The The Federal Public Revenue Administration (AFIP) intimidated 1,800 taxpayers who have not declared their assets abroad at the time of payment of the tax on movable property and income tax, corresponding to the 2019 and 2020 tax periods.
In a statement, the Federal Public Revenue Administration (AFIP) said the omitted taxes amounted to approximately 4,919 million pesos, the equivalent of $82.4 million for fiscal 2019 and $26.4 million for 2020. , according to the official exchange rate in force this Wednesday.
In this sense, the AFIP has detected a total of 1,800 natural persons who had differences exceeding 100 million pesos (approximately $553,000) between his account balance declared abroad and that declared, as well as differences between payments received abroad and those communicated to the Treasury of more than 100 million pesos.
“These inspection and control tasks respond to the decisions of the body led by Carlos Castagneto (head of AFIP) to strengthen tax revenues from the sector of the population with greater purchasing power,” the statement said.
According to the official body, this information was obtained under the agreements in force between Argentina and third countries, which allow access to international tax administration reports on the foreign accounts of persons residing in Argentina.
After detecting “inconsistencies” between account balances or financial holdings and the corresponding interest, dividends and refunds received abroad, the AFIP ordered these taxpayers to incorporate these amounts into their sworn declarations.
Accounts in the US: the agreement is already in force and reaches tax havens
On January 1, the information exchange agreement with the United States on undeclared Argentine accounts in that country went into effect, reaching 50 US states, including Delaware and South Dakota, which are considered tax havens.
These are some of the main points contained in the memorandum signed with the US government, according to a document to which it has had access clarion.
In a note released by the Ministry of Economy, it was established that the agreement is “reciprocal”, whereby “each party undertakes to obtain the information indicated, with respect to all declarable accounts and must automatically exchange them annually”.
The United States provides data such as the account holder, the financial institution where it is located, the gross amount of interest and dividends, and other associated income.
Both countries had already signed a Financial Information Exchange Agreement (FATCA), albeit with different implications from the one that would have entered into force at the beginning of the year. In 2017, the Tax Information Exchange Agreement (TIEA) came into force.
Now, “there is a change in the obligations compared to what they were fulfilling when Argentina did not have an agreement,” the letter details.
Financial institutions operating in the United States were required to report the accounts of US citizens in Argentina through agreements with the IRS (the AFIP agency of the same name in that country), as otherwise there would be withholding taxes of 30% of the their income generated in the United States.
Now “the 30% withholding tax would no longer be applied” and the Argentine entities would remain “under the supervision of AFIP”.
In this framework, local banks “should not submit certifications of compliance (audits) to the IRS”. The agreement provides for a “transition” scheme for Argentine financial institutions and establishes that “they must report directly to the IRS in 2023 (March) as they did for the 2022 tax period and subsequent years directly to the AFIP on the platform to indicate”.
With information from the EFE Agency
Source: Clarin
