In the hunt for dollars, Sergio Massa reiterated that a tax information exchange with the United States will be signed this week to trace the undeclared accounts of Argentine taxpayers. New Anti-Money Laundering Bill to Repatriate Funds.
This was pointed out to traders during the Inter-American Council of Commerce and Production (Cicyp) meeting on Thursday. “The 2022 financial year will be part of the agreement, which we are already working on Draft a good law to regularize Argentina defrauding the tax authorities Bringing their dollars to the country and building value for the future,” Massa said.
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In total, the unreported funds in US accounts are approx US$100 billion according to official estimatesAnd according to calculations, 1 billion US dollars per year could enter for tax payments.
The United States exchanges information through IGA agreements FATCA (Foreign Account Tax Compliance Act).
Argentina is on track to sign a reciprocal IGA 1 The United States “only exchanges information about bank account holders, not beneficial owners.”“, according to a report by Carta Financiera, in recent radio reports, Massa warned that foundations will also be analyzed.
How the exchange works with the US
Under this system, Report on accounts with balances above USD 50,000 million And experts’ recommendation is to create an LLC instead of individual accounts.
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application It is not retrogradeHowever, once the account is identified, AFIP may request prior information for the 2017 contract.
“The information transferred is provided by Form 1042: account number and income from US sources (dividends and interest from US sources). In principle, balances are not reported, but you can claim it with the AFIP account number. If it is a non-interest bearing account,” the finance letter elaborated.
Masa has the expected laundry rating for businessmen. As of now, Senator Oscar Parrilli’s plan to outsource assets is already in place, with moderate approval in the Senate. However, the economic committee is analyzing a new plan that must go through Congress. The agreement with the US will enter into force in 2023.