The autonomous body of the Federal Administration of Public Revenues of Argentina, (AFIP), sent an inspection order to a exchange local to report on buyers of cryptocurrencies in the region, in order to comply with the legally established conditions for the correct categorization and permanence in the Simplified Regime for Small Taxpayers, as will be reported recently, by the group of Facebook Bitcoin Argentina.
The request was addressed to a monotributista and the sanction by the inspection body could not only exempt from the simplified regime, but also in a possible ex officio determination in the Income tax and VAT.
It should be remembered that for the first four months of the year, the AFIP announced that it would be mandatory for exchanges to complete the information regime 8126, a form that must be completed by local exchanges and wallets virtual services such as Ualá, Mercado Pago, among others.
Likewise, every 15th of each month, they must report and identify accounts that operate with cryptocurrencies, the total amounts of the transactions, the final monthly balance of the accounts, as well as any modification that may occur during the process.
The statement issued by the entity, expresses the request in detail of all operations carried out with cryptocurrencies since the period 09/2019, (year in which the Federal Administration of Public Revenue of Argentina established the information regime RG 4614), to date.
In this sense, the AFIP inspection, He specified the date, amount, companies with which he operated, if the transactions were carried out personally or through bank transfers, as well as, if said operations were carried out with national or foreign exchanges and / or P2P.
In addition, to request the domain of the virtual wallets with which the Monotributo has been operating since September 2019 until the date of the request.
AFIP controls Cryptocurrencies
According to the report issued by Chainalysis and Financial Times, crypto assets are consolidated in the markets emerging markets, and Argentina, is in the ninth position worldwide in the adoption of these virtual currencies, despite not having a legal framework, and being classified as “Unstable risk” by the Central Bank of the Republic of Argentina, (BCRA).
General Resolution 4614/2019 of October 2019, in force since November of the same year, the AFIP, obliges the exchange agencies of the country to provide information on the subjects that administer, manage, process or control movements of assets through these platforms electronic or digital management, for the account and order of human and legal persons residing in the country or foreigners, which include from the balances in cryptocurrencies, to the movements and amount of transactions that are carried out in these accounts.
However, the information regime only refers to those exchanges located under the jurisdiction of Argentine laws, and that are duly registered as taxpayers. On the contrary, if the exchange office is not located in the country, it does not have the obligation to comply with these requirements, as is the case of Binance, a foreign platform.
With general resolution 5029, the supervisory entity incorporated into said information regime, control over virtual wallets, virtual accounts on financing and investment. Which must report monthly all movements and operations carried out.
This measure given by the agency aims to detect those movements of funds, transactions and holdings of these cryptocurrencies that are not taxed. In turn, it intends to ensure compliance with the payment of Tax on Credits and Debits in bank accounts, by the company that uses these virtual wallets.
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