Pay taxes on your Bitcoin earnings or face punishment, warns Mexican auditor

cryptoshitcompra.com/wp-content/uploads/2021/08/Pay-taxes-on-your-Bitcoin-profits-or-infront-un.png »alt =» Pay taxes on your Bitcoin earnings or face punishment , warns a Mexican auditor 101 ″ class = »content-img» /> Source: Adobe / Andreas Gruhl

An auditor warned that Mexicans must pay taxes on bitcoin (BTC) and altcoin earnings, or risk being listed as money laundering criminals.

For the EFE news agency, through El Nacional, Fidel Ortiz, general manager of accounting FIXAT , said that BTC investments had increased in 2020 and added that, although the industry was largely unregulated, many traders are currently circumventing the obligation. to pay taxes on your earnings.

He said those who do business with cryptocurrencies must register with tax authorities in an effort to “avoid being considered money laundering operations.”

cryptocurrency tax is a kind of gray area in Mexico. Although the government and central bank have yet to take an official position on the taxation of traders, many legal and tax experts agree that the spirit of the existing tax code requires traders to report their earnings as intangible assets. Some argue that the current VAT tax law covers cryptocurrency transactions.

And for a position in Lexology at the Guadalajara-based law firm Ramos, Ripoll, and Schuster , “Mexico does not have a specific tax framework for cryptocurrencies. However, it is expected that there will be one in the future.

attorneys added:

” lack of an explicit regulation does not imply that you do not have to pay taxes on gains and losses or that the value added tax is not applicable.”

Ortiz, for his part, added that although bitcoin “is not yet controlled by any government or bank” and, “in the case of Mexico,” it was not subject to any “special regulation,” however, the profits were “taxable.” ».

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He has stated:

“It doesn’t matter if [traders’] income is earned using a digital platform with servers located in other countries. obligation to pay taxes still exists and must be fulfilled so as not to incur a fault or omission in the eyes of the financial authorities ”.

And Ortiz warned that taxpayers who fail to report their bitcoin investments will inevitably end up in trouble.

Tax authorities, he said, would invariably “detect a tax discrepancy”, noting that traders were making use of “undeclared income.” This, he said, could lead to punitive measures depending on the amount of undeclared funds accumulated.

same company earlier this year warned (also for EFE, through LA Times) that tax evasion in Mexico reached $ 69.8 billion last year, a figure equivalent to 6% of the national GDP.

FIXAT said high-level taxpayers accounted for a whopping 52% of all Mexico tax evasion .____ Learn more: – Billionaire rejects ETH, DOGE, claims XMR, ZEC, says his bank will accept BTC – Head of PwC: Mexican companies want to follow Tesla in investing in Bitcoin

– Japanese Cryptocurrency Sector Launches Consolidated Tax Reform Offer – ‘Exponential’ Increase in Cryptocurrency Investigations in Spain as Follow-Up Intensifies

– tax havens citizenship loophole for US crypto people may not stay open for long – new cryptocurrency tax law will be adopted in the fall, says Russia’s head of policy.

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