AFIP extends the deadline for the submission of CRS and FATCA information. The CRS and FATCA information sharing regimes aim to prevent tax evasion by identifying and reporting accounts held by non-resident taxpayers.
The Federal Administration of Public Revenues (AFIP) through the General Resolution 5517/2024 established a new information regime and automatic exchange of financial data for tax purposes under the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Law (FATCA).
Key points of the standard
The deadline to submit CRS and FATCA information corresponding to the year 2023 is extended “exceptionally until between July 1 and 31, 2024“.
This means that financial institutions that already submitted their 2023 information before July 1, 2024, must submit it again within the deadline indicated above, using the latest version of the affidavit form F.8301 and the technical specifications detailed in the manual “CRS and FATCA financial reporting regime”. This manual can be found on the AFIP website.
The text recalls that said resolution is framed within the Common Standards for the Presentation of Information (CRS) prepared by the Organization for Economic Cooperation and Development (OECD). The resolution is based on international agreements, such as the Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Agreement between Competent Authorities for the automatic exchange of financial information, as well as the Agreement between the United States and Argentina to Improve International Tax Compliance and implement FATCA.
Additionally, the resolution mentions the need to modify the affidavit form F.8301 to include the financial accounts to be exchanged under the FATCA Agreement and make corrective submissions.. It also refers to the enabling of evidence mechanisms for presentations and the exceptional extension of the deadline for compliance with the information regime. corresponding to the year 2023, establishing that said presentations must be made between July 1 and 31, 2024.
Finally, he emphasizes that the CRS and FATCA information exchange regimes aim to prevent tax evasion by identifying and reporting accounts maintained by non-resident taxpayers.
Source: Ambito
