Laundering: the project sent to Congress includes the declaration of cryptocurrencies

Laundering: the project sent to Congress includes the declaration of cryptocurrencies

He Ministry of Economy sent to Congress a project for the creation of a special regime “Voluntary Declaration of Non-Externalized Argentine Savings“, which foresees the money laundering, movable and immovable property, and other goods, including credits, in the country and abroad. One of the most striking data of this project is the incorporation of cryptocurrencies either in the country or abroad. What must be considered?

According to the project, article 2 establishes that subjects may voluntarily and exceptionally declare the following assets:

  • Possession of national and/or foreign currency
  • Holding of foreign currency abroad
  • Financial assets of the country or abroad, understanding: shares, representative securities and certificates of deposit of shares and other securities, quotas and social participations -including quotas of common investment funds and certificates of participation of financial trusts and any other right on trusts and similar contracts-, crypto assets, cryptocurrencies, digital currencies or similar instrumentstitles, bonds and other securities and all kinds of rights both from the country and abroad, capable of economic value.
  • Movable and immovable property.
  • Other assets in the country and/or abroad, including credits.

While those subjects with assets in foreign currency must be deposited in an account in financial entities or banking institutions abroad, cryptocurrency holders will only have to submit an affidavit.

According to the project, the same special scheme will then be applied to cryptocurrencies as for the rest of the assets.

  • 5%, from the entry into force and until the period of 120 calendar days has elapsed
  • 10%, for the goods declared from the expiration of the period of the previous point and until the period of 120 calendar days has elapsed
  • 20%, for the goods declared from the expiration of the period of the previous point and until the period of 120 calendar days has elapsed.

The AFIP had been closely following Bitcoin holders in exchange wallets that had not included in their Personal Assets Tax return. It is worth remembering that at the end of March, the tax agency detected 184 taxpayers with balances in their virtual wallets that had not been included in the Personal Asset Tax affidavits, for a taxable amount of $1,523 million. Today, cryptocurrencies in Argentina do not have a clear tax framework, it is true that they must comply with three obligations that must be included in the DDJJ: Tax on Personal Assets, Income Tax and Law that taxes mining of cryptocurrencies.

The collecting agency verified that the assets or goods were not included in the declarations for the 2021 fiscal period or that they did so for a lower value than the real one”. “The inconsistencies were found from the optimization of controls on the growth that the transactions had with virtual wallets and crypto assets over the last few years,” they concluded from AFIP.

Bleaching: what are the benefits

According to the bill, those who make the voluntary declaration and enter the special tax of this law, will be released or released from all civil, commercial, criminal, tax, foreign exchange criminal, customs criminal and administrative sanctions that may correspond.

They will also be exempted or exempted from the payment of taxes that had been omitted to declare. Where it is included: Income Tax, Internal Taxes and Value Added Taxes, Taxes on Personal Assets and the special contribution of cooperatives.

What the specialists say

According to the tax official Santiago Saenz Valiente, consulted by Ambit: “In general, the vast majority of human beings mistakenly decided or understood, in my opinion, that it is not appropriate to include them in a tax return. The truth is thatI believe that the project or the situation of doing money laundering on this occasion will not be successful in the National Congress. There is a need for funds. Of course, everything can come in handy for the government, but in my opinion the time is not right.”

“The issue of laundering itself, the characteristics it has are different from those of the other laundering in 2017, but it is always about the same thing, right? But here, the possibility of including financial assets in the country and abroad, shares, social participations, trusts and crypto assets, cryptocurrencies, digital currencies and titles or rights of the country or abroad with economic value. It is something very comprehensive, “analyzed Valiente. On the other hand, he put the magnifying glass on the value of the rate:”the percentages that increase as time goes by will be a problem, because usually people stick to bleaching over the end. And, towards the end, the rate will reach 20% because 5% comes for the first 120 days, then another 10% after that term and for 120 more days and then it has 20%. No one is going to adhere to that percentage, beyond the fact that it can be a benefit,” Valiente asserted.

News in development.-

Source: Ambito

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