After this, on Monday, the Farnesina declared the exchange of financial information with the United States started, The US Treasury has updated the validity of this agreement on its website: it has been in force since January 1 and the country will receive the first cut-off information, corresponding to 2023, in September next year.
Monday, The Argentine Foreign Ministry had released the agreement signed with the United States government in the Official Gazette and thus set the formal start date of the agreement for the massive exchange of tax information so that AFIP has data on Argentine accounts in the North American banking system available.
On the US Treasury website you can see the 113 states with which that country has signed the so-called FATCA, the tax information exchange law. Only two countries on this list, Argentina and Vietnam, have not had automatic transmissions since 2014: in Argentina’s case it has been since January 1 this year; while for Vietnam from 2016.
Tax official Sebastián Dominguez explained: “This implies that the United States did not want to send them retroactive information upon signing to these two countries”. However, Dominguez clarified: “If the exchange of information upon request is in effect, Argentina can request specific data and in that case the United States will analyze them and may respond or not” . .
The arrival date of the information to AFIP has been one of the points of discussion since this agreement was announced a month ago. The agreement provides for it “the information contained in this Agreement will be exchanged no later than nine months after the end of the year date to which the information relates or 30 September following the entry into force of the Party’s obligation to exchange information pursuant to Article 2.
that way, the first wave of massive information would reach the Argentine treasury in September 2024, with a cut-off date of September this year. As agreed by both countries, financial institutions in the United States must report the name, tax identification number and address of Argentines who have an account in that country, as well as the account number located there, interest, dividends and income gross from this account. receive.
In any case, the AFIP has announced that at this moment it will be able to request specific information from some taxpayers, which would add to the 68 requests already in force.
“AFIP has established that information must be submitted by financial institutions until 30 June of the year following the one to which the report corresponds. This way, the agency will send the information to the Internal Revenue Service (IRS) through September 30 of each year at the latest,” the agency explained in its general resolution released on Friday.
NS
Source: Clarin
