Connect with us

Hi, what are you looking for?

Economy

Argentinian Authorities Introduce Bill to Drop Crypto Tax Opportunities

The Argentinian government has drafted a bill that seeks to drop crypto tax opportunities for undeclared assets. These tax windows significantly reduce fees for undisclosed assets at the moment.

The government led by pro-Bitcoin President Javier Milei pushed a bill titled “Law of Bases and Starting Points for the Freedom of Argentines” to parliament. The bill aims to reform laws on personal taxes, education, and justice administration.

The draft excluded cryptocurrencies and other assets from the omnibus bill effectively making it so holders cannot declare ownership of assets without paying the necessary fees.

Before this bill, digital asset holders could declare ownership of previously undeclared cryptocurrencies and pay a fixed tax.

Currently, citizens can declare ownership of undeclared assets including cryptocurrencies while paying nothing on the first $100,000 worth of assets and 15% on the rest.

Guillermo Francis, the Argentina’s Interior Minister, explained that the cryptocurrency sections of the previous law lacked consensus among lawmakers, adding that the tax requirement was a delayed treatment.

The general bill aims to strengthen and reinvent the country’s economy. Although the tax window for crypto was dropped due to a lack of political support, the government has shown its support for the sector in other ways.

Argentina’s users are also to pay 5-15% in cases of repatriation of digital assets, a fee lower than the tax charges for users domiciled in the country.

Crypto Tax Requirement for Holders


The country’s tax office AFIP recognizes cryptocurrencies as an asset class although taxes vary for holding, sale, and other use cases as well as the location of the asset. Accountant Marcos Zocaro explained that there is no tax on the asset class for a mere purchase and holding except for a sale resulting in profits.

“In the case of a natural person, for the mere fact of purchasing what the law calls digital currency, no tax is paid. What is taxed on profits is the profit produced by the sale and there is also a minimum below which there is no tax to be paid.”

There have also been some discrepancies because the Personal Property Law does not specifically mention cryptocurrencies. Still, it has been argued that crypto taxes are due as the Treasury imposed them in 2022.

Javier Milei was hailed as a pro-Bitcoin candidate in the election season and his government has moved toward improving crypto laws in the country. Aside from the drop in crypto tax opportunities, the bill seeks to enable taxpayers to legalize their digital asset holdings without more documentation regarding their origin.

Diana Mondino, Argentina’s Foreign Affairs Minister wrote on X (formerly Twitter) that cryptocurrencies would be used in the country under certain conditions.

The post Argentinian Authorities Introduce Bill to Drop Crypto Tax Opportunities appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

United States Senator Elizabeth Warren has emphasized the need for a legal “level playing field” in the cryptocurrency industry and has called for restrictions...

Economy

On Wednesday, Bitcoin price is showing signs of a significant uptrend, currently trading around the $57,200 mark with a notable increase of over 1.25%....

Economy

Kraken has unveiled a new division dedicated to providing services to institutional clients as it seeks to gain a foothold in the Bitcoin exchange-traded...

Economy

The Internal Revenue Service (IRS) said on Tuesday that it hired two crypto industry executives to aid in digital asset reporting, compliance, and enforcement...

Economy

RSRV, a hotel ownership marketplace co-founded by Aspen-based entrepreneur Stephane De Baets, is partnering with the Tezos blockchain to tokenize a part of the...

Economy

Polygon-backed Humanity Protocol has secured strategic investments from over 20 crypto venture capital firms for its privacy-centric Web3 identity solution. Hashed, CMCC, Cypher Capital,...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.