The automatic information exchange agreement between the Argentine prosecutor’s office and the IRS is in force. Find out all the details.
The Federal Public Revenue Administration (AFIP) You will obtain banking information about the accounts of Argentines in USAbased on the reciprocal IGA 1-FATCA modelwhich presents great differences with the OECD modelsigned by 119 countries.
In conversation with Infobae, Caesar Litvin explained that “the main differences with the OECD model with Fatca are that in this case the final beneficiary of the account is not reported.” Furthermore, it would only include the report of American territorial income exceeding $10 annually.
FATCA: the agreement for the exchange of financial information between Argentina and the US
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The agreement between Argentina and USA for the automatic exchange of tax information, based on the reciprocal IGA 1-FATCA model, implies that the AFIP can access data such as:
- Name, address and tax identification number of the tax resident in Argentina who holds an account.
- Account number.
- Identification of the United States financial entity required to report.
- Interest, dividends and other credited income.
The main difference with the other model is that the final beneficiary of the account is not reported. Furthermore, it does not report balances or movements, only American territorial income greater than 10 dollars annual. That is, interest and income from American sources, without information on the balances at the end of each year.
For this reason, the data will not be sufficient for AFIP to compare the balances with the taxpayer, in which case you must summon him and request movements and balances.
For experts, this agreement represents a significant advance in international tax cooperation, as long as it highlights the importance of protecting the information privacy.
Source: Ambito
