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The revenue service of Argentina, also known as AFIP is working in a draft to modify the tax system of the country. According to it, users investing in cryptocurrencies may have to pay taxes. Activities such as trading and investing in virtual currencies will be taxed activities.

AFIP Wants to Gather Taxes from Virtual Currencies

Argentina has a very important problem: deficit. And indeed, the government is having troubles to eliminate it. This is one of the reasons why it has decided to impose taxes on virtual currencies and earn more money.

In this draft, the agency explains that those virtual currencies that are use for exchanging or store money will be subject to income tax. Additionally, the draft explains that those currencies considered as legal tender or issued by other countries will not be taxed.

It is important to mention that AFIP follows international regulations in order to define what virtual currencies are and to avoid money laundering. Additionally, companies and entities working with virtual currencies will have to inform the operations they perform using virtual currencies.

One of the most important aspects of this new regulations is related to the amount that individuals will have to pay as tax gain. Companies currently have 30% and from 2020 they will pay 25%.

Individuals will also have to pay tax gains. In this case, the payment will be between 5% to 35% with some exceptions depending on the field.

The last reform incorporates ‘virtual currencies’ in the norm that establishes differential taxes for stocks, currencies and other assets.

Virtual currencies are not issued in a specific fiat currency, something that the regulatory agency does not mention. Indeed, AFIP does not explain how the law should be applied in these cases. According to the news site Infobae, cryptocurrencies will be taxed by the ‘general regime.’

At this moment, Bitcoin is close to its lowest levels this year, close to $6,100 dollars. At the end of 2017, Bitcoin (BTC) reached $20,000 and since then it entered in a bear market.

Argentina is a very important country in the virtual currency market and its currency is generally in the top 10 currencies traded against Bitcoin.

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