BitcoinWorld

Black_background_logo_BitcoinWorld-removebg-preview
Tax
Latest News

To collect tax debts, the Argentine Tax Authority will be able to seize digital wallets

The Argentinian Tax Authority, or AFIP, has listed digital wallet funds as one of the assets that can be taken from taxpayers to fulfill tax bills. This modification was suggested to state attorneys in November, but because to the impact of the Covid-19 epidemic, such confiscation processes were put on hold until January 31st.

The mechanism for seizing assets in these digital accounts has now been specified by the organization. It adds this to the list of investment vehicles it can seize, including bank accounts, third-party loans, residences, and automobiles. Official sources notified local media about the significance of this new addition:

“The development of electronic means of payment and their widespread use explains the agency’s decision to include digital accounts in the list of assets that can be seized to collect debts.”


Due to various regulatory procedures that oblige financial firms to give up client information when needed by law, the Argentine Tax Authority possesses the relevant data for collection. According to sources, a total of 9,800 taxpayers’ digital accounts would be seized.


This newly approved method will empower the institution to seize funds from more than 30 digital wallets, including Bimo and Ualá, that handle the country’s national fiat currency. Mercado Pago, the digital wallet of Mercadolibre, a bitcoin-friendly retail unicorn. Thereby, enabling debtors to deposit their funds away from tax officials. Which, is the most important target for the Argentinian tax administration.

When it comes to collecting tax debt, digital wallets will not be the first focus. The organization will first attempt to seize more liquid options. The group will only pursue other assets if these monies are not accessible.

Even bitcoins, according to Sebastián Domnguez of SDC Tax Advisors. Of course, it could be confiscated if the safekeeping of these assets is entrusted to a third party in Argentina.

“The novelty points to the fact that digital wallets are targeted in the procedure due to their growth”

“, but that does not imply that the rest of the assets are not subject to possible embargoes.”
Related Posts – Ferrari joins the NFT universe through a collaboration with a Swiss…

Avatar photo
My Name is Will. I'm a News/Content Writer and SEO Expert. I have good way of using good English construction to write credible articles ranging from News Articles to Creative Writing all around Cryptocurrency Industry. I have actively worked and still working with Crypto startups and have maintained credibility in the Cryptocurrency space.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.