In more detail
Decree No. 796/2021 ("Decree"), published in the Official Bulletin on 17 November 2021, ruled the application of Tax to the movements of funds related to any transaction on crypto assets, cryptocurrencies, digital currencies or similar instruments.
- The Tax
The Tax applies to:
- All credits and debits made in any bank account, whatever their nature may be, opened with the entities governed by the Ley de Entidades Financieras (Financial Entities' Law)
- All transactions carried out by the entities mentioned in the previous paragraph, the beneficiaries of which do not use the accounts specified therein, irrespective of the denomination given to the transaction, the methods applied to carry it out — including the payment in cash — and its legal implementation
- All own or third parties' funds movements, even in cash, that any individual, including those falling within the scope of the Ley de Entidades Financieras (Financial Entities' Law), made on their own account or on an account and/or in the name of any third party, by any means; their denominations and legal implementation, including those movements to credit funds to establishments adhered to credit and/or debit card systems
In the case of movements of funds in payment accounts, the payment service providers (PSP) or the companies dedicated to the electronic service of payments and/or collections on behalf of third parties, are settlement and collection agents of the Tax in the name of the respective account holders.
The general tax rate is 0.6% for credits and 0.6% for debits. In the cases set forth in (b) and (c) above, the rate is 1.2%, except for certain specific cases. In the case of movements of funds in payment accounts operated by PSP and companies dedicated to the electronic service of payments and/or collections of funds, the general tax rate is 0.6% for credits and 0.6% for debits.
- Exemptions
The following debits and credits are exempted from the Tax, among others:
2.1. Accounts used exclusively in the specific development of their own activity by companies dedicated to the electronic service of payments and/or collections on behalf of third parties, of utility bills, of taxes and other services; being included in the movements in an account that allow the delivery of cash against debit in bank accounts or payment accounts; or the deposit of cash that is credited in bank accounts or payment accounts — in the latter two cases, as long as their holders are human persons or legal persons who qualify as micro and small businesses
2.2. Payment accounts opened or provided by PSP or dedicated companies to the electronic service of payments and/or collections on behalf of third parties, used exclusively through the use of mobile communication devices and/or any other electronic support, whose owners are human persons
2.3. Movements of funds made by PSP, in the specific development of their own activity, and for the tasks indicated in 2.2. above as long as they carry out their activities under the regulations set forth by the Central Bank of the Argentine Republic
2.4. Bank accounts used by PSP and the movements of funds made by PSP to comply with the provisions of the Central Bank of the Argentine Republic
These exemptions will be applicable to payment accounts of PSP as long as they are used according to the applicable legal provisions and regulations in force.
The Decree set forth that the exemptions shall not apply to the movements of funds related to any transaction on crypto assets, cryptocurrencies, digital currencies or similar instruments.
- Tax credit
Taxpayers subject to the Tax can credit up to 33% of the amounts paid for the Tax (as a result of amounts credited and debited on bank accounts and payment accounts) as a payment on account of Income Tax.
- Entry into force
The provisions of the Decree will enter into force on 17 November 2021 and will take effect for taxable events that take place as of 17 November 2021, inclusive.
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