The Ministry of Economy in Argentina, which is responsible for the economic policy of the country has drafted a bill to encourage Argentinian citizens declare their crypto assets convincing them to take advantage of the discounted tax rates.
The bill also aims at tightening of money laundering rules in the country. The bill is said to be presented in the next parliamentary session and is expected to be passed with the majority votes.
The terms of the bill state that Argentinian citizens will be encouraged to declare their assets, such as stocks or in crypto.
The declaration of the assets will be voluntarily but failing to do so may result in an investigation by the country's tax authority, the Federal Administration of Public Revenues (AFIP).
Those Argentinians who declare their assets within 90 days of the law going into effect will pay only 2.5% tax on the capital gains on their holdings.
The tax rate will increase after every 90 days until it reaches 15%, which is the country's standard capital gains tax rate.
The bill proposes tax incentives in order to encourage citizens in declaring their holdings.
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