AFIP aims Argentines’ money abroad: intimidates more than 350 taxpayers for undeclared earnings

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Following the bank account information exchange agreement that the government signed with the United States, AFIP seeks silver from Argentines in other countries.

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Now, the body led by Carlos Castagneto has carried out a telematic control campaign on 359 taxpayers who omitted to declare or underreported income in their affidavits of the income tax corresponding to the tax period 2019. It is estimated that the omitted total amounts to $1,000 million pesos.

After analyzing the received data, the AFIP took over inconsistencies between the declared foreign source income and that declared by the competent bodies of Australia, Canada, Chile, Denmark, Spain, Finland, Italy, Norway, the Netherlands, the United Kingdom, New Zealand and Sweden.

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As a result of these inconsistencies, AFIP generated electronic inspections of these taxpayers so they could incorporate the omitted foreign income into their tax returns.

“This new campaign responds to the inspection and control tasks carried out in order to enhance the information received from our country for the 2019 fiscal period, in Automatic exchange information on tax matters that Argentina has signed with other jurisdictions abroad,” AFIP said in a statement.

The AFIP is carrying out a roundup program to increase collections at a time when the Treasury needs pesos to finance itself and reduce the fiscal deficit.

Agreement with the United States

Agreement with the US for that country to join in providing information automatically (now only provides it upon request) should come into force on 1 January although some specialists doubted that Argentina could comply before that date with all the necessary internal procedures required by the United States.

Specifically, this implies that the information to be exchanged cannot be from 2022 but, if the requirements are met, from the year 2023. And that the information It would only be received in September 2024.

From this point of view, the immediate financial and macroeconomic impact it would be scarce and below the expectations raised publicly and privately by Economy Minister Sergio Massa.

The agreement will reach the 50 North American states, including Delaware and South Dakota, which are considered tax havens. The information packet that would arrive would be to identify the account holder who is Argentinian and subject to income tax on receipt of income, payment of interest or dividends (flows). Balances (stock) will not be carried over.

The other milestone of this agreement will be the money laundering project that Massa wants to submit to Congress, a door that will be opened to outsource part of the dollars that are in those accounts.


Source: Clarin

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