The tax information exchange agreement signed with the United States will allow the Federal Administration of Public Revenues (AFIP) to receive data on interest and dividends for the sales of financial assets of the subjects -human or legal persons- residing in Argentina .
“It will enter into force on January 1 and the information will refer to the fiscal period 2023 onwards”AFIP sources told Télam.
The signing of the agreement will imply “automatically learning about the financial holdings of Argentine residents in the United States,” the sources added.
The agreement, signed on Monday by the Minister of Economy, Sergio Massa, and the United States Ambassador to Argentina, Marc Stanleywill be complemented with a capital externalization project (laundering) so that eventual evaders avoid the actions of the treasury.
To put it into operation, the AFIP reinforced its security system with the incorporation of software specially requested by the United States and the installation of cameras in the sector that processes data from the northern country.
“Many taxpayers with some type of irregularity will surely rectify their sworn statements. A priori, we estimate that Argentines have US$100,000 million in US accounts”the source added.
On this total, and based on the actions that must be taken when evasive or elusive maneuvers are detected, it is estimated that for this concept there would be a “collection floor of US$ 1,000 million per year.”
In the Palacio de Hacienda they point to the taxpayers who evaded the money laundering implemented during the administration of Mauricio Macri, who took refuge in the gap of information exchange between the US and Argentina, and now they will be included in the IGA 1 and will be the subject of investigation by the treasury.
The United States, unlike other countries, exchanges information through IGA agreements, either in version 1 or 2, which enables the implementation of the Fatca (Foreign Account Tax Compliance Act), which came into effect in 2013.
This mechanism enables the presentation of reports of the account holders of foreign financial entities to the government of their jurisdiction.
IGA signature 1
Argentina and the United States signed IGA 1, which is the same one that governs Brazil, Peru, China, Israel, Canada, Mexico and the central European countries, among others, which are characterized by being reciprocal.
Until the signing of the agreement, Argentina only exchanged information with the United States for specific issues within the framework of what was agreed between the two countries as of January 2018.
The AFIP receives data from 92 jurisdictions that annually submit the financial information of individuals residing in Argentina who have accounts abroad in all European countries.from most of the region, and from jurisdictions that until recently were considered not entirely transparent.
In this sense, it was highlighted that according to “provisional information from the end of November, for the fiscal period data was received from 608,436 accounts abroad for almost $9 billion.”
“Information from abroad arrives uncleaned, therefore, it is sometimes duplicated due to repetition of co-ownership, and duplicate accounts are in the process of debugging”they indicated in the AFIP.
If deviations are found in financial holdings abroad, or in the income generated by their assets, electronic notifications are sent to taxpayers who present differences in their affidavits with respect to what was received from abroad.
In the cases in which major differences are detected between what is declared and what is reported from abroad, they are sent to the operational areas for investigation and subsequent inspection.
Since 2020, 4,985 cases have been submitted, which represented an additional collection of $1,454,445,827.
