USA Govt to disclose Argentinian US bank account holders

[gracielle]

6 January 2023 by Claudio Slotnik

El Gobierno sale a cazar dólares: investigará cuentas en EE.UU. no declaradas por argentinos desde el año 2018

El Gobierno asegura que el acuerdo es más amplio de lo que estimaban algunos contadores y que ya fluyen los datos desde Estados Unidos

www-iprofesional-com.translate.goog

The Government goes hunting for dollars: it will investigate accounts in the US that have not been declared by Argentines since 2018.
They assure that the agreement is broader than what some accountants estimated and that the data is already flowing from the United States....

 

[sts7049]

that seems to go against with what the USA indicated in the previous article? sounds like a scare tactic.

although if true, i'm SURE they won't be using this as a political weapon...

 

[Reversegate]

What assets are impacted?

According to La Nación, the following common assets are subject to the tax

Among the assets affected by the Personal Assets Tax are real estate, vehicles (they are taxed for up to 5 years after their entry into the patrimony), savings that are kept in cash (in pesos or in foreign currency), registered personal property, checking account balances, titles (deeds I believe is the more accurate translation), shares, quotas or social participations (co-operative shares if you own part of a co-op I believe), the assets of companies when operating as a sole proprietorships, credits, and assets and deposits abroad.

On the other hand, fixed-term deposits, savings account balances, individual retirement insurance accounts, cooperative membership fees, rural real estate, titles and bonds issued by the State (municipal/provincial/federal) are exempt from tax, along with negotiable obligations and shares of mutual funds that meet certain conditions established by regulations.

Hi, is it possible to get a link to this article?

 

[Quilombo]

Hi, is it possible to get a link to this article?

Hey! I think this is it based on me translating the paragraph back in to Spanish: https://www.lanacion.com.ar/economi...atrimonios-se-pagara-el-impuesto-nid05012023/

 

[Reversegate]

Ha, you did a fine job. Thanks for helping me out with the link

 

[gracielle]

1 October 2024

La AFIP recibió datos de unas 145.000 cuentas de argentinos en EEUU: controles para el blanqueo y detalles del intercambio

Con esa información, el Gobierno reforzará los controles fiscales para mejorar la recaudación tributaria. Incluye datos de cuentas en el sistema financiero existentes en el período fiscal 2023

www.infobae.com

....During September, the AFIP received information on approximately 145,000 accounts in the name of Argentine tax residents. Most of them are individuals in the U.S. banking system. It has a cut-off date from Jan 1-Dec 31, 2023. This is because the IGA 1 model agreement was not retroactive to previous years. With this information, the Gov't will expand the search for contributors who may participate in the "blanqueo de capitales". The exchange of information is being carried out under the framework of the Foreign Account Tax Compliance Act (FATCA), an international agreement aimed at combating tax evasion through the detection of undeclared assets abroad. This agreement was activated by Sergio Massa when he was head of the Ministry of Economy....

....The receipt of this data coincides with the first phase of the Asset Regularization Regime, commonly known as money laundering. This phase was recently extended until October 31, which allows taxpayers to regularize undeclared assets, both in the country and abroad, without facing significant penalties. AFIP has confirmed that the data received includes key information on the holders of U.S. bank accounts, the amounts of interest and dividends received, as well as other U.S.-source income earned by Argentine residents up to December 31 of last year. However, the information does not include data on beneficiaries or account movements, which partially limits the scope of actions that can be taken immediately....

....FATCA, unlike other multilateral agreements, is limited to reporting information on the holders of bank accounts and income obtained in US territory. It does not include details on legal entities operating under structures such as trusts or companies in offshore jurisdictions, which could leave certain types of financial assets held by Argentines abroad outside the scope of the audit. Despite this limitation, the authorities expect that the agreement will significantly increase the levels of capital regularization in the country...

....The CEO of SDC Asesores Tributarios, Sebastián Domínguez, explained that “the United States sends certain information on deposit accounts, as long as the account holder is a person resident in Argentina and more than USD$10.00 of interest has been paid to that account at any time during the year”. As well as on financial account information when U.S. source dividends or other U.S. source income was paid or credited to the account, added Dominguez....

 

[LuckyLuke]

I've always wondered what does AFIP consider the "value" of a house deed/title in the US within the credit framework. If you put 3% down on a house, you'll get a shiny "deed" with a fat lien attached on a house market valued at X dollars, however as far as the US is concerned you have negative equity after agent fees & closing costs are factored in. So what does Argentina then consider as the taxable value of your asset when realistically you couldn't even sell it for $1 profit?