Friday, December 3

New bitcoin tax in Argentina

Key facts:
  • This is the check tax, which is added to two other pre-existing in the country for bitcoin.

  • Payment provider companies are exempt, but not those that operate with cryptocurrencies.

Cryptocurrency purchase and sale operations in Argentina will pay a new tax from November 17, called “tax on bank debits and credits” or “check tax.” In principle, this would not affect users directly, but it does affect exchanges.

The measure was announced in the Official bulletin of Tuesday, November 16, issued by the Government of Argentina and signed by President Alberto Fernández, Juan Luis Manzur, the Chief of Staff, and Martín Guzmán, the Minister of Economy.

In Article 7, it is explained that the exemptions from this tax that do apply to payment service provider companies (PSP) such as Mercado Pago, Ualá and others, will not be valid in those cases «in which the movements of funds are linked to the purchase, sale, exchange, intermediation and / or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments’.

In this way, the exchange houses of Argentina will have to face a new tax for their operations. While the decree does not directly target final buyers, that is to say, users, it is very likely that part of this new tax burden will be transferred to them through commissions or other additional costs in their transactions.

What taxes did bitcoin pay in Argentina?

As CriptoNoticias has reported, bitcoin holders in Argentina already had the fiscal obligation to pay two taxes, if applicable. The first of them is the Income Tax, which is applied to the benefits obtained from the difference between the purchase price and the sale price of the cryptocurrency when the latter is higher.

However, the Income Tax does not apply to everyone, but only to those merchants whose profitability exceeds ARS 167,000 per year (at 2021 values).

On the other hand, The second tax that could be paid is Personal Property. It is a contribution that taxpayers must make when their assets exceed a non-taxable minimum, which until the closing of this note is ARS 2 million.

In this case, bitcoin is considered one more good that an individual owns, like a house, or a car. As such, it must be added to the sworn presentation that must be submitted with the individual possessions as of December 31 of each year.

Finally, the Argentine provinces also joined the national state in its mission to tax activities with cryptocurrencies. Thus, some like Córdoba or Tucumán have chosen to include crypto assets in the Gross Income tax, which must also be paid for the benefits generated from an economic activity, such as the sale of cryptocurrencies.

The Central Bank complies with what it had announced

In a virtual talk organized by the Argentine Chamber of Fintech in September, the president of the country’s Central Bank, Miguel Angel Pesce, had stated that interoperability between bank accounts and virtual accounts on PSP platforms was one of the entity’s objectives. The decree published last Tuesday, November 16, seems to advance in this regard.

Miguel Ángel Pesce has presided over the Central Bank of Argentina since 2019. Source: Telam /

In addition to establishing the check tax for cryptocurrencies, this resolution eliminates the obligation to pay that same tax for legal entities that operate with PSP accounts. As mentioned before, natural persons were already excluded.

Likewise, from November 29, all QR codes must accept the option of paying with virtual wallets through CVU (uniform virtual key), applying a surcharge of up to 0.8% to the operation.

Despite this, cryptocurrency exchanges in Argentina do not have that flexibility to operate with CVU, since they are not considered payment providers by the BCRA. For this reason, some companies such as Satoshi Tango have had to suspend deposits and withdrawals with CVU indefinitely, as detailed in a statement issued by the exchange and shared by users. in social networks.

However, there are other companies that – at least for the moment – continue to operate in this way, at least partially. For example, Buenbit, another Argentine exchange house, does not allow this type of deposit either, but it does offer the possibility of withdrawing to a CVU.

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