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
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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.
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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.
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