Argentina 🇦🇷

Argentina has established taxation regulations for cryptocurrencies to ensure compliance and combat money laundering. The country's tax framework considers various aspects such as income tax, personal assets tax, turnover tax, and capital gains tax. The government has recently proposed a bill to incentivize cryptocurrency holders to declare their holdings by offering discounted tax rates.

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• Income Tax: Income derived from the holding or disposing of digital coins is subject to income tax in Argentina. The tax rates vary based on the taxpayer's residency and the source of income. Resident individuals and non-residents with Argentine income sources are taxed at a rate of 15%. Resident legal entities face tax rates ranging from 25% to 35%.
• Personal Assets Tax: Argentina levies personal assets tax on residents' worldwide assets exceeding a specified threshold. Crypto assets are not explicitly addressed in the law, leading to differing interpretations. Rates vary from 0.5% to 1.25%, with higher rates for assets located abroad.
• Turnover Tax: Local turnover tax may apply to the sale of virtual currencies. Each province sets its own tax rates and determines which transactions are taxable.
• Value-Added Tax (VAT): The transfer or exchange of virtual currencies is not subject to value-added tax in Argentina.

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The proposed bill to encourage the declaration of cryptocurrency holdings introduces discounted tax rates. Individuals who voluntarily declare their holdings within 90 days of the law's enactment would initially face a 2.5% tax on capital gains. This rate would gradually increase to the standard capital gains tax rate of 15%. The bill aims to incentivize the declaration of various financial assets, including cryptocurrencies, fiat currency, stocks, and real estate. It also requires holdings to be deposited in approved banks, whether in Argentina or foreign banks regulated by the respective jurisdiction's authorities.

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Argentina's tax regulations for cryptocurrencies encompass income tax, personal assets tax, turnover tax, and capital gains tax. The government's proposed bill seeks to promote the declaration of cryptocurrency holdings by offering discounted tax rates. The bill aims to combat money laundering and encourage transparency in financial asset holdings. The impact of the proposed tax law on cryptocurrencies is a topic of discussion, with concerns raised about informal transactions and potential negative effects on users and foreign investments. The finalization and implementation of the bill may lead to increased adoption of peer-to-peer platforms as individuals seek to avoid taxation.

https://thelawreviews.co.uk/title/the-virtual-currency-regulation-review/argentina

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https://cointelegraph.com/news/proposed-bill-in-argentina-to-encourage-citizens-to-reveal-crypto-holdings

https://thelawreviews.co.uk/title/the-virtual-currency-regulation-review/argentina

https://www.hg.org/legal-articles/new-tax-on-bitcoins-in-argentina-58398

https://binamite.com/cryptocurrency-tax-in-argentina/

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The information provided in this collection of crypto country tax rates is intended for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the information, it should not be relied upon as legal or financial advice.

Tax laws and regulations are subject to change and can vary significantly from country to country, and even within different regions of the same country. The tax rates and guidelines mentioned in this collection may no longer be current or may not apply to your specific situation.

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Always consult with qualified professionals and refer to official government sources for the most up-to-date and accurate information regarding tax rates and regulations.

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