According to a new law, the tax authority in Argentina can now access bitcoin and other crypto wallets if their owners have tax debts. Before that, however, other means should be exhausted.
According to media reports , the Argentine tax authority AFIP is taking rigorous action against tax evasion – now also in crypto space. It has stated that it is now able to seize the bitcoin and crypto wallets of taxpayers who have failed to pay their tax debts. This law was actually supposed to come into force last year. However, due to the Covid-19 pandemic, it could only be implemented at the beginning of 2022.
The AFIP now has a procedure to confiscate digital assets held on these accounts. This allows the Argentine tax authority not only to access third-party bank accounts and loans, but also the homes and cars of people who may be involved in cryptocurrency transaction history. This is true even if those purchases date back decades.
AFIP wants to access 9,800 wallets
The Argentine tax authority has the relevant data, which is collected due to various legal regulations that oblige financial institutions to release customer information. There are reportedly 9,800 taxpayers whose digital accounts are set to be confiscated. The AFIP is probably targeting Mercado Pago the most . This wallet is from Mercadolibre , a bitcoin-friendly trading company . It allows debtors to hide their savings from the tax authorities.
The novelty is that digital wallets are being targeted in the process due to their widespread use. However, this does not mean that the remaining assets are not also subject to possible embargoes
, Sebastián DomÃnguez of SDC Tax Advisors told local media. This means that wallets do not necessarily have to be the first target when collecting tax debts. Initially, AFIP will pursue the seizure of more liquid alternatives. Only when these funds are not available will the tax authority attempt to trace the assets digitally.
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