Crypto trading will pay tax on the check in Argentina

Financial operations with cryptocurrencies have increased in recent years in argentina, generating the need to establish the rules for their regulation

Crypto trading will pay tax on the check in Argentina. This was established by the government in decree 796/2021, which indicates that operations with digital currencies will be subject to the tax on credits and debits in bank accounts, frequently known as a check tax.

The decree was published in the Official Gazette on November 17 and contains the modifications made to the Competitiveness Law, which conceptualized the check tax in 2001. The decree highlights that, in October 2020, the Central Bank instituted a framework of operation for electronic transfers that allowed updating the National Payment System, which contains what is called transfer 3.0, maintaining that its full implementation must be carried out no later than November 29 of this year.

In accordance with this reality, the decree considers it mandatory to adapt the regulations “relating to the tax treatment of new actors and roles“, considering that “the exemptions for the accounts of companies that provide the service of processing and settlement of third party payments through various electronic means, either in person or in person, both for the collection of taxes and public services, as well as for goods and services.”

The decree specifies that “the State has the obligation to safeguard equal tax treatment, in this case for those Payment Service Providers (PSP) that carry on similar functions as tax settlement and withholding agents, whether national, provincial or municipal.”

Taxes to cryptocurrencies

The decree establishes the need to limit exemptions, especially in the case of digital currencies: “The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments.

Among the transactions that can generate tax for individuals, the following stand out the commissions generated by the purchase and sale of cryptocurrencies; earnings linked to the difference between buying and selling. Personal property and cryptocurrencies are assets that, added to others, will generate a lien. While companies or exchanges will have to cancel the Value Added Tax and the regulated Income Tax.

M. Rodríguez

Source: ambito.com

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