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According to reports, tax payers in Chile will have to pay taxes on crypto currency gains as of this year. The Chilean fiscal authority Servicio de Impuestos Internos, (SII) includes a section on crypto assets in its income tax return.

According to local media, the country’s government decided last year that crypto currencies are not subject to VAT because they are considered “intangible assets”. Chilean taxpayers now have to pay taxes on crypto revenues as these increase their total income, which is due in April at the annual income tax rate.

The same news agency describes that according to an official letter signed by SII director Fernando Barraza, those trading in crypto currencies must register their business through “tax-free invoices”. Diario-Bitcoin reports that due to a crypto currency boom in Chile, the government has begun to monitor cryptos as people use them as “valid currencies for trading products and services”.

Although the legal status of these currencies is still under discussion, Chileans must pay taxes on their crypto currency receipts. However, the tax introduction is seen as positive as it “gives crypto currencies legitimacy,” says Diario-Bitcoin. As CCN has explained in detail, the crypto currency exchanges in Chile had difficulties as they were confronted last year with a bank blockade in which financial institutions closed their accounts.

In several subsequent litigations, the crypto currency exchanges seemed to be gaining the upper hand when the Fourth Chamber of the Santiago Court of Appeal ruled that the state-owned Banco Estado had to reopen the accounts. Later, however, the Third Chamber of the Chilean Supreme Court dismissed appeals and sided with the banks.

Nevertheless, the introduction of crypto currencies in the South American nation has increased. The Chilean stock exchange Crypto MKT cooperates with an online payment platform that enables 5,000 local traders to accept crypto currencies.

About Chile

Chile is a country in the southwest of South America, which stretches as a narrow strip over 5350 km along the Pacific coast in north-south direction between the latitudes 17° 3′ S and 56° 30′ S. Chile is a country in the southwest of South America. The Chilean Andes form one of the highest mountain ranges in the world, with numerous peaks over 6,000 metres. The Pacific Easter Island (Rapa Nui) also belongs to the national territory. Chile also claims part of the Antarctic. In 1989 Chile returned to democracy after years of military dictatorship.

Between 1988 and 1998, the Chilean economy showed above-average growth rates. The Asian and Brazilian crises of 1997/98 led to a recession, but since 2000 the economy has grown again with growth rates between 2.5 percent and 6 percent. In Transparency International’s annual corruption index, Chile permanently occupies one of the top places, is thus considered relatively free of corruption and thus leaves European countries such as Belgium, France and Spain behind.

Climate

Chile can be divided from north to south into five climatic zones: 1. desert zone, which belongs to the driest areas on earth, 2. semi-desert with artificial irrigation, 3. rainy winters and dry hot summers in the Concepción/Illapel area, 4. abundant precipitation in the area south of Concepción, 5. southern Chile with high precipitation and cold climate. In the capital Santiago de Chile (Middle Chile) the January temperatures are 21° C (1mm precipitation) and the July temperatures 9° C (76mm precipitation).

Origin of the name

One interpretation is that the word chili for Chile comes from the Quechua language used by the Incas to describe their southern territories. In the language of the Aymara ch’iwi means “cold” or also chilli “end of the world”. Another interpretation is the derivation of an Arakaun word for “depth”, which explains itself in relation to the high Andes. A widespread interpretation in Chile is that the word chili is derived from the song of the Treile – a bird (Vanellus chilensis).