurrencies, in order to make an easier calculation of the amount of tax that cryptocurrency holders must pay.
On September 21 Cointelegraph reported that a study by Sherlock Communications pointed out that the crisis triggered by the presence of Covid 19, especially in Latin countries, has driven the search for investment alternatives, to protect assets from inflation and the volatility of national currencies, for what here Cryptocurrencies stand out as an option and main benefit when making online transactions.
Keep reading: