Cryptocurrency Transactions in Colombia Are Subject to Inspection by the Tax Authority
On January 28th, the Colombian National Tax Authority (DIAN) reported that, due to the popularization and increase in the use of virtual currencies, it has initiated actions aimed at supervising taxpayers who make use of these currencies. The purpose of these actions is to guarantee due tax control over those taxpayers who have omitted or inaccurately registered information regarding the income they have obtained from operations carried out with cryptocurrencies.
Likewise, the DIAN recalled that it has previously issued official documents in which it indicates what the fiscal management that must be given to cryptocurrencies and the operations carried out with them is, as well as their correct filing, in order to comply with all the tax obligations that arise from the performance of operations with these virtual currencies. This way, the DIAN clarifies that with these measures it hopes to strengthen the fight against tax evasion and against money laundering and the financing of terrorism.
Therefore, we remind you of the importance of having correct counsel on these issues and the opinion of a tax professional to help ensure that you and your company comply with all tax obligations and avoid the imposition of sanctions. At BéndiksenLaw we have the experience and knowledge to help you. Contact us.
 Documents 314, 20733, and 35238 of 2018 and Documents 6321, 14244, and 20419 of 2019, among others.