The tax agency indicated that those who do not meet certain requirements will suffer discounts when receiving a transfer, as in the case of VAT receipts.
The Customs Collection and Control Agency (ARCA, exAFIP) established new provisions on money transfers, which have been implemented since December. The intention is to bring stricter control over financial operations, as well as taxpayers’ income statements, which will have an immediate effect on fines, taxes and withholdings as a key control tool.
He tax body indicated that those who do not meet certain requirements will suffer discounts when receiving a transfer, as in the case of VAT perceptions.
Bank transfers: how to avoid ARCA charging higher taxes
This new regulatory framework establishes that taxpayers who are not under an ARCA regime, as well as those who did not submit their income tax return on time, may be subject to significant withholdings, even higher than 5% in some cases. The withholding is well above the average of 1.5% applied to those in good standing.
The collection agency may charge up to 5% of Gross Income, compared to the usual percentage which is less than 1.5%.
However, there is a way to avoid this additional cost and it has to do with the taxpayer taking preventive measures. According to the organization, it is crucial to consult a professional to check tax status and regularize registration in ARCA systems.
This step ensures that transfers are not classified as unreported activities and prevents excessive withholdings.
Besides, ARCA advises notifying the bank sufficiently in advance if the transfer is not for commercial purposes. This procedure helps financial institutions correctly classify operations, reducing the risk of penalties.
In the case of transfers between your own accounts, it is recommended to confirm that both accounts are registered in the name of the same owner to avoid possible errors in the system.
The key to avoiding problems with ARCA when making transfers lies in the profile of the financial entities with which you operate and that these operations make sense with it. In addition, you should always have supporting documentation on hand to avoid any inconvenience.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
