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Argentine Authority Targets 3997 People for $1B Crypto Tax Invasion
Argentine Authority Targets 3997 People for $1B Crypto Tax Invasion
- Nearly 4000 persons get instructions to update their tax affidavits to reflect crypto ownership.
- The authority evaluated the unreported revenue from defaulters to be over $1 billion.
- AFIP tracked investors via data from digital exchanges and other payment providers.
The tax authority in Argentina AFIP is now intensifying its fight against crypto-related tax evasion after previously raiding crypto mining firms. According to a local report, 3,997 persons who used cryptocurrencies in 2020 received instructional letters from the tax agency to update their property tax affidavits to reflect their ownership of crypto assets.
This action was after the AFIP found inconsistencies between registered income and amounts operated by the sale of digital currencies.
By the agency’s standard, taxpayers who use digital currencies on Argentine platforms must declare them in the Tax on Personal Assets. The authority estimated that the unreported revenue from the defaulters totaled more than $1 billion.
The notification read in part:
The Income Tax covers the results derived from the disposal of digital currencies. You must proceed to externalize them in the relevant affidavits and their possession, and you must standardize your tax situation and submit the sworn statements without prejudice
Notably, AFIP was able to track down the Bitcoin investors via data from Argentine digital exchanges and other Payment Service Providers (PSP) that offer payment accounts based on a recently approved act.
According to the rule, platforms must report a user’s activity scale when it hits some thresholds. It covers situations where a person’s overall income or spending amount is at least $30,000 or when they conduct virtual transactions of $200,000 or more.
However, some people interviewed by a local news agency argued that the Tax authority’s actions are debatable. Germán Nlhoul, a host of the Argentine Youtube channel Criptocontador, said the AFIP tries to tax crypto holdings in Personal Assets [but] no legislation expressly taxes them.
The post Argentine Authority Targets 3997 People for $1B Crypto Tax Invasion appeared first on Coin Edition.
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