The AFIP detected more than $1,500 million undeclared in virtual wallets and crypto assets

The AFIP detected that 184 taxpayers evaded the payment of more than $1.5 billion in crypto assets. The Federal Administration of Public Revenues determined that the people investigated had balances in their virtual wallets that were not included in the affidavits of Personal Assets corresponding to the 2021 fiscal period.

From the organization led by Carlos Castagneto, they indicated that the irregularities include holdings of funds in pesos, foreign currency and cryptocurrencies, for an amount of $1,523,241,357.

Also read: One by one, all the AFIP taxes that expire in March 2023

The inconsistencies were found from the controls carried out by the AFIP as a result of the growth of transactions with virtual wallets and crypto assets. (Photo: Reuters)

The inconsistencies were found from the controls carried out by the AFIP as a result of the growth of transactions with virtual wallets and crypto assets in recent years.

The control tasks were carried out in the sworn declarations of the Personal Assets Tax. From the AFIP they explained that these controls are intended to verify that the externalization of cryptocurrencies and other assets is correctly included.

Also read: The AFIP enabled the deduction of educational expenses from Earnings: step by step, how to make the declaration

As a result of the analysis, which involved crossing information with the AFIP databases, fiscal irregularities were verified in 184 taxpayers, for an amount of $1,523,241,357.

In this sense, it was possible to verify that the assets were not incorporated in the declarations of the fiscal period 2021 or were made for a lower value than the real one.

What must be declared before the AFIP for the Personal Assets Tax

According to the law, the minimum amount applicable to the valuation of the fiscal period of 2022, must be paid this year, is $11,282,141.08.

Thus, residents in Argentina who own assets above that value have to declare them for the payment of the tax.

Resident individuals and undivided estates located abroad for assets located in the country are also covered.

Among what must be declared are the real estate, although the residential ones are exempt this year if they have a valuation of less than $56,410,705.41; cars, motorcycles, boats, or assets such as stock holdings, bank accounts and virtual wallets, whether in pesos, foreign currency or cryptocurrencies.

Also read: The AFIP warned about new virtual scams that include embargoes and requests for personal data

What are the assets that are taken into account for the Personal Assets Tax

The assets that are taken into account when calculating the payment of the Personal Property Tax are:

land; real estate (only in urban areas); vehicles less than five years old; titles; shares; savings; credit; and deposits abroad.

Taxed assets located in the country are exempt when the sum of all is less than $11,282,141.08.

How much to pay for Personal Property in 2023

AFIP Personal Assets has the following scales to determine the tax to be paid according to the valuation of the total assets:

Above $5,641,070.54, but less than $12,222,319.51, you must pay $28,205.35 plus 0.75% on the excess of $5,641,070.54. More than $12,222,319.51 and up to $33,846 .423.25, they will have to pay $77,564.72 plus 1% on the excess of $12,222,319.51. More than $33,846,423.25 up to $188,035,684.71, they pay $293,802.76, plus 1.25% on the excess of $33,846,423.25More than $188,035,684.71 up to $564,107,054.14, they have to pay $2,221,171.53, plus 1.50% on the excess of $188,035,684.71.For total value of assets greater than $564,107,054.14, a payment of $7,862,242.07 applies, plus 1.75% on the excess of $564,107,054.14.