To avoid launching an exhaustive investigation, it is necessary to take into account certain requirements. I know the details.
After the dissolution of the Federal Public Revenue Administration (AFIP), gave rise to Customs Collection and Control Agency (ARCA). Although this change brought administrative adjustments, the same rules as before remain in force for taxpayers. And for transfers, these rules are very strictand it is necessary to be on a diet to avoid unnecessary investigations.
The entity needs a justification of the origin of the income if these movements exceed certain limits, and the transfers between own accounts do not exceed these regulations. Know the ARCA requirements.
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ARCA: 5 mistakes when making transfers between your own accounts
Do not exceed permitted limits without justification
In the case of transferring money between own accounts exceeding the limits established by ARCA without valid justificationthere is a risk that an exhaustive control will be initiated. Those who do not have formal declared income will have $400,000 of limit in income and expense movements between own accounts. If this figure is exceeded, ARCA could start an inspection.
Justify the origin of the funds
It is important to have documentation that supports the origin of funds in an account to avoid problems with ARCA. This applies even to movements in own accounts: if you do not have this documentation, the bank or ARCA may request the origin of the transferred money: They can be salary slips, retirement receipts, invoices, among others.
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Declare transfers over $700,000
One of the rules of the ARCA consists of support declared income in those transfers that exceed the amount of $700,000. If this is not met, there is a risk that a thorough investigation will be launched.
Respond to requests from banks or fintechs on time
If not responded to in a timely manner or proper documentation is not provided, it may result in an issuance of a Suspicious Operation Report (ROS) to the Financial Information Unit (UIF).
Have on hand the documentation that ARCA can request
ARCA may request certain documents to support transfers. It is recommended have the following documentation available:
- Purchase and sale tickets.
- Documents proving the sale of shares or a company.
- Pay stubs or proof of retirement benefits.
- Invoices from the last few months.
- Monotax certificate.
- Certificate of funds issued by a public accountant.
Source: Ambito
