Buenos Aires to introduce cryptocurrency mining tax in 2023

Mining will be taxed at a rate of 4% of incomeThe tax regime will begin to apply in JanuaryThe province of Buenos Aires in Argentina will begin taxing cryptocurrency mining. The city authorities have approved a project according to which mining will be included in the list of activities that are subject to taxation. Taxes will be paid to the provincial government and will not be related to others.. It is also noted that the tax will only apply if the equipment used for mining is in the jurisdiction of the province.. This taxation regime will be applied in January. Analysts have two questions. The first is related to the equipment that will be taxed. If the document only deals with hardware, then only ASIC miners will fall under these taxes.. The second question was about the price.. The document states that these crypto assets will be taxed at the “official cost on the spot”, but does not specify the service from which data will be taken.. It is also not clear whether this value will be calculated at the time of cryptocurrency mining or after the end of the tax period. In April, the Argentine capital announced that people would be able to pay taxes with cryptocurrency.