Home » Argentine Tax Authority AFIP Notified 4,000 Crypto Holders to Ammend Their Tax Statements – Regulation Bitcoin News

Argentine Tax Authority AFIP Notified 4,000 Crypto Holders to Ammend Their Tax Statements – Regulation Bitcoin News

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The Argentine Tax Authority (AFIP) is stepping up its fight against crypto-related tax evasion. On October 28, the organization notified 3,997 taxpayers that it had sent them notices of discrepancies between their tax returns and reports on their holdings of cryptocurrencies. These statements under review correspond to reports of operations that occurred in 2020.

Argentine Tax Authority AFIP Raises Vigilance Against Cryptocurrencies

The Argentine Tax Authority (AFIP) is using reports from local exchanges to reconcile taxpayer tax returns with data on cryptocurrency holdings and has already spotted discrepancies. . According to reports, the organization has already sent notices of these issues to he 3,997 Argentine citizens, who have the opportunity to amend their statements to include cryptocurrency holdings and pay additional taxes.

These notices will link to statements filed during 2020 and will be sent to taxpayers operating using local cryptocurrency exchanges who are required by law to pass operational information to AFIP. The notice explains that taxpayers are operating with cryptocurrencies on these exchanges.

Recall that the results obtained from disposing of digital currency are subject to income tax. Where applicable, they should be externalized in relevant affidavits and property.

Can I seize cryptocurrency to pay my tax liability in Argentina?

However, requesting information and justification for taxpayer expenses and cryptocurrency purchases in 2020 may indicate a history of cryptocurrency holdings from purchase to that year. This could also stem from having to amend cryptocurrency statements for years prior to 2020.

These actions could lead to Bitcoin seizures, which analysts say is still a controversial issue. Argentinian lawyer Daniel Perez believes there is still no law allowing the country to control these cryptocurrency wallets.In contrast, digital accounts can be seized and organizations seized Over 1,200 of these since February. In an interview with Iproup, he said said:

The law needs to be amended to clearly provide for the possibility of e-wallet seizure. AFIP knows this, and that’s why they’re trying to sneak an article into the budget that gives them the power to do so regarding both fiat currencies and bitcoin.

The applicability of this new article is also limited. This is because it only applies to cryptocurrencies held at non-custodial wallet providers and exchanges. It is still unclear how states will compel citizens to provide their private cryptocurrency keys to government officials.

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afip, revision, Argentina, Argentinian, Crypto, Cryptocurrency, digital account, Avoidance, local exchange, seizure, statement, tax

What do you think of the recent notice sent by AFIP to taxpayers? Let us know in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He explains that he entered the cryptosphere in December 2017 when the price hike happened, and fell behind the game. Computers With an engineering background, living in Venezuela, and influenced by the cryptocurrency boom on a societal level, he offers a different perspective. About the success of crypto and how it can help the unbanked and underserved people.

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