Guidance—General Resolution No. 3826—issued by the Argentine tax authorities (AFIP) implements new information reporting for banks and financial institutions pursuant to the OECD’s common reporting standard (CRS) regime, effective January 2016.
Argentina agreed to early implementation of the new “automatic exchange of information" (AEOI) measures. Accordingly, the AFIP will exchange account information with 55 states through 2017. Beginning in 2018, account data will be exchanged with an additional 40 states, for a total of 95 countries.
General Resolution No. 3826 was published in the Argentine official gazette on 30 December 2015, and sets forth the reporting rules under which banks and financial institutions must report information on accounts held by non-resident individuals and entities on an annual basis. The AFIP will collect the account information in order to exchange it with tax authorities in other jurisdictions, pursuant to the CRS measures.
General Resolution No. 3826 provides that:
The guidance therefore applies with respect to accounts in existence as of 30 December 2015 or opened as from 1 January 2016.
Argentine banks and financial institutions must report accounts with balances greater than U.S. $100,000, and must report the account information on an annual basis. The AFIP also will obtain information about Argentine resident individuals and entities that have accounts in foreign financial institutions. This information will include account balances or value as of 31 December of each reporting year and, in certain cases, the amount of interest, dividends, and other yields attributable to the account. In addition, the AFIP will have access to the identifying information and tax residency data of the account holders or managers.
For more information, contact a tax professional with KPMG’s Latin America Markets Tax practice or with the KPMG member firm in Argentina:
Devon M. Bodoh | +1 (202) 533-5681 | firstname.lastname@example.org
Alfonso A-Pallete | +1 (305) 913 2789 | email@example.com
Rodolfo Canese | + (5411) 4316 5753 | firstname.lastname@example.org
Violeta Lagos | + (5411) 4316 5740 | email@example.com
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