Automatic Exchange Of Information In 2017

While assuming commitments in the OECD context, Argentina committed to implement the automatic exchange of information as from September 2017.

Encouraged by international bodies such as the Organization for Economic Cooperation and Development (OECD), and inspired by economic globalization, in recent years several countries around the world have shown an increasing interest in international fiscal transparency. For such purpose, efforts to improve the automatic exchange of information are being made.

In 2010, the OECD amended by the Protocol “Convention on Mutual Administrative Assistance in Tax Matters” (developed in 1988). By means of this Convention, parties are encouraged to adopt different actions to collaborate in the exchange of fiscal information.

The Convention was implemented focusing on international tax avoidance and evasion. It was firstly opened for OECD parties and European Union members to sign, and later on it was opened up for non-party countries.

The Convention parties committed to provide administrative cooperation to exchange information (which might be requested, spontaneously presented or automatically sent), carry out fiscal audits, assist each other in collecting taxes, etc. A series of measures to safeguard the confidentiality of the exchanged information and certain limits on the obligation to provide assistance are also set.

Following the international trend, Argentina signed:

Tax Treaties to avoid double taxation, which are bilateral and include exchange of information clauses; Tax Information Exchange Agreement ( TIEAs), also bilateral; The abovementioned “Convention on Mutual Administrative Assistance in Tax Matters” proposed by the OECD, multilateral and in which context our country assumed the commitment to implement the automatic exchange of information in relation with bank accounts as from September 2017. On November 3, 2011, Argentina subscribed to the “Convention on Mutual Administrative Assistance in Tax Matters”, which was ratified on August 31, 2012 by the Executive Branch of Argentina's government.

The ratification involved the acceptance of the Agreement on Exchange of Information on Tax Matters (AEOI) (on May 6, 2014); the acceptance of the Multilateral Competent Authority Agreement (on October 29, 2014), by means of which Argentina assumed the obligation to automatically exchange information related to bank accounts, pursuant to the rules set in the Common Reporting Standard (CRS); and the...