The Argentinian Minister of Economy Sergio Massa, is working on the introduction of a bill that seeks to encourage the declaration of goods and financial assets -including bitcoin (BTC) and cryptocurrencies- held by citizens in Argentina or abroad.
If passed, the Law for the Externalization of Argentine Savings will allow those who wish to do so to declare “voluntarily and exceptionally” to the Federal Administration of Public Revenue (AFIP), the following goods or assets:
- national or foreign currency
- financial assets (including shares, cryptocurrencies, securities, bonds and securities)
- real estate
- furniture
- other assets in the country and/or abroad.
The reporting of foreign currencies does not only imply reporting their holding, but the bill intends to establish that they must be deposited in banking entities (Argentine or foreign). That is to say they cannot be held in banknotes (or digital wallets?).
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In the case of cryptocurrencies, on the other hand, it will be sufficient to submit an affidavit in which the digital assets must be identified. When the law is regulated, it will be established how to make this individualization.
The bill establishes that those who declare their holdings in the first 90 days will pay a 2.5% tax in Argentina. After that period of time, the amount will increase progressively until reaching a maximum of 10%.
The bill, in order to be implemented, must be approved by deputies and senators in the Argentine Congress.
In the article 6 of the bill, it is explained that those who join this money scheme promoted by the Argentine State will enjoy, among other benefits, the following:
They will be released from any civil, commercial, criminal tax, criminal exchange, criminal customs and administrative sanctions that may apply.
They will be exempted from the payment of the taxes they have omitted to declare.
The bill is 14 pages long and details some details of the procedure and limits on the capital to be “laundered” (a word that, in Argentine jargon, is equivalent to “declaring before the State”). In any case, it will be necessary to wait for the parliamentary debate to know the final version of the text.
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