These are the new amounts from which banking entities and virtual wallets must report tax information to the agency.
Through the General Resolution 5512/2024the Customs Collection and Control Agency (ARCA)former AFIP, announced the new amounts from which virtual wallets and banks are required to report tax information.
This adjustment took effect on January 1 and the amounts for the control of financial operations will be automatically updated every 6 months according to inflation measured by the Consumer Price Index (CPI)data analyzed by the National Statistics and Census Institute (INDEC).
The new regime will not directly impact consumers, but will establish that the financial institutions and virtual wallets must report specific movements to the tax agency. The operations included cover transactions, balances and consumption made by users.
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ARCA: from what amount do they control transfers with virtual wallets
This procedure began in 2018from Resolution 4298 of, at that time, AFIP. The regulations cover banking entities, mutual funds (where virtual wallets are located) and stockbrokers, among others.
Among other things, entities must inform ARCA of the additions, deletions and modifications of accounts and the movements they make based on certain amounts that are automatically updated every 6 months. In the case of transfers, the operations carried out, the amounts and type of movement, the issuing and destination account, etc., must be reported.
The regime does not affect clients or operations, but if ARCA finds inconsistencies it may start audits to determine the origin of the funds.
The agency indicated that as of January 1, virtual wallets and banks must report their clients’ operations that exceed the $600,000. These are the new amounts:
$600,000
- Total consumption with debit cards.
- Total income or expenses in virtual wallets
$1,000,000
- Bank accreditations registered in one month.
- Fixed-term deposits established in one month.
- Cash withdrawals in the country or abroad.
- Final balances in bank accounts and virtual wallets as of the last business day of the month.
$2,000,000
- Exclusive for virtual wallets in bank or virtual transfers that exceed this amount.
Source: Ambito
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