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Money laundering: AFIP is preparing to receive the first batch of data on Argentine accounts in the US this month - Infobae
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Blanqueo: la AFIP se prepara para recibir este mes la primera tanda de datos sobre cuentas de argentinos en EEUU
El organismo recaudador incrementó los vínculos con su par estadounidense y refuerza controles para acelerar la exteriorización. El 30 de septiembre comenzará a materializarse el intercambio de información
www.infobae.com
September 03, 2024
The tax collection agency has increased ties with its US counterpart and is reinforcing controls to speed up externalization. The exchange of information will begin to materialize on
By Augustin Maza
(Photo: AFIP)
The Federal Public Revenue Administration (AFIP) is working on perfecting the control systems for the day after the end of the money laundering and tax moratorium, according to what sources from the tax collection agency told Infobae . With a slow first stage of externalization, they are also seeking to persuade taxpayers with undeclared assets to enter them into the system.
For example, the most innovative tool that will be added from September 30 is the first batch of data on Argentine accounts in the United States through the exchange known as FATCA (Foreign Account Tax Compliance Act) with a cut-off date of December 31, 2023.
AFIP highlights that thanks to FATCA, information on individuals and companies will be available as of December 31 of each year from Argentine residents in the United States. It will not just be a photo, they clarify, but there will be knowledge of the movements that each of these accounts had, which will be updated every year. “They are very interested in the accounts of American citizens in Argentina,” the agency commented.
This exchange of information is in addition to the agreement with more than 100 jurisdictions such as Switzerland, Seychelles, Virgin Islands, Cayman Islands, New Zealand, among other countries considered tax havens.
The teams of the head of AFIP, Florencia Misrahi , not only held meetings with the authorities of the US peer agency, the IRS, but also have links with other tax collection agencies around the world in search of "modernizing" the mechanisms to control tax evasion.
The example given to this media is the meeting of Misrahi's team with their peers from Ireland: "It has one of the most modern tax collection systems in the world." But the World Bank, the IMF and the IDB are also involved in this work, as part of the updating of systems and taxation. The control mechanisms are divided between inductive ones, the information generated in the country and that which comes from abroad.
Among the inductive mechanisms, the following stand out: for example, the information available to the taxpayer who enters the AFIP systems, in the “Our Part” section , the updating of Affidavits, deposits in the country and abroad, card consumption, virtual currencies, among others.
As for information in the country, the AFIP has data on real estate transactions, aircraft, virtual wallets, property records, trusts and migration data. From abroad, data on trends or movements of accounts located abroad will be received.
AFIP head Florencia Misrahi met with her counterpart from the IRS of the United States, Daniel Werfel, on August 23
In line with what the Minister of Economy, Luis Caputo , says , the tax collection agency points out that the money laundering “has no revenue-raising purposes” but rather that they hope that the undeclared assets will enter the formal circuit and help reactivate the economy.
Taxpayers will be able to externalize undeclared assets up to USD 100,000 until September 30 and will pay 5% on the excess amount in the first stage. In the second stage, they will be able to do so until December 31, 2024 with a rate of 10% and until March 31, the penalty rises to 15 percent.
Likewise, the AFIP also explained the scope of the Special Account for Asset Regularization (CERA). Sources from the agency explained that any citizen can open a CERA in their bank, even if they do not decide to launder any assets, in order to be able to transact with other CERAs without penalty. For example: if someone buys a car with their laundered dollars, they can transfer them from their CERA to the seller's CERA without paying the 5 percent penalty.
