Argentina🇦🇷: the CARF program will be implemented no later than 2029

Argentina🇦🇷: the CARF program will be implemented no later than 2029

The country will become the 78th jurisdiction to join the OECD's international crypto-asset reporting standard, endorsed by the G20.

🎁 Crypto-Asset Reporting Framework (CARF) is an international standard for the automatic exchange of information on crypto-asset transactions between tax authorities.

➡️ Argentina commits to:

😀 adapt its tax legislation to CARF;

😀 designate a regulatory authority;

😀 establish obligations for crypto-asset service providers.

➡️ CARF regulates the activities of crypto exchanges, intermediaries and brokers. For ordinary users, it primarily means stricter identification requirements from exchanges, which may request additional information about tax residency. The collection of this information and the implementation of identification procedures are the responsibility of service providers.

➡️ If you simply hold cryptocurrency in a wallet, your balance will not automatically appear in CARF data. This will occur only if an exchange or reporting crypto-asset service provider participates in transactions involving that wallet.

🎁 What data is collected under CARF❓

😀Name
😀Address
😀Tax jurisdiction
😀Tax identification number
😀Transaction amounts and values by type of crypto asset

➡️ CARF implementation does not result in automatic taxation of every transaction, since the exchange of information itself does not determine the taxable amount.

#news #Argentina #cryptocurrency

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