The bill establishes the creation of a fund with a special contribution of 20% on undeclared assets abroad, and “cryptoassets” are mentioned.
Argentina’s Senate on Thursday approved a bill that seeks to repay debt to the International Monetary Fund (IMF) with capital capital is most commonly defined as the large sum of money you would use to invest. absconded abroad and that includes cryptocurrencies. The official Twitter account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of the legislative body reported.
????️En #Resumen Parliamentary we review the debate for the integration of the Supreme Court and the projects approved in session: the creation of the fund to pay the IMF and the treaty for the conformation of the Norte Grande Argentino region.https://t.co/cNooQf636L
– Senate Argentina (@SenadoArgentina) May 13, 2022
The legislative proposal proposes the creation of a fund to pay the IMF that would be financed from the money collected through taxes on assets located abroad that have not been declared to the federal tax agency, the AFIP. According to local news agencies, the tax will initially be 20% for all such assets.
The fee will be maintained for the first six months after the approval of the project, but will rise to 35% for those who declare after that period, according to iProfessional . The regulation establishes that the fund will be constituted in U.S. dollars and will remain in force until the total cancellation of the debt to the IMF.
Taxes on foreign assets to pay the IMF
Proposed by the pro-government senator Oscar Parrilli, the bill not only covers bank accounts, properties and financial instruments located abroad, but also refers to the ” cryptoassets “in Article 7 according to iProUp .
In fact, the so-called “special contribution” will reach the holding of national or foreign currency; real estate; furniture; shares and participation in companies; shares of open or closed common funds; and “…”. other assets abroad, including credits and any type of right susceptible of economic value “, aggregate iProfessional.
“ We think that this is a laundering. Because that evader, once he can be identified and a debt determination is made, with only 20 percent of that debt determination, he will be able to normalize his tax situation. “, explained about the project Victor Zimmermann, a senator member of the Radical Civic Union Party party, as quoted by the Twitter account of the Senate.
According to the informs those who are driving the project estimate that more than USD $20 billion could be raised. And it is not minor that the amounts must be paid in dollars, since it is sought that they return to the country for the payment of the 44,000 million of debt that took the Government of Mauricio Macri in 2018.
“ The bill under discussion addresses one of the most serious structural problems of our economy. It is unacceptable that there are more than 410 billion dollars abroad, 340 billion of which are the result of tax evasion. s,” added Senator Ricardo Guerra about the bill.
Bill covers cryptocurrencies
It is unclear how the regulations plan to determine which digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies qualify as foreign-located assets in the face of the digital and decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. nature of such technology. “ There are no definitions in the laws of when a crypto is located in the country, whether it is Argentine or foreign source. “said Sebastián M. Domínguez, accountant at SDC Asesores Tributarios, to iProUp .
The expert added that the definition is one of the key issues, not only to see if there is a taxable base, but also to calculate what rate should be paid. The accountant also gave his interpretation of the text: “ For those who use a foreign exchange, there is no doubt that they are foreign-based assets. For those who have them in an Argentine exchange, the same interpretation could eventually be made “.
The proposal, which proved controversial for some experts, seems to anticipate this difficulty, as it apparently will forgive 30% of their return for taxpayers who provide information about someone they know is holding cryptocurrencies offshore. said to the media a “ referente ” crypto that was not identified.
The proposal was approved with 37 votes in favor and 31 against during a session held Thursday night. The approved text will now go to the Chamber of Deputies, where it is expected to face greater difficulties to pass.
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Article by Hannah Estefania Perez / DiarioBitcoin
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