The city of Buenos Aires, Argentina's federal capital, has incorporated virtual currencies into its tax code. The reform provides a special tax threshold for the total income tax (IIBB) on the purchase and sale of crypto assets.
This change directly impacts virtual asset service providers (PSAVs). Pay 6% commission on each operation. According to the General Authority of Revenue (AGIP), taxes are calculated based on the difference between the sales price and the acquisition cost, not the total transaction amount.
Tax official Marcos Zocalo pointed out that: This change provides an improvement compared to the general scheme.: «According to special criteria, it is calculated on the basis of the “spread” (sales minus costs). In other words, the tax burden will be reduced and business will become viable.
A tax expert explained that if a property acquired in 1997 is sold for 100 pesos, the taxpayer must, in principle, pay 6 pesos (6% of the total transaction amount).
However, on the new differential basis, the amount is reduced to just 0.18 cents, as the tax is calculated based on the 3 peso profit.
but, Not all experts enthusiastically accepted the measure.. For Agustín Cassis, CEO of pro-Bitcoin community La Crypta, this situation is a sign that users should “give up on exchanges and make friends with no-KYC wallets.”
Meanwhile, Sebastián Domínguez, head of the SDC Asesores Tributarios, said the reforms will begin to be applied “next year when the law is approved.” Furthermore, he warned that This tax could reach a wide range of taxpayers.: “Gross Income Tax Habitual Activities and Considerations: In fact, anyone who purchases virtual currency is a habitual user.”
The tax law defines crypto assets as follows: A digital representation of value that is not backed by a currency or a central bank.However, it is accepted as a means of payment and can be transferred or negotiated electronically.
The reform will put the city of Buenos Aires among the jurisdictions seeking to regulate the cryptocurrency market, but the reaction among experts and users suggests that discussions about its implications are only just beginning.
It is worth noting that the Buenos Aires City Government, through the BA Cripto program, is already promoting efforts to establish itself as a benchmark in the use of cryptocurrencies.
As reported by CriptoNoticias, the proposal is in line with the modernization of the tax system, the promotion of foreign investment and the development of new industries, and includes measures such as updating the names of economic activities, excluding PSAV from certain taxation regimes, and the possibility of paying and processing taxes in virtual currencies.
