Know all the precautions you should take to avoid problems with the body.
When making transfers, it is necessary to take into account the tax regulations of the Customs Collection and Control Agency (ARCA). Recently, the former AFIP updated the minimum amounts from which banks and virtual wallets must report the reasons.
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To prevent this from happening, taxpayers must be careful about making certain mistakes to avoid headaches and having to give explanations to the body that replaced the AFIP.


ARCA: the most common mistake when making a transfer
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The mistake most taxpayers make is not justifying when ARCA limits are exceeded in transfers. Those who do not have formal income have a limit of $600,000 to make movements, whether income or expenses. If they are exceeded without declaring, ARCA will be free to initiate an inspection.
One of the most feasible ways to prevent ARCA from initiating an inspection is to take into account what the limits are to avoid exceeding them. These are:
$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.
ARCA: other errors in transfers
- 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 always 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.
- 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).
Source: Ambito

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