While AFIP has not yet filed a tax regime for crypto operations, that doesn’t imply that they don’t have to pay taxes. REUTERS / Dado Ruvic / Illustration / Photo file
AFIP has extended until the end of the month the deadline for submitting sworn declarations and registering the balances of the income taxes. Also for personal and coupon tax returns. Taxpayers who have turned to the cryptocurrenciesmust take this into account and include them when making the process.
According to America Marketing Intelligence 12% of adults in the country have bought some sort of cryptocurrency at some point in the past few years. Also, according to a recent Coinspaid report, 65% of Argentines would be willing to start investing in digital currencies. This universe of new investors must consider that cryptocurrencies have long been in AFIP’s sights and that they must include them in their affidavits.
Although the body chaired by Mercedes Marcó del Pont has not yet presented a specific tax regime for cryptographic operationsThis does not imply that they do not have to pay taxes. In fact, the income from buying and selling digital assets has already been achieved since Income and personal property tax.
María Sol Torres, Tax Manager of Expansión Argentina, explained: “The 2017 tax reform introduced the concept of” digital currencies “, equating cryptocurrencies with financial assets. From there, the buying and selling transactions were taxed by income tax.
How much are they taxed? The extent of these taxes is placed on the outcome of the exchange of these cryptocurrencies. If the sale transaction generates income from a foreign source, the result is taxed at 15% in profits. If it comes from an Argentine source and they are issued in pesos, they will pay 5% and, if they are issued in dollars, they will pay 15%.
In case of Personal assets, the government considers cryptocurrencies as an extra asset and therefore taxpayers must declare them to the Treasury. “In this case, the key is that it is part of the estate as of December 31, as the tribute is a photo of the balance sheet on the last day of the year,” Torres said.
This way, if the cryptocurrencies are hosted on a local platform, investors have to pay a rate of 1.25%. In the event that it is determined that he is abroad, the rate is increased up to 2.25%,
What other fees do cryptocurrencies pay?
Since November last year, the AFIP has decided this cryptocurrencies are also affected by the Check Tax. With Decree 796/2021, the exemption from the tax on debts and credits for the movements of funds that include the purchase, sale, exchange, brokerage and / or any other operation on cryptocurrencies, cryptocurrencies, digital currencies or similar instruments was eliminated.
In this case, It is not retail investors or SMEs who have to pay this taxbut it applies to payment service providers (PSPs), stock exchanges and banks.
“For its part, AFIP – through general resolution 4164, issued in 2019 – forced local exchanges to submit their transaction information regime monthly,” Torres said and recalled: “Some jurisdictions such as Córdoba, Neuquén, Catamarca, Tucumán and Buenos Aires put a magnifying glass on these assets and even changed the Tax Code to reach Crypto operations with Gross Income. “
What are the AFIP plans for cryptocurrency investors
Since November last year, AFIP has decided that cryptocurrencies are covered by the Check Tax. Photographer: Andrei Pungovski / Bloomberg
Earlier this year, AFIP released a list of goals for 2025, where he focused on two key economic sectors for Argentinaa: the activity of granaries and the digital economy.
In a 140-page note, the body led by Mercedes Marcó del Pont explained that these measures aim to “prevent possible evasion, avoidance and aggressive tax planning maneuvers”.
“The digital economy requires constant regulatory compliance, the the incorporation of new technologies, the formation of teams of experts, greater international cooperation and the development of new strategies that allow for more efficient controls through the increase of automatic inspections and the timely identification of new business models “, justified the ‘AFIP.
The proposed roadmap provides for this “Joint policies with external organizations” will be planned during this year. and it will be carried out “control actions on non-compliant subjects”.
In 2023, the agency will face an exchange of financial information on cryptocurrencies, in accordance with the provisions of the law on tax compliance for foreign accounts.
The plan culminates in three years, with the implementation of an IT tool for electronic control of the exchange of information on cryptocurrencies.
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Source: Clarin
