The federal administrator of Public Revenues, Carlos Castagneto and the authority of the Internal Revenue Service (IRS), Holly Peacesigned a competent authority agreement whose purpose is establish the rules and procedures for the automatic exchange of information agreed in the FATCA Agreement, signed last December.
Through the FATCA Agreement, which is currently in force, it was agreed to exchange certain information on Reportable Accounts to the United States and Argentina, automatically.
Now, the federal administrator and the representative of the North American fiscal entity established the norms and procedures necessary for the fulfillment of the obligations of the automatic exchange and to implement certain provisions of said Intergovernmental Agreement regarding the registration of Argentine Financial Institutions before the IRS, as well as, regarding the incorporation of these to the list of Foreign Financial Institutions of the American entity.
In this way, with the signed agreement, the formats in which the information will be exchanged, the terms and method of transmission of the information, the obligation to notify the successful or unsuccessful processing of the data transmission, and provisions regarding data confidentiality are included, among other issues.
The instrument was signed in English and Spanish, and is in force.
Source: Ambito
