They published the official version in Spanish of the Annexes to the Agreement, which contain the definitions and obligations of financial entities to comply with the FATCA standard.
This year will be the first in which The AFIP will receive information on financial accounts opened in US entities ownership of residents in Argentina, which will refer to the year 2023, in accordance with the agreement for the automatic exchange of information entered into between the Argentine Republic and the United States, which also includes the compliance rules against the FATCA regime. The latter already affected local banks since its validity in July 2014, but included unidirectional information regarding possible accounts of American citizens opened in institutions in the country.
The official Spanish version of the Annexes to the Agreementwhich are those that contain the definitions and obligations in charge of financial entities for compliance with the standard of the FATCA.
The responsibilities and obligations for banks based in Argentina are specified in the AFIP General Resolution 4,056 and modifications, which establishes the due date for reporting as June 30 of the year following the year in which it is reported. In turn, the exchange between treasury authorities will be made no later than September 30.
It is worth remembering that the scope of the Exchange Agreement with the US is more limited than the automatic exchange that governs under the CRS standard held under the scope of the OECD and the G20, since under the former the US financial institutions will only report about deposit and investment accounts under the direct ownership of individuals residing in Argentina, but does not cover accounts owned by off shore companies that obtain passive income whose ultimate beneficiaries were individuals residing in the country. Ergo, there will be a significant mass of investments that will not come to the attention of the Argentine treasury, at least through this exchange.
Furthermore, the data to be reported is also limited, given that it only refers to interest and income from American sources, without including information on the balances at the end of each year.
Source: Ambito
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