Tuesday, May 17, 2022
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Argentina requires payment of taxes on cryptocurrencies

The Argentine government is analyzing the development of a regulatory framework to ensure the payment of taxes on cryptocurrency gains, said Economy Minister Martin Guzman, during the virtual summit of G20 finance ministers and central bank presidents.

During his speech at the event, the Argentine minister pointed out that the national Executive is evaluating a reform of the existing laws that establish the tax obligations of cryptocurrencies with the aim of ensuring greater compliance.

Currently all cryptocurrency transactions are taxed in Argentina by the Tax on Bank Debits and Credits.

However, Guzman’s recent comments suggest that other taxes could be added to this tax.

Argentina could levy more taxes on crypto

Conference participants discussed cryptocurrencies, noting in a report that such assets could threaten global financial stability in the short term.

The Financial Stability Board said the dangers in the use of cryptocurrencies growing.

The body further called for urgent action to ensure containment of a crisis in the market.

The Financial Stability Board, which makes recommendations to G20 countries on financial standards, addressed its message to the countries’ political heads urging them to take steps to regulate the cryptocurrency space.

Minister Martín Guzmán pointed out that the Argentine government agrees “on the importance of developing a framework to collect information to ensure full compliance with tax obligations.”

In addition, the official referred to the importance and need to solve the “historical injustices” generated by tax evasion mechanisms.

An adequate solution to the problem of tax evasion and avoidance will make it possible to build a more inclusive, dynamic and sustainable global economy.

The Argentine Minister described tax evasion as one of the “worst problems of the global economy”.

He stressed in this regard that one solution to address this problem is to attack the challenges arising from the advanced process of economic digitalization.

“Transparency must be ensured in the methodology and information used to assess the fiscal impact of the global solution, thus providing the certainty that each jurisdiction will have a valid and updated tool to make such assessment, before and during its implementation,” he added.

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