Sunday 7 March 2021

Argentina and U.S. to Share Tax Information

Q24N – Argentina nd the United States signed a tax information exchange agreement on Friday that seeks to combat tax evasion and promote transparency.

In the photo: the U.S. Ambassador to Argetina, Noah Mamet (left), Argentina’s Minsister of Finance Alfonso Prat-Gay and Alberto Abad, president of the AFIP

“This agreement paves the way for the reinsertion of Argentina into the world economy and constitutes a major new step forward in the relationship between the United States and Argentina,” U.S. Treasury Secretary Jacob J. Lew said in a statement.

- Advertisement -

The U.S. official said in the statement that the agreement will facilitate cooperation between the two countries in initiatives related to the implementation of tax legislation.

Meanwhile, Argentine Finance Minister Alfonso Prat-Gay said that this agreement is a consequence of the efforts being made by his country to regain credibility and that the Argentine government is rebuilding institutions, governance, and undertaking structural reforms.

Prat-Gay stressed that three months ago, technical teams from the Ministry of Finance, the Federal Public Revenue Agency (AFIP) and the Internal Revenue Service (IRS), were working together to reach an agreement.

“AFIP will now have a valuable tool to detect, in the territory of the United States, undeclared assets by Argentine taxpayers who decide not to take advantage of the opportunity to get their financial house in order,” said the minister of Argentine treasury.

- Advertisement -

Jack Lew, current United States Secretary of the Treasury shakes hand with Argentine president, Mauricio Macri, in a visit to Argentina last month

From the date the agreement takes effect, agents in the administrative realm from one nation, without need for a judicial judgment, may request to obtain information from the other nation’s tax authority, allowing them to better monitor their taxpayers and, eventually, bring about a reduction in tax evasion, according to the Ministry of Finance.

The Argentine official said that the agreement is in addition to the recently signed deal with authorities of the Swiss Confederation (Switzerland), which will enter into force in January, in conjunction with 45 other nations. “It will be increasingly difficult for Argentines to keep assets abroad without declaring them,” said the minister.

AFIP sources told Infobae that with an online search of the taxpayer’s name, the agency will be able to determine if an individual in question has bank accounts, shares, bonds, or real estate in his or her name in the United States.

The agreement for the exchange of tax information with the United States comes at a time when the government of Mauricio Macri is carrying out an ambitious program that could mean in the coming months seek to account for between USD $30 billion and $50 billion held by Argentines abroad, according to Infobae.

Source: Panampost; Infobae

- Advertisement -

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

MOST READ

Viatris, a world leader in the manufacture of generic drugs, opens operations in Costa Rica

QCOSTARICA -Viatris, one of the largest generic drug manufacturers in the world, announced the opening of commercial operations in Costa Rica, with an initial...

Bukele is on track to obtain a majority in the Congress of El Salvador

Q24N - The Nuevas Ideas (NI) party of President Nayib Bukele and partner Gran Alianza Nacional (GANA) party would obtain at least 56 of...

Torre del Bicentenario: An envisioned project to commemorate Costa Rica’s 200th

QCOSTARICA - To commemorate the Bicentennial of Costa Rica that occurs in 2021, Inverse Project has designed the Torre del Bicentenario for this important...

In the first year of the pandemic, Costa Rica has the fifth lowest mortality from covid-19 in Latin America

QCOSTARICA -  How has Costa Rica done during its first year in the fight against covid-19? If you ask the demographer Luis Rosero Bixby,...

Franklin Chang: “Space Agency Doesn’t Have to Be a Bureaucratic Elephant”

QCOSTARICA - The so-called Costa Rican space agency, recently approved by Congress, does not have to be a bureaucratic giant, with a large office...

What should Biden do about Venezuela?

Q REPORTS - Former US President Donald Trump's policy of maximum pressure on the Venezuelan dictatorship failed to dislodge the regime or alleviate the...

Government rules out, for now, toughening sanitary measures for Semana Santa

QCOSTARICA - This Semana Santa, if the number of daily new cases continues on its current trend, we will not see the harsh sanitary...

It’s been 7 years, but it’s done: Costa Rica and Panama complete Sixaola border bridge

QCOSTARICA - After almost three years of starting the work and four before that to the get contract awarded, authorities of the governments of...

5 cantons register less than 10 active cases of covid-19

QCOSTARICA - Five of the 82 cantons of Costa Rica register fewer than 10 active cases of covid-19 to this date, according to the...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.