Peru plans to tax cryptocurrency gains: what investors should know
The National Superintendent, Víctor Mejía, announced during his presentation at the Third Technical Conference of the Network of Tax Organizations (NTO) in Panama that the application of Income Tax on cryptocurrency gains is being evaluated through the approval of a new regulatory framework for Capital Income.
Cryptocurrencies cannot be directly taxed because they are decentralized, meaning they are not controlled by any financial or governmental entity and allow peer-to-peer transactions without intermediaries. However, it is possible to impose taxes on their conversion into fiat money (such as soles or dollars), as they enter the traditional financial system at that moment.
Argentina is promoting a similar tax reform, according to sources consulted by La República. Experts from the new financial system explained that this move is considered "imminent"; however, their involvement aims to ensure its implementation is as user-friendly as possible so that individuals can continue operating within the crypto ecosystem.
Currently, cryptocurrencies in the neighboring country are considered personal assets and must be declared to the Federal Administration of Public Revenues (AFIP) if the taxpayer chooses to report them.
Why Tax Cryptocurrencies?
According to Sebastián Gleboff, Trading Executive at Capitaria Latam, the main reason would be to monitor and formalize these operations, preventing users from evading taxes. Imposing a tax would generate additional revenue for the State and ensure that transactions remain transparent.
Sunat's proposal is based on its goal of expanding the tax base for digital services and economies. It has already implemented taxes on digital platforms, online betting, and other international services.
Now, with the rise of cryptocurrencies, the agency is considering including them under Capital Income taxation. This initiative could also be motivated by the need to control informal financial activities and align with global trends in crypto regulation.
From a corporate perspective, cryptocurrency taxation requires a balance between regulation and the development of the digital market. A clear and well-structured regulatory framework could provide greater legal security for investors and operators, preventing tax evasion without hindering innovation in the crypto ecosystem.
"Any measure must be implemented with careful planning, ensuring its viability without discouraging investment and the adoption of new technologies in the country," Gleboff warned.
Sunat's Plan for 2025
For 2025, Sunat expects to collect over $200 million from VAT applicable to foreign companies operating digital platforms, importing intangible goods, and providing services used by individuals, as well as taxes on online gaming and sports betting and the Selective Consumption Tax (ISC) on such operations.
Víctor Mejía detailed that VAT on digital services and intangible imports is expected to generate $180 million in revenue for 2025, while the tax on online gaming and sports betting, along with the ISC, is projected to bring in approximately $21 million.