Argentinian Tax Agency Supports Creation of Global Crypto Report System to Avoid Evasion

- Advertisement -

Argentinian Tax Agency Supports Creation of Global Crypto Report System to Avoid Evasion – The AFIP, Argentina’s national tax collection agency, seeks to optimize its efficiency in collecting crypto-related taxes. In this regard, the organization has publicly expressed its support for the creation of a cryptocurrency holder registry by proposing amendments to incorporate digital assets in the Organization for Economic Cooperation and Development’s present automated exchange data system. 

Mercedes Marco del Pont, the AFIP’s president, commented at a recent event:

“To prevent electronic money, crypto assets, and digital currencies from becoming instruments of evasion, they must be included in international information exchange channels.

Also Read: Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

- Advertisement -

Furthermore, Marco del Pont discussed the regulator’s recent experience dealing with tax evasion on taxpayers who did not have bank accounts or assets in the country. The regulator was able to acquire access to a significant portion of these funds by leveraging information exchange with other countries.

The Argentine Tax Office was able to classify digital wallets, or funds stored on fintech platforms, as assets that can be confiscated to pay for tax arrears. This provision enabled the organization to intervene in over 5,000 situations where taxpayers had no other properties to take. This is possible since the group collects reports from fintech companies on their customers’ holdings.

In response to these activities, Marco del Pont stated:

“We deepened the State’s capacity to manage avoidance and evasion, with an emphasis on raising the contribution to collection from the sectors with the highest taxpaying potential.”

Also Read: Microstrategy CEO Dispels Rumor of Company Quietly Selling Bitcoin

Argentinian Tax Agency Supports Creation of Global Crypto Report System to Avoid Evasion – The Argentine government is attempting to acquire revenue in order to repay its debt to the International Monetary Fund, and one of its measures is to deploy new tax collection systems.

In March, the group began directly investigating the movements of cryptocurrency dealers, requiring some to record their coin moves. In addition, earlier this month, the Senate heard a proposal to tax Argentinians’ holdings around the world, including cryptocurrencies.

Don't miss

Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program

Bank of Spain to Launch Experimental Wholesale CBDC Digital...

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant Accounts

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant...

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners...

Trevor Noah Bids Farewell to ‘The Daily Show’ in Emotional Final Episode Sign-Off

Trevor Noah Bids Farewell to 'The Daily Show' in...

‘Top Gun: Maverick’ Named Best Film of 2022 by National Board of Review

'Top Gun: Maverick' Named Best Film of 2022 by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here