[ Offshore Tax ] Crypto taxes in Mexico? Video

Crypto taxes in Mexico?

Crypto tax is something of a grey area in Mexico. Although the government and central bank are still yet to take an official position on taxing traders, many taxes and legal experts agree that the spirit of the existing tax code requires traders to declare their profits as intangible assets. Some claim that the current VAT tax law covers crypto trades. Get advice.

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DERREN JOSEPH:
Tax treatment of gains and losses made reading Crypto from Mexico texts perspective.

CARLOS MORALES:
Yeah. So there is very, very famous stuff now. Well, in this situation, we don't have special rules on cryptocurrency here in Mexico, but in general, we have a worldwide tax regime. So a Mexican tax resident may have money in any part of the world and they have to pay let's say, income tax for the interest and whatever B or capital gains. Also can shave the losses against the gains. Eh, we don't have in between a bank or a financial institution, but we have in the tax returns of everyone, one section, which is for financial institutions, and the other one, which is not for financial institutions. And you don't have to disclose where the money is, if it's a currency or not, you put in general what amount you should pay. And also, eh, only when the Mexican IRS asks you for the breakup of this, eh, of this amounts, you are reporting, then they, they should, you should be transparent and show what's coming. Those, those gains those incomes.

DERREN JOSEPH:
Okay. Gotcha.

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