The Argentine province of Tucuman introduced taxation of cryptocurrencies – Bits Media

Following the province of Cordoba, Tucuman introduced taxation of income from cryptocurrencies. Now in two Argentine provinces, citizens are required to report assets and pay tax on income from cryptocurrency transactions.

Argentina's province of Tucuman according to by law 9 421 
changed its Tax Code, and imposed taxes on the purchase and sale of cryptocurrencies. Earlier this year, taxation of cryptocurrency transactions was introduced in the province of Cordoba. Local authorities decided, that transactions with cryptocurrency will bring additional income to the budget. The tax provision also applies to individuals and companies, receiving payments in cryptocurrencies for their products and services.

So far, only two Argentine provinces have approved cryptocurrency tax laws. These two provinces treat cryptocurrencies as foreign currencies, therefore trade in them is subject to tax. Now, according to new legislation, Provincial residents will be required to report their crypto assets on their tax returns and pay taxes on cryptocurrency trading, just like when trading fiat currencies.

Against the backdrop of the growing cryptocurrency market, governments in many countries are beginning to understand, what, without taxing the cryptocurrency market, they miss the opportunity to replenish the country's budget. for instance, The Austrian Ministry of Finance has equated cryptocurrencies from a tax point of view to shares and investments. Now the Austrians will pay into the budget 27.5% from income from cryptocurrency trading. Even China, which introduced a ban on businesses using cryptocurrencies, may introduce a tax on cryptocurrencies, which are in the custody of citizens or are used outside the country. This is insisted by the Loudi County Tax Bureau of Hunan Province of the State Taxation Administration..