14. Operations carried out in the futures and options markets

Regulations: Art. 37. 1. m) Law Personal Income Tax

The income obtained in operations carried out in the futures and options markets are considered capital gains or losses as long as they are carried out for speculative purposes and not with the purpose of covering risks of an economic activity carried out by the taxpayer, in which case will be taxed as income from said activities.

The capital gains or losses obtained as a consequence of the aforementioned speculative operations must be attributed to the tax period in which the liquidation of the position or the termination of the contract takes place.

In accordance with the National Securities Market Commission

• A future is a contract that agrees to exchange a specific amount of underlying asset (securities, indices, agricultural products, raw materials...) on a predetermined future date, at a price agreed in advance

• An option is a contract that implies a right for the buyer and an obligation for the seller, to buy (or sell) a certain amount of the underlying asset within a stipulated period at an agreed price of advance (strike price).

  The price of the option is what the buyer pays to obtain that right and is called the "premium." Once the expiration date arrives, the buyer will be interested in exercising it or not depending on the difference between the price set for the operation and the price of the underlying asset at that time in the cash market.