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Argentinian Tax Agency supports creation of a global crypto report system to avoid evasion

The Argentinian tax agency AFIP supports the creation of a centralized registry that will serve as a registry for crypto holders.

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Argentinian Tax Agency supports creation of a global crypto report system to avoid evasion

This would allow tax authorities around the world to reduce evasion, according to its head. Already, the organization has used financial information to collect taxes on Argentinian bank accounts overseas customers.

Argentinian Tax Agency Supports Crypto Holder Registry Creation

The Argentinian National Tax Collection Agency (AFIP) wants to improve its efficiency in collecting crypto-related taxes. The AFIP, Argentina's national tax collecting agency, has expressed its support for the creation of a cryptocurrency holder registry by changing the automatic exchange data system run by the Organization for Economic Co-operation and Development to include digital assets. Mercedes Marco del Pont (head of the AFIP), declared during an event that:

To prevent electronic money, digital currencies, and crypto assets from being used to facilitate evasion, it is important to include them in international information exchange systems.

Marco del Pont also shared the latest experience of the regulator in dealing with tax evasion by taxpayers who did not have assets or bank accounts in the country. To gain access to a significant portion of these funds, the regulator was able to use information exchanged with other countries.

AFIP Strengthens Controls

The Argentinian Tax Office included digital wallets in its assets that could be seized for tax debt. The organization was able to take action in over 5,000 cases, where taxpayers didn't have other assets to seize. The organization receives reports about customers' holdings from fintech companies.

On these actions, Marco del Pont stated:

We have intensified the state's capacity to recover from avoidance and evasion, with a focus on increasing tax collection in the most tax-paying sectors.

The Argentinian government wants to raise funds to repay its debt with the International Monetary Fund. One of its strategies is to implement tax collection methods that are new. The organization began monitoring cryptocurrency traders' movements and sent out requests to those who did not comply to report their movements. A law project to tax the holdings of Argentinians around the globe, including cryptocurrencies was presented earlier this month to the Senate.

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