Argentinian tax dodgers are seeing their cryptocurrency wallets confiscated by the native tax authority.
Argentina’s tax authority has seized more than 1,000 cryptocurrency wallets coupled to delinquent taxpayers in the country.
According to a report from local media outlet iProUP, courts across Argentina authorized the seizure of 1,269 cryptocurrency wallets belonging to voters with outstanding debt to Argentina’s Federal Administration of Public income (AFIP).
AFIP signaled its intent to travel once cryptocurrency wallets happiness to tax delinquents in might, ordering cryptocurrency exchanges and payment service suppliers to deliver monthly reports on users of their platforms.
Crypto services were requested to verify the identity of shoppers and keep records of user accounts as well as elaborate monetary statements together with income, expenses and monthly balances.
With these companies supply this data to the tax authority, AFIP has been able to enforce embargoes on the holdings in wallets coupled to errant taxpayers over the past few months.
AFIP’s current standard operating procedure usually targets bank accounts and different assets to recoup debts as the initial port of call. If a taxpayer cannot settle their debt or is unbanked, the AFIP can look to seize different assets happiness to the individual.
The COVID-19 pandemic gave some respite to Argentinians who were within the center of attention of the AFIP, as a 19-month moratorium on asset seizures was enforced to alleviate monetary pressures on citizens.
( Gareth Jenkinson, Cointelegraph, 2022 )