In the Headlines
July 21, 2025
If You Moved $65.8 Million Through Digital Wallets, This Is How You Should Declare Your Income
La República
Financial Services attorney Camilo Gantiva Hidalgo was interviewed by La República about the tax implications of using Colombian digital wallets such as Nequi or Daviplata, especially when certain transaction thresholds are exceeded. Mr. Gantiva explained that although transferring money between one's own accounts does not in itself trigger income tax implications, the balances held in these accounts must be considered when declaring assets for tax purposes.
"Transferring money between accounts does not in itself generate an income tax, but if both are personal accounts – such as a digital wallet or a savings account – then by the end of the tax year, these balances will be part of your assets, and it's important that, in either case, the amounts held are taken into account for tax declaration purposes," he said.
READ: If You Moved $65.8 Million Through Digital Wallets, This Is How You Should Declare Your Income
"Transferring money between accounts does not in itself generate an income tax, but if both are personal accounts – such as a digital wallet or a savings account – then by the end of the tax year, these balances will be part of your assets, and it's important that, in either case, the amounts held are taken into account for tax declaration purposes," he said.
READ: If You Moved $65.8 Million Through Digital Wallets, This Is How You Should Declare Your Income