Although the spotlight has been on these days on the entry into force of the financial information exchange agreement (FATCA) with the United States, the truth is that Argentina has information agreements with hundreds of countries, which makes it increasingly difficult to hide undeclared black backgrounds.
Today’s news is that the legend in force, in force, finally appears on the Treasury Department page, regarding this financial information agreement between the United States and Argentina, as of January 1.
In this way, FATCA was fully activated from this year and the first exchange of information will take place on September 30, 2024.
These agreements are designed to exchange information in order to strengthen the administration, verification and compliance of tax obligations or combat the evasion and avoidance of internal or customs taxes.
AFIP: what are the information exchange agreements
1. Agreements to Avoid Tax Evasion and Double Taxation (CDI)
In these instruments to avoid duplicating taxes in international trade, the possibility of exchanging tax information follows OECD guidelines, but Argentina only signed this type of agreement with 22 countries.
2. Bilateral Agreements for the Exchange of Tax Information (AII)
After the country’s presence in the G20, the AFIP developed an active strategy for signing information exchange agreements, which reached only 25 countries and was replaced by more efficient options.
It involved the exchange of tax information upon request or upon request between the prosecutors of the different jurisdictions.
