He whitening takes shape little by little And as the latest regulations are being implemented, tax advisors have the necessary tools to comply with this process while the public gains access to more information. In this context, a key element is that, For those with accounts in the United States, there is an additional reason to enter the program.
In two weeks, the Internal Revenues Service (IRS) of the United States, the body equivalent to the Federal Public Revenue Administration (AFIP) in this country, will begin sending information on bank accounts of Argentines residing there. The signed agreement is the Foreign Account Tax Compliance Act (FATCA)and will exclusively regulate the automated exchange of financial information on an annual basis.
The information that the Argentine tax collection agency will receive, AFIPis quite limited. Only information is provided data on income from North American sources exceeding US$10 annually and the name of the holder listed. If the account has a legal structure that determines that the owner is hidden behind a company in a tax haven, the IRS will not pass on the information of the last owner (known as the beneficial owner).
On the other hand, as It will only report data corresponding to interest and income obtained by the holder of more than US$10If a person had US$10 million invested abroad from the United States, they would not report the account.
It is estimated that, despite these limitations, the signing of this agreement will allow the Argentine government to detect dollars in undeclared accounts in the United States.
According to a report by the According to 1816 consulting firm, outside the local financial system there are approximately US$400 billion between declared and undeclared assets. Half of this, the consultancy firm estimates, would be effective in undeclared national territory. For its part, the software provider Trans World Compliance estimates that there are around US$100 billion of Argentines in the northern country.
When the agreement was signed FATCA, At the time when Sergio Massa was the Minister of Economy, the government of the time suggested that the figure to be detected would be around US$100,000 million.
People They will have to take into account that the risk of being reported is very highso it is advisable to declare the account(s) you have in the United States, more specifically in the state of Delaware, considered the most lax in terms of controls.
In principle, If the taxpayer has entered into the money laundering scheme and then AFIP accesses data from an undeclared account in the United States, he or she will lose all the benefits. If it exceeds US$1 million, it can be affected by the Tax Criminal Law because it is considered aggravated evasion.
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The accountants consulted by Ámbito they point out that there is a lot of interest in the first days of the launch of the program to regularize the situation with the tax authorities. The person who then declares an account You will have the option not to repatriate your money, but you will have to pay the 5% excise tax.
But as the economic team It is behind the dollars, more than tax collection, it offers the person that if they deposit the dollars in a special asset regulation account (CERA), they will not pay if the amount is less than US$100,000. If it exceeds that amount, it must be left in the special account until December 31, 2025, but in the meantime, it can invest in bonds or in Mutual Funds intended for investment projects in the real economy.
Source: Ambito
