Argentinian Government Removes Cryptocurrency Tax Filing Opportunities in Omnibus Bill

The Argentine government, under the leadership of President Javier Milei, has decided to eliminate tax filing opportunities for cryptocurrencies in an omnibus bill submitted to Congress. The bill originally allowed taxpayers to declare ownership of some previously undeclared assets, including cryptocurrencies. The bill, titled "Law of Bases and Starting Points for Freedom of Argentines," seeks to advance reforms in several areas, including giving Javier Milley legislative powers to take direct action in several areas, bypassing Congress. Interior Minister Guillermo Francos said the decision to withdraw the proposals was due to a lack of consensus in Congress on this part of the bill. It is reported that the tax under the bill allows Argentine citizens to declare ownership of previously undeclared assets (including cryptocurrencies), paying 0% tax on the first $100,000 of the value of these assets, and up to 15% tax on the remaining undeclared assets. It is worth mentioning that Argentina’s tax regulator AFIP recognizes cryptocurrencies as a financial asset. (Bitcoin.com)