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New Tax Reporting Obligations for Trusts


On 19 April 2012, the General Resolution 3312 of the Argentine Federal Tax Authority was published in the Official Gazette. The resolution will enter into force on 1 July 2012 and will replace the tax reporting regime for trusts set forth by the General Resolution 2419. Taxand Argentina examines the contents of the general resolution to see how it is likely to impact businesses with interests in Argentina.

The main amendments covered by Res. 3312 are as follows:

(i) Regarding the annual reporting regime of trusts (which is already in force pursuant to General Resolution 2419), the new regime extends the obligation to report to Argentine residents which are trustees, settlors and/or beneficiaries of foreign trusts (or other equivalent foreign fiduciary vehicles).

(ii) Additionally, Res. 3312 creates a new reporting regime of transactions with local "fideicomisos" and with foreign trusts. The individuals and entities subject to this regime comprise, among others, fiduciaries of local "fideicomisos" and Argentine residents that participate as fiduciaries, settlors and/or beneficiaries of foreign trusts.

This new reporting regime of transactions includes transactions made as of 1 January 2012. Transactions which take place between 1 January 2012 and 1 July 2012, will have to be reported on or before 31 August 2012. For transactions that occur as of 2 July 2012, the reporting must be made within 10 working days as of the date of the transaction.

Taxand's Take

Failure to duly comply with these obligations will trigger the application of sanctions. Multinationals would be best informed to make themselves familiar with the new reporting regime of transactions to avoid surprises along the way.

Your Taxand contacts for further queries are:
Mat?as Olivero Vila
T. +5411 5288 2300

Ezequiel Lipovetzky
T. +5411 5288 2300


Taxand's Take Author