Argentines will have an easier path to legalise undisclosed crypto holdings. Under the leadership of pro-crypto President Javier Milei, taxpayers can now regularise crypto without providing additional documentation on their origin.
Under the leadership of newly elected pro-crypto President Javier Milei, Argentines will have an easy time legalising crypto holdings that are overdue on tax declarations.
“Asset Regularisation Scheme”
The “Law of Bases and Starting Points for the Freedom of Argentines” was introduced to the Argentine Congress on December 27 and contains a number of changes to the country’s changes to tax, labour, criminal, energy and electoral matters.
The law is part of Argentina’s newly elected and self-proclaimed libertarian President’s reformist agenda.
Under the law’s tax reform, changes are made to Argentina’s crypto tax-paying procedures. The “asset regularisation scheme” introduces the types of assets a taxpayer may legalise without providing “additional documentation” regarding their origin.
Small Penalties Ease the Path to Legalisation
According to the bill, taxpayers would only have to pay flat asset taxes. This includes 5% if a person declares holdings before the end of March 2024, 10% if declaring from April to June 2024, and 15% from July until September 2024.
Such minor penalties and uncomplicated requirements will surely incentivise Argentines to declare crypto holdings.
Pro-Bitcoin President Milei Creates Inviting Environment for Crypto
Argentina’s newly elected President took office on December 10 after winning the election with 55% of the votes. Milei is extremely critical of the central bank and concerned about Argentina’s massive inflation and economic concerns.
Earlier this month, Argentina’s Minister of Foreign Relations and International Commerce posted on social media that Argentina “ratified and confirmed” contracts can be settled in Bitcoin.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
