Argentinian Senate Passes Bill That Would Tax Assets Held in Foreign Countries, Including Crypto

0 1

argentinian senate

The Argentinian Senate has approved a bill that would allow the government to tax non-declared assets held in foreign countries by citizens of the country. This includes stocks, properties, bonds, and even cryptocurrencies. The purpose of the legistlation would be to collect more funds to pay the $45 billion debt that Argentina has with the International Monetary Fund (IMF).

Asset Tax Bill Approved by the Argentinian Senate

The Argentinian Senate has approved a new bill that would allow the government to tax assets held by citizens in foreign countries. The approved text determines that the government will tax all kinds of assets that have not been declared to the tax authorities before, including real estate, stocks, cryptocurrency, and any assets with economic value.

The policy establishes these funds collected will be directly managed by the Economy Ministry. Depending on the time period and the goods owned, if approved, Argentinian citizens will have to pay up to 50% on these assets. The fund, which will be denominated in dollars, will be active until Argentina pays its debt to the International Monetary Fund (IMF), of about $45 billion.

The bill will have to be approved now by the Chamber of Deputies, where it has less of a chance of being passed, according to local media.

Argentinians React

The reaction in the country has been mostly negative, with many people criticizing many of the aspects proposed by the legislation. The project mentions cryptocurrency assets as part of its scope, and this is worrying people in the sector. Kim Grauer, Research’s director, thinks there is a good reason for this. According to her:

The country has an overall cryptocurrency market valued at nearly $70 billion, well above Venezuela’s $28.3 billion, only second to Brazil in the region.

This might provide the government with the needed liquidity to fund payments to the IMF loan. Other criticisms of the project have to do with the establishment of foreign banks as retention agents for this money, and how the government will use international treaties to acquire information about crypto holders.

Sebastián M. Domínguez, Of SDC Tax Consultants, stated:

There is an extensive list of countries reporting accounts of Argentinians abroad, known as ‘cooperators’. These are more than 120 nations, including crypto-friendly countries such as Malta, Seychelles, Virgin Islands, Liechtenstein, Gibraltar, and El Salvador.

In this sense, the Argentinian Tax Agency announced last month its support for a global report system that will aid tax watchdogs to avoid cryptocurrency-related evasion at a worldwide level.

What do you think about this new law project passed by the Argentinian Senate? Tell us in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 30,516.00 1.78%
ethereum
Ethereum (ETH) $ 2,098.50 3.42%
tether
Tether (USDT) $ 1.00 0.11%
usd-coin
USD Coin (USDC) $ 1.00 0.08%
binance-coin
BNB (BNB) $ 307.51 3.08%
xrp
XRP (XRP) $ 0.439595 3.70%
cardano
Cardano (ADA) $ 0.580811 3.96%
solana
Solana (SOL) $ 57.07 4.91%
binance-usd
Binance USD (BUSD) $ 1.00 0.12%
polkadot
Polkadot (DOT) $ 11.08 3.46%
dogecoin
Dogecoin (DOGE) $ 0.090706 3.46%
avalanche-2
Avalanche (AVAX) $ 34.52 4.65%
staked-ether
Lido Staked Ether (STETH) $ 2,066.05 3.50%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 30,530.00 1.79%
tron
TRON (TRX) $ 0.072606 4.45%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 4.43%
dai
Dai (DAI) $ 1.00 0.02%
litecoin
Litecoin (LTC) $ 72.86 8.12%
crypto-com-chain
Cronos (CRO) $ 0.202714 4.14%
matic-network
Polygon (MATIC) $ 0.733062 7.91%
leo-token
LEO Token (LEO) $ 4.96 0.77%
near
NEAR Protocol (NEAR) $ 6.67 1.49%
ftx-token
FTX Token (FTT) $ 32.11 0.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 206.77 4.28%
chainlink
Chainlink (LINK) $ 7.74 3.52%
stellar
Stellar (XLM) $ 0.142068 4.64%
cosmos
Cosmos Hub (ATOM) $ 11.56 4.49%
algorand
Algorand (ALGO) $ 0.496543 7.70%
okb
OKB (OKB) $ 12.89 4.00%
monero
Monero (XMR) $ 173.77 6.23%
flow
Flow (FLOW) $ 3.02 5.37%
ethereum-classic
Ethereum Classic (ETC) $ 21.75 3.94%
apecoin
ApeCoin (APE) $ 8.88 9.83%
uniswap
Uniswap (UNI) $ 5.48 8.27%
elrond-erd-2
Elrond (EGLD) $ 100.64 7.19%
hedera-hashgraph
Hedera (HBAR) $ 0.109046 5.87%
vechain
VeChain (VET) $ 0.032938 6.11%
internet-computer
Internet Computer (ICP) $ 8.65 6.38%
theta-fuel
Theta Fuel (TFUEL) $ 0.071452 2.46%
magic-internet-money
Magic Internet Money (MIM) $ 0.996614 0.13%
decentraland
Decentraland (MANA) $ 1.23 2.99%
filecoin
Filecoin (FIL) $ 8.62 3.83%
the-sandbox
The Sandbox (SAND) $ 1.38 3.47%
axie-infinity
Axie Infinity (AXS) $ 21.50 8.44%
compound-ether
cETH (CETH) $ 42.10 3.12%
tezos
Tezos (XTZ) $ 1.87 4.74%
defichain
DeFiChain (DFI) $ 3.12 2.59%
chain-2
Chain (XCN) $ 0.091719 11.15%
frax
Frax (FRAX) $ 1.00 0.03%
kucoin-shares
KuCoin Token (KCS) $ 14.92 7.80%
zcash
Zcash (ZEC) $ 114.36 10.87%
maker
Maker (MKR) $ 1,586.83 4.43%
theta-token
Theta Network (THETA) $ 1.40 4.75%
pancakeswap-token
PancakeSwap (CAKE) $ 4.73 4.44%
eos
EOS (EOS) $ 1.38 4.45%
aave
Aave (AAVE) $ 92.68 9.28%
the-graph
The Graph (GRT) $ 0.180613 3.82%
klay-token
Klaytn (KLAY) $ 0.438811 9.93%
true-usd
TrueUSD (TUSD) $ 1.00 0.04%
terra-luna
Terra (LUNA) $ 0.000189 6.53%
huobi-btc
Huobi BTC (HBTC) $ 30,508.00 1.39%
iota
IOTA (MIOTA) $ 0.396609 9.00%
huobi-token
Huobi Token (HT) $ 7.06 0.88%
compound-usd-coin
cUSDC (CUSDC) $ 0.022741 0.38%
bitcoin-sv
Bitcoin SV (BSV) $ 55.96 4.17%
bittorrent
BitTorrent (BTT) $ 0.000001 2.46%
thorchain
THORChain (RUNE) $ 3.41 6.17%
terrausd
TerraUSD (UST) $ 0.090590 2.59%
quant-network
Quant (QNT) $ 74.86 4.61%
stepn
STEPN (GMT) $ 1.59 10.67%
ecash
eCash (XEC) $ 0.000050 5.20%
paxos-standard
Pax Dollar (USDP) $ 1.00 0.08%
helium
Helium (HNT) $ 9.21 5.40%
fantom
Fantom (FTM) $ 0.360763 5.74%
gatechain-token
GateToken (GT) $ 5.75 5.64%
radix
Radix (XRD) $ 0.087439 1.00%
neutrino
Neutrino USD (USDN) $ 0.972946 2.10%
cdai
cDAI (CDAI) $ 0.022121 0.47%
bitdao
BitDAO (BIT) $ 0.848079 0.82%
arweave
Arweave (AR) $ 15.87 2.31%
nexo
NEXO (NEXO) $ 1.40 1.87%
neo
NEO (NEO) $ 11.02 7.13%
zilliqa
Zilliqa (ZIL) $ 0.053376 5.87%
convex-finance
Convex Finance (CVX) $ 12.46 12.82%
kusama
Kusama (KSM) $ 83.76 13.72%
enjincoin
Enjin Coin (ENJ) $ 0.743703 5.44%
waves
Waves (WAVES) $ 6.89 5.57%
amp-token
Amp (AMP) $ 0.014137 3.52%
gala
Gala (GALA) $ 0.089699 3.66%
dash
Dash (DASH) $ 60.76 5.07%
havven
Synthetix Network Token (SNX) $ 2.90 6.56%
chiliz
Chiliz (CHZ) $ 0.120811 5.58%
celo
Celo (CELO) $ 1.46 2.62%
basic-attention-token
Basic Attention Token (BAT) $ 0.418748 5.33%
loopring
Loopring (LRC) $ 0.501327 7.07%
osmosis
Osmosis (OSMO) $ 1.66 3.01%
maiar-dex
Maiar DEX (MEX) $ 0.000122 7.01%
blockstack
Stacks (STX) $ 0.581162 3.43%
pax-gold
PAX Gold (PAXG) $ 1,822.11 0.20%
harmony
Harmony (ONE) $ 0.049758 5.62%
gnosis
Gnosis (GNO) $ 230.91 2.51%
compound-usdt
cUSDT (CUSDT) $ 0.021768 0.00%
mina-protocol
Mina Protocol (MINA) $ 1.11 4.79%
xdce-crowd-sale
XDC Network (XDC) $ 0.045540 2.21%
nem
NEM (XEM) $ 0.061498 4.02%
kadena
Kadena (KDA) $ 2.98 0.66%
lido-dao
Lido DAO (LDO) $ 1.52 5.85%
curve-dao-token
Curve DAO Token (CRV) $ 1.39 1.70%
decred
Decred (DCR) $ 38.58 0.13%
fei-usd
Fei USD (FEI) $ 1.00 0.26%
kava
Kava (KAVA) $ 2.68 11.65%
compound-governance-token
Compound (COMP) $ 74.67 11.09%
frax-share
Frax Share (FXS) $ 8.36 0.34%
nxm
Nexus Mutual (NXM) $ 71.29 3.41%
holotoken
Holo (HOT) $ 0.002723 3.82%
tether-gold
Tether Gold (XAUT) $ 1,858.94 0.16%
tokenize-xchange
Tokenize Xchange (TKX) $ 5.62 2.48%
qtum
Qtum (QTUM) $ 4.26 6.53%
ecomi
ECOMI (OMI) $ 0.001642 5.83%
iostoken
IOST (IOST) $ 0.018259 3.92%
bancor
Bancor Network Token (BNT) $ 1.47 2.97%
juno-network
JUNO (JUNO) $ 8.19 8.02%
oec-token
OKC Token (OKT) $ 25.58 13.77%
1inch
1inch (1INCH) $ 0.961913 4.39%
serum
Serum (SRM) $ 1.26 3.19%
livepeer
Livepeer (LPT) $ 15.34 4.97%
flex-coin
FLEX Coin (FLEX) $ 4.91 0.60%
moonbeam
Moonbeam (GLMR) $ 1.40 7.56%
evmos
Evmos (EVMOS) $ 1.82 2.82%
omisego
OMG Network (OMG) $ 2.59 6.31%
msol
Marinade staked SOL (MSOL) $ 59.52 6.12%
0x
0x (ZRX) $ 0.426711 5.81%
xido-finance
Xido Finance (XIDO) $ 12.70 0.79%
celsius-degree-token
Celsius Network (CEL) $ 0.844937 0.95%
yearn-finance
yearn.finance (YFI) $ 10,014.98 2.78%
bitcoin-gold
Bitcoin Gold (BTG) $ 20.03 2.99%
liquity-usd
Liquity USD (LUSD) $ 1.00 0.10%
rocket-pool
Rocket Pool (RPL) $ 21.12 4.57%
secret
Secret (SCRT) $ 2.00 6.32%
olympus
Olympus (OHM) $ 17.31 4.88%
ankr
Ankr (ANKR) $ 0.041083 7.09%
link
LINK (LN) $ 55.17 2.82%
audius
Audius (AUDIO) $ 0.466631 7.34%
ravencoin
Ravencoin (RVN) $ 0.031799 6.48%
husd
HUSD (HUSD) $ 1.00 0.06%
skale
SKALE (SKL) $ 0.092131 12.70%
convex-crv
Convex CRV (CVXCRV) $ 1.40 2.48%
bitkub-coin
Bitkub Coin (KUB) $ 3.61 1.93%
iotex
IoTeX (IOTX) $ 0.033676 12.69%
ethereum-name-service
Ethereum Name Service (ENS) $ 12.62 19.98%
just
JUST (JST) $ 0.043069 3.40%
everdome
Everdome (DOME) $ 0.026021 3.48%
icon
ICON (ICX) $ 0.402209 5.67%
usdd
USDD (USDD) $ 1.00 0.15%
swissborg
SwissBorg (CHSB) $ 0.316902 0.64%
oasis-network
Oasis Network (ROSE) $ 0.085020 10.74%
everscale
Everscale (EVER) $ 0.239156 0.72%
siacoin
Siacoin (SC) $ 0.005654 6.64%
dogelon-mars
Dogelon Mars (ELON) $ 0.000001 3.34%
titanswap
TitanSwap (TITAN) $ 2.86 1.82%
constellation-labs
Constellation (DAG) $ 0.110519 4.33%
sushi
Sushi (SUSHI) $ 1.44 14.20%
safemoon
SafeMoon [OLD] (SAFEMOON) $ 0.000000 3.43%
zencash
Horizen (ZEN) $ 22.22 8.19%
synapse-2
Synapse (SYN) $ 1.49 0.06%
golem
Golem (GLM) $ 0.273406 5.37%
mimatic
MAI (MIMATIC) $ 0.995943 0.19%
songbird
Songbird (SGB) $ 0.033735 20.41%
wax
WAX (WAXP) $ 0.129812 2.67%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.737150 8.90%
ontology
Ontology (ONT) $ 0.290640 5.50%
safemoon-2
SafeMoon (SFM) $ 0.000457 4.80%
render-token
Render Token (RNDR) $ 0.982517 1.50%
ethos
Voyager Token (VGX) $ 0.860478 3.19%
pocket-network
Pocket Network (POKT) $ 0.238182 13.48%
astar
Astar (ASTR) $ 0.071018 5.32%
gemini-dollar
Gemini Dollar (GUSD) $ 1.00 0.33%
swipe
SXP (SXP) $ 0.489366 6.85%
plex
PLEX (PLEX) $ 0.913303 1.46%
smooth-love-potion
Smooth Love Potion (SLP) $ 0.005766 7.82%
escoin-token
Escoin Token (ELG) $ 3.40 3.22%
tenset
Tenset (10SET) $ 2.58 9.92%
woo-network
WOO Network (WOO) $ 0.210998 8.27%
uma
UMA (UMA) $ 3.32 10.48%
immutable-x
Immutable X (IMX) $ 0.926773 5.26%
kyber-network-crystal
Kyber Network Crystal (KNC) $ 2.11 35.36%
nucypher
NuCypher (NU) $ 0.179320 5.76%
tether-eurt
Euro Tether (EURT) $ 1.05 0.05%
playdapp
PlayDapp (PLA) $ 0.591913 1.84%
apenft
APENFT (NFT) $ 0.000001 3.69%
polymath
Polymath (POLY) $ 0.233504 3.56%
velas
Velas (VLX) $ 0.090850 14.11%
mxc
MXC (MXC) $ 0.085379 11.09%
digibyte
DigiByte (DGB) $ 0.013331 12.13%
hive
Hive (HIVE) $ 0.545429 8.46%
illuvium
Illuvium (ILV) $ 311.24 3.81%
rally-2
Rally (RLY) $ 0.072075 2.19%
dydx
dYdX (DYDX) $ 2.05 8.74%
casper-network
Casper Network (CSPR) $ 0.041177 0.36%
acala
Acala (ACA) $ 0.478816 1.71%