The Customs Collection and Control Agency (ARK) has updated the minimum amounts from which banks and virtual wallets must report the movements of their clients. This update, which takes effect from January 1, 2025, is based on accumulated inflation and is part of a strategy to improve tax controls.
Starting in January 2025, financial institutions and virtual wallet platforms must report to ARK on the following operations when they exceed the new established thresholds: $600,000: Total consumption made with debit cards in the country.
$1,000,000: Total bank credits registered in one month. $1,000,000: Time deposits created during the month. $1,000,000: Cash withdrawals (over the counter, ATMs or any other means) both in the country and abroad.
$2,000,000: Final balances in bank accounts and virtual wallets as of the last business day of each month. $2,000,000: Bank or virtual transfers made exclusively from virtual wallets. These new limits do not represent prohibitions, but rather act as warning thresholds for ARK.
If the operations exceed these amounts, ARK can ask taxpayers for documentation demonstrating the origin of the funds, ensuring that they come from legitimate and declared activities.
The update of these amounts is part of an automatic semiannual update based on the Consumer Price Index (CPI) of the National Institute of Statistics and Censuses (INDEC). This measure seeks to improve tax controls without directly affecting consumers, since it does not modify their tax obligations or generate additional costs.
Reactions
Financial institutions and virtual wallet platforms have received the update with a mixture of acceptance and concern. While some see the move as a way to improve transparency and financial security, others fear it could lead to increased administrative burden and operational costs.
The update of the minimum amounts from which banks and virtual wallets must report the movements of their clients represents an important step in the fight against tax evasion and money laundering.
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