Massa detailed what the data will be received: “USA. It gives us the financial information on the accounts declarable to Argentina, with the identification of the account holder, the financial institution, the gross amount of interest received, dividends received, or other income sourced in the United States. For example, if someone has a placement associated with an account in an investment fund and receives income from that fund, it is also part of the information that the US government provides us”.
The agreement is signed this Monday and takes effect on January 1, 2023. The information will be sent until September 30 and will cover the accounts from September 2021. “We heard a lot that they said in 60 days I’ll move the account, I’ll run, I’ll change the company, they thought that with that they could avoid the possibility of sign an agreement, but the truth is that it is carried out in a closed exercise”, affirmed Massa.
The signing will be done publicly. in an act organized by Massa at the Kirchner Cultural Center (CCK), where Carlos Castagneto, head of AFIP, and Marc Stanley, US ambassador to Argentina, will participate. The ambassador played a key role in the relationship between Argentina and the United States. Last week, Foreign Minister Santiago Cafiero revealed that he “played an important role in facilitating” the agreement with the IMF. Also last week, Stanley participated in a closed-door meeting where a “trade and investment framework agreement” was discussed, something that had not been done since 2018, in which Argentina asked to unlock exports and investments.
Last March, Stanley met with Vice President Cristina Fernández de Kirchner to discuss FATCA. At that time, the vice asked him for “collaboration” with the bill that Senator Oscar Parrilli sent to Congress to create a fund to cancel the debt with the IMF, with resources recovered from laundering and evasion. The project has half approval from the Senate, but as it is, it does not pass Deputies. “He has an opinion, but we are not going to take him to the venue to lose,” said Germán Martínez, president of the FdT bloc in Deputies, in Futurock.
For this reason, the economic team debates until the last minute what to do. Initially, there was the idea that all the laundering that is in force today could be used: for construction, for the purchase of properties and to pay for imports. Later, Massa intensified his relationship with Parrilli to see the possibility of resuming the project that the ruling party calls “Fund for the Fund.” Finally, a new externalization bill will be chosen that will be sent to Congress.
It will consist of a laundering between January 1 and September 30, with benefits depending on when they enter. “As of October 1 of next year, the appearance of these accounts provides for sanctions from the economic and criminal point of view”Massa threatened. Against the clock, they will seek to have it approved before December 30.
There are different versions about the scope that this signature could have. Sources of Economy and Customs They estimated that it could be US$5,000 million, in a projection of maximum, given that for that the Argentines should ratify the information before AFIP, put it in their declarations of assets and pay fines and taxes from the present and five years ago. So the official estimate later dropped to $1 billion by 2023. In addition, there could be extra income because they investigate those who were part of the 2017 laundering and hid information regarding assets abroad. “If there is information that shows that this agreement with the AFIP was violated, we are facing the fall of this laundering and the need to review all the assets again,” said Massa.
However, sources from accounting studies were more skeptical. Sebastián Domínguez, CEO of SDC Asesores Tributarios, affirmed that the fine print of the agreement is yet to be known, because the model that will be signed, which is already in force in other countries such as Brazil, does not include information on the final beneficiaries of foreign companies that have accounts opened in the United States, or bank account balances of individuals, nor assets, as can be be properties. In addition, he opined that, due to the processing of information, the crossing of data and the deadlines for rectification of taxpayers in their sworn statements, it could imply that “the collection that is generated would only have effects in the next government.”
The firm establishes the responsibility that “all information is subject to confidentiality,” said the minister. Argentine banks will also have the obligation to declare information at the request of US authorities. “Argentines are not the only ones who evade”, said a high source of AFIP.
Source: Ambito
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