Argentina makes crypto transactions taxable with new amendment
In an update to the country’s tax provisions, the Argentine government will now tax sales and purchases of crypto assets after it is notified that crypto exchanges are not absolved from its tax rules.
Crypto exchanges, which were previously exempted from taxation, will now fall under “check tax” rules, which levies up to 0.6% tax on bank transactions related to cash deposits, wire transfers, and check cashing.
The revised check tax rules state that “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 and/or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments, in the terms defined by the applicable regulations,”
Previously, the exchanges were exempted from tax regulations since they used to fall under fintech companies registered as payment service providers (PSP). Explaining the move, the government noted that this amendment would clarify and limit tax exemptions for payment service providers that have achieved rapid growth due to the rapid increase in e-commerce.
Taxes will be levied on those exchanges that hold accounts with Argentine banks, causing crypto prices to surge in terms of Argentine pesos. The move would directly affect local exchanges rather than those based overseas.
The post Argentina makes crypto transactions taxable with new amendment appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
