Argentina abolishes tax requirements for cryptocurrencies
Interior Minister Guillermo Francos said Congress had not reached a consensus on the initiative
31.01.2024 - 13:00
246
2 min
0
What’s new? The Argentine government has removed a clause on declaring ownership of certain assets, including cryptocurrencies, from an omnibus bill submitted to Congress this month. The document required citizens to pay a tax of up to 15% on any undeclared digital assets, excluding the tax-exempt first $100 000. Interior Minister Guillermo Francos attributed the withdrawal of the proposal to a lack of consensus in Congress.
What else is known? According to accountant Marcos Zocaro, in Argentina, owning cryptocurrencies does not entail a tax liability, while their sale and income from them is a taxable act.
The Argentine tax office AFIP recognizes cryptocurrencies as a financial asset and therefore they should be taxed, the percentage of which depends on the location of the assets. The tax base will be determined by the latest market value calculated on December 31 of each year.
Media: Indonesia’s tax policy has caused crypto exchanges’ trading volume to drop by 60% in a year
Cryptocurrencies in the country are classified as commodities and are subject to income tax and VAT
On January 1, Brazil raised the tax on income earned on foreign crypto exchanges from 8% to 15% if the profit exceeds 6000 Brazilian reals. Spanish residents have until the end of March to declare their crypto income from foreign exchanges if it exceeds €50 000.
Useful material?
Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024