Cordoba Becomes the First Argentinean Province to Impose Taxes on Crypto-Related Activities
In Argentina, a provincial legislature has voted in favor of a bill to impose new taxes on gross incomes from crypto transactions. Cordobas central province is now the first one to impose crypto taxes in the country, which involves crypto exchange platforms and retail traders. Approved Tax Bill Grants a Definition of Cryptocurrencies According to CBA4N, the “Tax Law 2021” approved by the legislature seeks to tax people 4% to 6.5% on gross incomes from crypto-related transactions. Also, individuals or businesses who receive payments in cryptocurrencies “in exchange for goods or services” will be subject to a rate of 0.25%. Citing Cordoba Bitcoin, a local crypto community, the local media outlet believes other provinces and even the national government could replicate the measure. Cordoba Bitcoin also clarified CBA4N that previously, there was only a 15% tax corresponding to earnings, and that covered cryptos as a result of the difference in price in the year. The Central Bank of the Argentine Republic required the local exchanges to inform about any transactions related to cryptocurrencies. In this case, the novelty is that the approved bill is now granting a clear definition to cryptocurrencies: “A digital representation of value that can be subject to digital commerce and whose functions