The tax information exchange agreement (IGA) that will be signed in the coming days with the United States provides for the inclusion of beneficiaries of companies registered in the Northern country and individuals who, since they do not have those accounts declared in Argentina, will be investigated by the AFIP.
This was admitted on Tuesday by a high-ranking source from the collecting agency who assured that in the exchange of tax information “data is received from everyone, including those who make up the companies.”
“Many taxpayers with some type of irregularity will surely rectify their sworn statements. A priori, we estimate that Argentines have US$100,000 million in US accounts,” the source added.
Regarding this total, and based on the actions that must be taken when evasive or elusive maneuvers are detected, it is estimated that for this concept there would be a “collection floor of US$ 1,000 per year.”
“This is not intended in the short term but as a State policy. This agreement will open a new range of information exchange with the United Statesalthough we currently have 38 requests for active information,” the official explained.
In this regard, he stressed that whoever does not have the declared account “will be in troublealthough it is also important to clarify that the power of this agreement will be forward, once it enters into force during 2023″.
“We are going to receive all the information and for that the AFIP will implement a security system at the level of the most reliable in the world. We do not want what we saw in the previous government to happen, which presented a successful money laundering and then began to leak data everywhere,” he stressed.
The implementation of the agreement will then be the trigger for the discussion in Congress of a new money laundering bill, so that individuals or final beneficiaries of companies have the alternative of repatriating those funds not declared before the Argentine tax authorities. .
The United States, unlike other countries, exchanges information through IGA agreements.either in version 1 or 2, which enables the implementation of 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.
Argentina and the United States will sign 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.
Regarding the difficulties that some sectors have to import, the source was blunt: “Do you know of any factory that is stopped due to lack of inputs? We do permanent monitoring when a claim appears and we communicate immediately to solve it.”
“In general they complain because they don’t want to lose the overstock, particularly textiles. We hold meetings every Tuesday and Thursday so that all the companies have the inputs and the necessary dollars to import,” the informant stressed.
In this sense, he recalled that “More than 130 companies withdrew from precautionary measures for US$ 700 million. The ranking of precautionary filings is headed by textiles, followed by tires and electronic items.”
Finally, the informant also explained that Currently, “50 companies are being investigated for exporting while evading currency settlement. They are generally sales for small amounts, 3 or 4 million dollars linked to agricultural products.”
