Colombian tax officials have reminded taxpayers that they must report cryptocurrency holdings on their tax returns this year.
At a conference with local media, the organisation informed the public that it is authorised to do verifications on data received from taxpayers in order to ensure the correct implementation of the country’s tax laws.
Lisandro Junco, the head of the tax authority, has spoken about crypto assets and their tax status in Colombia.
Furthermore, the organisation said that any components that meet the definition of assets in the legislation, including bonds, stocks, and cryptocurrencies, must be disclosed.
Cryptocurrency miners must also record their mining figures since the agency has classified mining revenues as income, according to BDO Colombia, an accounting company.
The authorities had earlier announced a series of initiatives aimed at tightening control over cryptocurrency use in order to detect tax evasion more quickly.
