The tax agency determined the maximum limits on the movements of each virtual wallet. If the established limits are not met, the entity may request information about the client’s profile.
After its restructuring, the Customs Collection and Control Agency (ARCA) (formerly AFIP) began to establish new regulations in tax matters for Argentine citizens. In this way, the organization determined the number of transfers that can be done per day without being investigated.
The limits reach both financial entities and virtual wallets and the objective of this regulation is to be able to have the traceability of the money and confirm that it comes from legal sources. If the limit of operations or amounts transacted is exceeded, ARCA may request information on the client’s profile because it considers that the client is carrying out “suspicious” movements.
ARK: How many transfers can I make per day?
In reference to the number of transfers that can be made in the same day, the different banks or virtual wallets establish their own daily limits. Thus, the movement limits will depend on the regulations that each institution has for its users.
ARK
ARK
In many of these cases, financial institutions have a money limit per dayrather than the number of transactions that can be made. For example, some banks offer a cap of $8,000,000. On the other hand, the MODO virtual wallet sets the maximum movements at $2,000,000, while Mercado Pago sets it at $500,000.
How much money can you have in a virtual wallet without declaring?
The ARK too will focus on the amount of money a user has in an undeclared virtual wallet. Thus, the organization detailed that it will request the data of all the people who have monthly balances equal to or greater than $700,000.
On the other hand, unjustified income and expenses made through these applications or bank accounts were also delimited. They may not exceed $400,000 per operation. If this is the case, the tax entity will initiate a case to follow the traceability of the money. These Maximum amounts will be updated semiannuallyaccording to the data provided by the Consumer Price Index (CPI) determined by the National Institute of Statistics and Censuses (INDEC)
As detailed, the objective of carrying out these controls is to be able to confirm that this money comes from legal sources and that it is not money that has not been previously declared. In this sense, virtual wallets will be responsible for sharing information regarding balances, transactions or consumption that exceed the limits dictated by ARCA.
Source: Ambito
