In parallel, the Ministry of Economy is developing a new laundering project Oriented so that the funds declared are used for productive investment, particularly construction.
The initiative will be based on a project by the senator Oscar Parrilli which has half sanctioned by the Upper House (constitution of a fund to pay the IMF with the dollars fled from the country). The intention of the economic leadership is to submit its initiative at the end of the year to be dealt with in extraordinary sessions of Congress.
It should be remembered that two launderings are currently in force, one for the funds destined for construction and recently, with the enactment of the budget law, the possibility of regularizing dollars destined for imports was opened.
Automatic
Until now, say the specialists, if the Federal Administration of Public Revenues (AFIP) seeks to determine if an Argentine has an account in the United States, it must request that information through the request of a judge.
In addition, the collecting agency must carry out the query in a precise manner, such as, for example, if a certain taxpayer is the holder of such account number in a specific bank. In other words, it does not have the ability to “shoot with buckshot” and, for example, ask what accounts that taxpayer has in the US banking system.
The agreement will open an automatic tax information exchange channel between both countries, as indicated in the Palacio de Hacienda.
The United States exchanges information with other countries through Intergovernmental Agreements (IGAs) that are enabled by the Foreign Account Tax Compliance Act.
This standard is known by its acronym in English: FATCA (Foreign Account Tax Compliance Act) and aims to identify Americans who evade taxes. Namely, Its objective is to combat tax evasion of investments abroad by residents and citizens of the United States.
In the past, attempts were made to sign this type of agreement with the United States, but it was not possible because the AFIP systems were not in a position to comply with the strict security regulations demanded by the North Americans. Now understanding is possible because the collecting agency has adapted in this sense, official sources specified to Ambit.
“The world is moving towards fiscal transparency and towards information exchanges between tax authorities. Technology, the Internet and globalization have caused capital to flow easily, quickly and safely throughout the world as if there were no borders, with which it is also practically a fact that information exchanges between countries are going to happen sooner rather than later”, points out a report published in the newsletter Aller&Co. NewsReport.
This publication also points out that “if Model 1 of the FATCA Law is followed, which is the same that the United States has with Colombia, which would be the most reasonable, annually The US tax agency (IRS) must inform Argentina about the Argentine Reportable Accounts, defined as Financial Accounts maintained in US financial institutions, whatever their type, and whose holders are Argentine residents..
The IRS will provide its Argentine counterpart, the AFIP, with the following information:
- Personal data of the person identified as “holder” or owner.
- The account number and the name of the bank.
- The amount paid as interest, dividends, or other passive income.
Although the capital, that is, the balances of said accounts or financial investments, will not be reported, which could affect the Personal Assets tax, “the reality is that the AFIP could deduct them from the informed interests”.
It should also be remembered that Argentina is part of the multilateral treaty of the Organization for Economic Cooperation and Development (OECD) by which all the countries that are in that treaty offer automatic exchange of information (Common Reporting Standard), with the exception from United States.
Through this agreement, OECD members share bank and investment account details in the names of natural and legal persons.
Source: Ambito
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