In September of this year, the Federal Administration of Public Revenues (AFIP) will begin to receive data from the Internal Revenue Service (IRS).

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As we had already announced, in December 2022, the Government of the United States and the Government of the Argentine Republic entered into a Model IGA 1 Agreement to Improve International Tax Compliance and for the implementation of FATCA (Foreign Account Tax Compliance Act), which became effective as of January 1, 2023.


Notwithstanding that the agreement had been signed and announced, it was still pending for Argentina to send a written notification to the United States to confirm compliance with the internal procedures, as well as to comply with the formality of publishing in the Official Gazette the Spanish texts corresponding to the agreement signed in 2022 to implement the Foreign Account Tax Compliance Act.


These formalities have been completed and on March 13, 2024, the texts in Spanish corresponding to the agreement signed in 2022 were published in the Official Gazette by the Argentine Ministry of Foreign Affairs.


As a result, in September 2024, the Federal Administration of Public Revenues (AFIP) will begin to receive the data from the Internal Revenue Service (IRS).


In view of the above, we take this opportunity to review and highlight the most relevant aspects arising from the signed Exchange Agreement: 


  • Effective date of the treaty: January 1, 2023, therefore, information will only be exchanged from this date onwards


  • Deadline for the exchange of information between tax administrations: The deadline for the exchange of information for a given calendar year will be September 30 of the following year. Taking into account the above, the exchange will start on September 30, 2024 with respect to the information of the calendar year 2023. 


  • Exchange of Financial Information: The agreement provides for the exchange of information on deposit accounts (including checking and/or savings accounts) and investment accounts. In addition, it establishes that "reportable accounts" will be those that are credited with more than US$10 in interest or dividends during a given calendar year. The United States will send the following information on each Reportable Account of each U.S. financial institution:


  • Name, address and identification number of individuals with tax residence in Argentina, Argentine companies or trusts. Beneficial Owners and foreigners are excluded from the exchange. 
  • Account number
  • Name and identification number of the North American financial institution.
  • Gross amount of interest paid on deposit accounts
  • The gross amount of U.S. source dividends.
  • Other U.S. source income that is subject to withholding tax (e.g., certain royalties). 


  • Relevant documents for exchange purposes:


  • Form 1042 -S Annual Withholding Tax Return: This is the information that will be exchanged with Argentina. 
  • W-8BEN: Only relevant for purposes of determining tax residency reported to financial institutions. 


  • Beneficial owner data: It is important to keep in mind that, according to the agreement signed, US financial institutions do not report the beneficial owner of the accounts opened there, but must only report the holder of the bank account, i.e. the Account Holder. In the event that the bank account holder is a corporation, only the corporation and not its beneficial owners (except for single-member LLCs) will be reported. However, in the event that the account holder is directly a natural person resident in Argentina for tax purposes, his/her data will be reported.


In recent weeks, we have received several inquiries about the scope and effects of the implementation of this agreement, so we have opened a space for inquiries from those who feel affected by this situation. Contact us at: [email protected]