Learn about the most common mistakes made by taxpayers when sending money.
The Customs Collection and Control Agency (ARCA) updated the amounts from which banks and virtual wallets must report customer movements. Although this does not directly affect taxpayers, it is crucial to take the new modifications into account.
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The former AFIP is in charge of monitoring transfers with the aim of controlling that there are no evading taxpayers. However, there are several mistakes that one can make when making a transfer and it is better to avoid them to avoid problems with the body.


ARCA: the five things you should avoid when making a transfer
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- Transfer amounts that exceed the allowed limit: Although its limits were expanded, it is important to know the amounts allowed, either by the bank or by virtual wallets.
- Exceed the maximum amount without declaring: Transfers with virtual wallets must not exceed $2,000,000 without support in previously declared income.
- Not being able to justify the funds in bank accounts or virtual wallets: Operations must be supported, even if they are transfers between own accounts. If they are not available, the bank must report the operations and ARCA may request documentation that proves the legal origin of the funds.
- Exceeding permitted limits without justification: Those who do not have formal income have a limit of $1,000,000 for their movements, whether income or expenses. If they are exceeded, ARCA could initiate an inspection.
- Not responding to requests from the bank or virtual wallet company: If documentation is required to justify the origin of the funds, it is important not to have delays to avoid the Suspicious Operation Report (ROS) before the Financial Information Unit (UIA).
ARCA: new amounts from which banks must report movements
These are the amounts that banks will have to report starting this year and what must be reported by each one:
$600,000
- Total consumption with debit cards in the country.
- Total income or expenses in virtual wallets.
$1,000,000
- Total bank credits registered in the month.
- Total time deposits constituted in the month.
- Cash withdrawals in the country or abroad, over the counter, ATM or any other means.
- Final balance in bank accounts as of the last business day of each month.
- Final balance in virtual wallets as of the last business day of each month.
$2,000,000
- Applicable only for virtual wallets, in case of bank or virtual transfers greater than said amount.
Source: Ambito

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