Venezuela Decrees Crypto Operators Must Pay Taxes in Cryptocurrencies

Paying Taxes in Cryptocurrencies
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.


Using Petro for Tax Calculations

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.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.
Images courtesy of Shutterstock and the Venezuelan government.
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BTC crypto Cryptocurrencies Decree Digital Currency foreign currencies N-Economy Nicolas Maduro operators Tax Taxes taxpayers Venezuela Virtual Currency