The Argentine Revenue Service (AFIP) has announced that it will involve digital currency holders and traders themselves in the fight against tax evasion.
Previously, the authority itself requested information from crypto exchanges, but now the responsibility will fall on those users who are interested in AFIP. This was reported by the publication IproUP.
The new requirements will oblige users to provide data such as public keys of their own wallets, a list of movements of digital assets, which will include dates, names of cryptocurrencies, transaction amounts and type of transactions. Those contacted by the tax authority will have to explain the origin of the funds used in transactions and state how much they have in total savings in digital currencies.
Fintech tax expert Juan Manuel said Argentina’s AFIP has broad powers that the tax authorities can exercise against debtors or lawbreakers, with full control over any suspected fraudster. Therefore, they do not go beyond the law, but only apply the rights given by the state, Manuel convinces.
However, many who were touched by the checks believe that AFIP is asking for an excessive amount of information, often unnecessary for the case. According to Argentine law, the taxpayer has the right to check with AFIP for which information is requested.
Recall that in November last year, the government of Argentina introduced a tax of 0.6 for trading floors for operations with cryptocurrencies. Previously, such a tax was levied only on companies performing certain banking operations in the country.
