A Quick Glance At Argentinas Tax Filing Requirements

Taxpayers in Argentina are required to report to the tax administration all cross-border

services agreements, irrespective of whether the agreements are in writing or not, effective from April 1, 2012. All contracts executed before April 1, 2012 and still have pending payments must be reported.

It is crucial for taxpayers to ensure timely reporting as without it they will not be allowed authorization to purchase foreign currency required to make the payments or to allow their relevant bank to complete the payment procedure.

Here are some of the Key Highlights of the Resolution 3,276 of tax administration published earlier this year include:

It is mandatory to the report to the tax administration any agreement in which:

-a foreign party agrees to provide service/s to the resident, and

-a resident agrees to provide service/s to a non-resident party.

Transactions that meet the below criteria must be reported: -Transactions where total amount exceeds USD 100,000

-Transactions where any payment or installment exceeds USD 10,000

-Transactions whose amount is undetermined.

In addition to the information in the written agreement, extensive level of details must be reported. Requirements include providing information regarding:

beneficiary of the payments

recipient's bank account

number of payment

amounts involved

Some transactions that need to be reported may already come under other information requirements and/or authorization regimes like those provided by the law on transfer of technology or transfer pricing reporting obligations.

Partner with an expert

It is very risky to believe that all elements of your domestic market will be applied in an overseas setting while doing business overseas. It is not an easy task to have a complete hold on the laws of another country, you would need professional guidance to help you follow the legal norms and fulfill all compliance regulations. Though information can be sourced from different reliable sources, it is always advisable to seek professional counsel to avoid errors.

A reliable partner, with loads of experience to guide you ahead, is what you need while doing business overseas. An expert business consultant provides the required assistance on areas like HR, tax equalization expat, EU VAT rules, SAS 70 compliance, etc., and makes sure that your international business project is a successful one.

by: brianwarren

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