The Governmental Administration of Public Revenues (AGIP) in Argentina has unveiled definitive rules for calculating the Gross Income Tax (Impuesto sobre los Ingresos Brutos) on cryptocurrency operations within the Autonomous City of Buenos Aires (CABA). These regulations aim to provide a much-needed framework for predictability, detailing how buying, selling, and swapping crypto assets will be taxed and ensuring that valuation sources are exclusively from nationally regulated platforms.
Taxing the Profit Margin, Not Total Volume
A key aspect of the new Resolution 93/AGIP/2026 is that the tax will not be applied to the total transaction amount but solely on the gross profit or utility margin obtained by taxpayers. For standard buy and sell operations, the taxable base is determined by the "price difference." This means the levy will fall on the net margin between the crypto asset's purchase and sale price. To calculate the purchase price, taxpayers must add any commissions charged by intermediaries (like exchanges or brokers) to the original acquisition cost. Conversely, for the sale price, commissions charged by the platform must be subtracted from the total amount received. This method ensures the tax truly reflects the actual gross utility of the operation, accounting for intermediation fees at both ends.
Rules for Swaps and Trusted Valuation Sources
The AGIP resolution also addresses permuta operations, which involve the direct exchange of one cryptocurrency for another (e.g., Bitcoin for Tether). In these cases, the valuation of each cryptocurrency must be based on its exact market price at the moment the exchange occurs. Critically, the norm mandates specific authorized sources for these valuations. Acceptable intermediaries include exchanges operating with a "central order book" and brokers/dealers offering prices against their own inventory. A non-negotiable condition for all these intermediaries is that they must be registered under the "Registro de Proveedores de Servicios de Activos Virtuales" implemented by the National Securities Commission (CNV), ensuring transparency and regulatory oversight in the valuation process.
A Formal Definition of Cryptocurrencies
To further solidify the regulatory landscape, the new norm provides a clear definition of cryptocurrencies. They are described as "digital representations of value that are not considered currency or foreign exchange, and are neither issued nor guaranteed by a central bank or public authority." Additionally, the regulation specifies that these assets are "accepted by natural or legal persons as a means of payment and can be transferred, stored, or negotiated by electronic means." This precise definition lays the groundwork for consistent application of the new tax framework.
