ARG Tax Financial Accounts Reporting

On Jun. 27, ARG Tax published account data reporting and deadlines.

  • ARG Tax published General Resolution 5517/2024 on the automatic exchange of information related to financial accounts, new deadline for form F.8301 presentation.
  • Pertains to reporting related to the Foreign Account Tax Compliance Act (FATCA).
  • Overview
  • Resolution 4.056, as amended, established information and due diligence regime for certain local financial institutions re accounts whose owners are non-resident.
  • Regime in line with Common Reporting Standard (CRS) prepared by the OECD.
  • Framed per Art 6, Convention on mutual administrative assistance in tax matters 2021
  • ARG obliged to automatically exchange information re financial accounts per rules provided in the CRS, under the 2014 Competent Authorities Multilateral Agreement.
  • Agreement between US and ARG GVT for Exchange of Information on Tax Matters (TIEA) of Dec. 2016 authorizes data exchange for tax matters, including automatically.
  • In Dec. 2022, ARG signed Agreement with US to improve international tax compliance and implement Foreign Account Tax Compliance Act (FATCA), FATCA Agreement 2022.
  • Resolution 5.303 modified information and due diligence set by the CRS, to incorporate requirements, forms, deadlines and conditions derived from the FATCA Agreement.
  • Modifications were made to sworn declaration Form F.8301 used to present information to the ARG Tax, in accordance with art 4 of General Resolution 4.056, as amended.
  • Changes allow financial accounts to be exchanged within framework of FATCA.
  • Additionally, changes allow corrective filings in line with forms and conditions required by the systems through which the information in question is or was exchanged.
  • ARG Tax deems it appropriate to enable testing mechanisms for submission of said form with those financial entities that expressed their willingness to participate in test.
  • Need to make additional changes to systemic validations applicable to form detected.
  • To this end, ARG Tax exceptionally extends deadline for those responsible to comply with information regime of 4.056 to submit declaration corresponding to year 2023.
  • Highlights
  • Reporting of information per art 4 of General Resolution 4.056 must be done between Jul. 1 and 31, 2024, inclusive, as an exception in substitution of term set in art 6.
  • Financial firms that submit or have submitted information for 2023 before Jul. 1, 2024, must make new submission within period indicated using current version Form F.8301.
  • That are in line with technical specifications in manual CRS-FATCA financial information regime, that can be consulted on CRS-FATCA financial information microsite of website.
  • Effectiveness
  • General Resolution 5517/2024, issued on Jun. 26, 2024, will enter into force on day of official publication i.e. Jun. 27, 2024; presentation of form new deadline Jul. 31, 2024.

Regulators ARG Tax
Entity Types Bank; BS; CNSM; CU; Inv Co; MSB
Reference OG, 6/27/2024; RESOG-2024-5517-E-AFIP-AFIP, 6/26/2024; GR 5.303; GR 4.056; FATCA; TIEA;
Functions Compliance; Financial; Legal; Reporting; Risk; Tax; Technology; Treasury
Countries Argentina; United States of America; Cross-Border
Products Banking; Deposits; Equity; Fund Mgt; Wealth Mgt
Regions Am
Rule Type Final
Rule Date 6/27/2024
Effective Date 7/31/2024
Rule Id 217371
Linked to N/A
Reg. Last Update 6/27/2024
Report Section International

Last substantive update on 07/01/2024