The Colombia Tax {and|as well as|and also} Customs Office {announced|revealed|introduced} that Bitcoin is {taxable|taxed} {despite|in spite of|regardless of} the {government|federal government} {had|had actually} {already|currently} {declared|stated|proclaimed} Bitcoin {isn't|isn't really} {legal|lawful} in the {country|nation}.

1. Bitcoin Is Not Legal So Let Us Tax Bitcoin: Colombian
Government
teamsteverhyner.com /bitcoin-is-not-legal-so-let-us-tax-bitcoin-colombian-government/
The Colombia Tax and Customs Office announced that Bitcoin is taxable despite the government had already
declared Bitcoin isn’t legal in the country.
Still illegal
In an announcement by the Superintendency of Corporations back in December 2016, Bitcoin was declared not
being a legal tender following the increase of many investment scams linked to Bitcoin.
The authorities stated that the only legal tender that the country recognizes is the Colombian peso issued by the
Colombian Banco De Republica.
Head of the Superintendency of Corporations Francisco Reyes Villamizar discouraged people from investing in
virtual currency scams, claiming Bitcoin is somehow related to them.
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2. Tax on Bitcoin
At the same time, the interest in Bitcoin has substantially increased over last years and months with many investors
following the movement of this new type of investment. According to the Financial Superintendence of Colombia,
Bitcoin is considered a high-risk investment.
Being an investment, it is taxable. But it would be a bit difficult to place tax provisions on the cryptocurrency.
The government agency plans on to implement some tax rules on Bitcoin such as taxing the sale of particular
cryptocurrencies in the market. Attorney Juan Sebastian Peredo states that people should report cryptocurrency
investment profits on their income tax return correspondent to the tax rules.
Bitcoin expert Jonathan Alexander Higuera states:
“In Colombia, people are not required to report their investments or transactions in Bitcoins or any
other cryptocurrency, so it can be used to evade taxes.”
Bitcoin profits still liable
Due to this, Colombia wants to implicate some tax rules for Bitcoin investors. Even though the Colombia’s Central
Bank does not declare Bitcoins to be legal, this cannot stop people from wanting to invest the cryptocurrency as
several markets allow investors to invest.
The government plans to put more efforts in taxing the investments in order to regulate profits from cryptocurrencies
with the stated aim of ultimately preventing crimes such as money laundering or tax evasion.
Re-posted from www.cointelegraph.com by Charles Dearing July 3, 2017
This makes perfect sense doesn’t it? This is one reason why so many people are accumulating Bitcoin,
incompetent governments and central banks printing more and more money to cover their you know what.
You can become a Bitcoin miner and allocate at least a small percentage to your investment portfolio. It’s
easy and once you get going, all you need to do is check your balance once a day. Click here for more
information. Email: steve@prplus.us
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4. Steven L. Rhyner
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