The Federal Administration of Public Revenues (AFIP) of Argentina, in an official statement published on the website argentina.gob.arhas revealed that 184 taxpayers have evaded the payment of taxes for a total of 1,500 million Argentine pesos in relation to the possession of crypto assets during the fiscal period of 2021.
According to AFIP investigations, these taxpayers had not declared possession of crypto assets on their tax returns or provided incorrect information about the amount of cryptocurrency they owned. By not declaring their possessions, these taxpayers evaded the payment of the corresponding taxes, which has led to the detection of this tax evasion.
The AFIP has taken steps to address this situation, initiating a more detailed investigation into the 184 taxpayers involved in tax evasion. The agency has also warned other taxpayers to ensure they report their crypto asset holdings correctly to avoid potential legal action.
This revelation has highlighted the importance of cryptocurrency investors in Argentina complying with tax laws and declaring their gains from crypto assets to avoid penalties and fines. The AFIP has made it clear that it is taking tax evasion seriously in relation to the possession of crypto assets and that it will take strong measures against those who do not comply with their tax obligations.
The official statement reveals that “The irregularities noticed by the body led by Carlos Castagneto include holdings of funds in pesos, foreign currency and cryptocurrencies, for a taxable amount of 1,523,241,357 pesos, on which adjustments related to this tax will be applied.”.
In Argentina there are three basic taxes that apply to the activity with cryptocurrencies, namely, income tax, personal property tax and mining activity tax in the Province of Buenos Aires. The AFIP statement does not specify whether it is a breach of personal property tax, income tax or if it is, in short, a mixture of the three taxes mentioned above.
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