Xoom + A F I B

[Artur]

Hi everyone,

Does XOOM declare if I ( an argentine resident ) receive payments?
and if so, would i need to pay taxes on it?

thanks

 

[steveinbsas]

Hi everyone,

Does XOOM declare if I ( an argentine resident ) receive payments?
and if so, would i need to pay taxes on it?

thanks

XOOM doesn't declare anything. Their Argentine partner MORE must keep a record of all funds you receive and of course this meant they have your DNI and.name and categoria de residencia. Depending on the monthly amount(s) transfered, you (and possibly the sender as well) may have to provide a declaration to MORE regarding the source of the funds.

Whether or not you would have to pay taxes on it depends on the source of the funds and how much you receive.You are the one who is responsible for making the declaration to AFIP if the funds are taxable. For example, if you are receiving foreign income and your total (worldwide) income exceeds the tax threshold, you would be liable to pay taxes on the amount over the threshold.

If the funds are sent by a family member you can have them sent as "ayuda familia" and they shouldn't add to your taxable income.

 

[Artur]

Steve,

thank u so much for your thorough explanation.

1. Yes I am using MORE.
2. i had to send them the form 1 time to declare funds as " Personal Living Expenses ".
3. the source of funds are from a business HSBC bank in the US ( under my same name )
4. the amounts are between 2-3K.

re: [background=rgb(252, 252, 252)] "your total (worldwide) income exceeds the tax thresholds"[/background]

Steven : What is that "total income threshold" ?

thanks!

 

[steveinbsas]

Steve,

thank u so much for your thorough explanation.

1. Yes I am using MORE.
2. i had to send them the form 1 time to declare funds as " Personal Living Expenses ".
3. the source of funds are from a business HSBC bank in the US ( under my same name )
4. the amounts are between 2-3K.

re: [background=rgb(252, 252, 252)] "your total (worldwide) income exceeds the tax thresholds"[/background]

Steven : What is that "total income threshold" ?

thanks!

In 2016 the income tax threshold for a single person was raised from (about) $8.500 to (about) $19.000, There was a recent thread with the exact numbers. The tax threshold for a married couple is about $30.000. You can find more information in English with a google search.

If you are transferring $2000 USD per month @ $15 to $1 the total would be $30.000 pesos. If this is "business" income (as opposed to savings) and you are single you would owe tax in Argentina on about $10.000 pesos. If you transfer $3,000 USD per month the taxable amount would be about $25.000.

I don't know what MORE actually reports, but you are responsible for declaring the income if it exceed the threshold.

Someone recently posted that AFIP had investigated a foreigner who had been living in Argentina "for years" and not declaring their foreign income. According to the post, AFIP was demanding the equivalent of $150,000 USD in back taxes and interest.



PS: Even if the funds were transferred from a savings account the tax liability would depend on when the money was earned. If the money was earned before you were granted residency it should be exempt, but if the money was earned after you became a resident it would be taxable in Argentina (so transferring the money into a savings account doesn't create a shelter).

 

[Ceviche]

Steve in BA said :-

[background=rgb(252, 252, 252)]Someone recently posted that AFIP had investigated a foreigner who had been living in Argentina "for years" and not declaring their foreign income. According to the post, AFIP was demanding the equivalent of $150,000 USD in back taxes and interest[/background]

[background=rgb(252, 252, 252)]I am keen to know how did AFIP found out about his income after so many years and how did they deduce 150,000/- usd. [/background]

 

[Artur]

very good to know.

1. what if i pickup the $ using my US Passport.. would AFIB make the connection to my residency?
2. let's say i dont declare.. how can they 'enforce' payment?

thanks

 

[Artur]

and what if i send it to a local citizen with "Ayuda Economica" ? would they still need to pay taxes?

 

[Artur]

oh and im legally married to an argy.. so i can cleanly transfer 2kUSD per month?

 

[Girino]

It is AFIP, for God's sake!

 

[nikad]

and what if i send it to a local citizen with "Ayuda Economica" ? would they still need to pay taxes?

it has to be a direct relative.