Head of the Argentine Customs gave details of the financial information exchange agreement with the US

Michel told Fantino that the “agreement includes all 50 states in the United States, including Delaware and South Dakota. It’s an intergovernmental agreement.”

He also pointed out that “today, American banks no longer open any account for an Argentine without declaring. Today all the banks call the Argentine who does not have the declared account and ask him what he is going to do”.

Last Monday, the Minister of Economy, Sergio Massa, signed an agreement for the automatic exchange of financial information with the US ambassador in Argentina, Marc Stanley. In addition, he announced that he will send to Congress a laundering bill, which he will seek to apply from January 1 to September 30.

“With the US you had a bilateral agreement that was case by case. The AFIP had to ask the IRS (for the acronym in English of the Internal Revenue Service) to “give me details of the Fantino account.” It is now a massive exchange. This goes into effect on January 1, 2023. We are going to receive the information every year in a massive way. Income, interest, dividends will arrive; among other things, that they will be informed to the AFIPMichel said.

He explained that the US incorporated the country into the Foreign Account Tax Compliance Act (Fatca), a network created by that country, since it did not enter into the multilateral agreement with the OECD. “I give you the information under my rules. With my computer system, with my conditions. The AFIP people who manage Fatca information work in an office with cameras,” revealed Michel.

The official clarified that there are 68 exchanges investigated by the AFIP (prior to the signing on Monday) with the US and said that they are “relevant amounts”. He also clarified that they are working on updating the amounts of the criminal tax law.