New tax: This time it is cryptocurrencies

New tax: This time it is cryptocurrencies

In 2020, Cryptocurrencies are the most popular among Argentines With limited access to the dollar, they opted for new investments.

It is estimated that about 900,000 people in the country have digital currency and around one a day $ 5 million a day, Numbering of exchanges in Companies dedicated to this service (Exchanges), platforms that connect buyers with sellers (P2P) and transactions between individuals.

Cryptocurrencies

This was an eye-opener not only for the citizens and their savings, but also for the authorities. Currently two bills are pending to be dealt with in Congress, which is the target Legal framework for cryptocurrencies As mentioned, they promise to promote the development of the local ecosystem.

Also, they mention that they want to promote in this way Protect foreign investment and users.

Tax on cryptocurrencies

This applies to Cordoba: How? To whom

Brokers

  • They buy cryptocurrencies in someone else’s name for a commission
  • They will pay 4.75% to 4%.

Exchanges

  • Platforms dedicated to purchase – Sale
  • They will pay 4.75% to 4%.

Merchants

  • People who trade regularly
  • Taxes range from 6.5% to 4%.

The rest of the users

  • Sellers (businesses, freelancers, etc.) as they receive payments for non-crypto goods and services
  • They will pay 0.25%

According to experts, the lower rate will apply to people who had less than 15 million pesos moving last year.

Digital Asset Tax

The The new tax will apply in principle to Crdoba, This is not the state’s first move on digital assets. In 2014, The central bank opposed the move with the equipment, However, he warned that they were at high risk.

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Call in 2017 Tax reform “Digital currencies” included Income tax.

Thereafter, “property-less” persons are required to pay this tax on the proceeds from the sale of these assets or on their proceeds.

Already in 2019, the AFIP approved an information system Hence exchange houses (exchanges) report movements. In addition, those offering Virtual Savings Banks (along with CVUs) must report the data to BCRA as banks have done since January 2020.

At the same time, a province (Cordoba) goes further and not only establishes a legal definition of cryptocurrencies, but also establishes Payment of tax on transactions with these assets.

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