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Amendments to Information Regime of Transactions
The Federal Tax Authority ("FTA") has amended the information regime of transactions between Argentine residents and representatives of foreign individuals or entities, through General Resolution 3364 (Res. 3364). Taxand Argentina explores the impact of this on multinationals wishing to do business in the country.
The main amendment established by Res. 3364 is that the information regime will have to be complied on a monthly basis, whereas previously the obligation to report was every four months. Therefore all information must be reported to the FTA up to the last day of the month immediately subsequent to the month in which the transaction(s) was performed.
It is important to notice that the FTA - through different resolutions published on 16 August 2012 - also set forth that the following information regimes shall be complied on a monthly basis:
- Stock exchange and open market transactions
- Donations deductible of the income tax
- Settlements to insurance brokers
- Private school fees.
The regulations established by Res. 3364 will enter into force on 1 September 2012.
Multinationals should be aware that the amend to the information regime of transactions means it must be complied by individuals acting on behalf of foreign individuals or entities. Therefore this responsibility lies with any organisation not registered in Argentina yet intends to do business there.