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General Resolution Affects Tax Information Regimes

16 Jan 2013
General Resolution 3421 (Res. 3421) of the Argentine Federal Tax Authority was recently published in the Official Gazette. Res. 3421 gathered and organised the tax information regimes related to financial activity.

Taxand Argentina discusses the amendments and consolidations of current information regimes, introduced by Res. 3421.

Res. 3421 consolidated the following information regimes:

  • Purchase and discount transactions through the endorsement of documents.
  • Inflows of funds located abroad by Argentine residents.
  • Informative system of relevant economic transactions ("SITER", as per its acronym in Spanish).
  • Credit card administrative entities.
  • Transport of valuables, transport and delivery of funds, custody or holding of cash and/or valuables.
  • Foreign exchange transactions.
  • Transactions with derivative instruments and/or agreements.
  • Transactions made by non-residents through local financial entities.

One of the main amendments set forth by Res. 3421 is the incorporation of the registration and information regime of transactions with derivative instruments and/or agreements which will be applicable for the transactions performed as of 1st January 2013. This obligation must be complied by income tax payers (except for the financial entities governed by Law 21,526) with respect to the transactions performed with derivative instruments and/or agreements.

The obligation must be complied through the website of the Federal Tax Authority within 10 working days following the:

  • Performing of the transaction
  • Amendment to the original agreement or transaction
  • Total or partial settlement
  • Early termination of the agreement or transaction

Your Taxand contacts for further queries are:
Matias Olivero Vila
T. +54 11 5288 2308

Ezequiel Lipovetzky
T. +54 11 5288 2300

Taxand's Take

All corporations with operations in Argentina should be aware of the tax implications General Resolution 3421 could have on their business. Taxpayers should note deadlines and repercussions should they fail to comply.

Taxand's Take Author