AFIP | Agreement with the United States for Offshore Accounts: Analyzing the Fine Line and How It Affects

As of September 2023, the IGA 1, a Financial agreement between Argentina and United State It would allow the government to access bank account data without automatically declaring it. the AFIP It had previously published a general decision of the standard framework for the procedure, leading to the final stages of the administrative process.

In this context, several questions arise that put these people at the forefront for their private account that provide Overseas services and shipping in dollars. To illustrate the panorama, the cyber entrepreneur’s contact, Antonio Boet, shared an interview he gave with Accountant General Leo Baca.

AFIP: What is the new financial agreement with the United States?

According to the accountant, the so-called IGA 1 “consists of a automatic exchange of information, in which the signatory country undertakes to transmit financial information on US residents or US companies operating in that country. In return, the United States pledges to do exactly the same.”

In this sense, AFIP will receive information from North American banks about those Argentines who generate a file rent in the United States. For example, the agreement applies to a person who collects rent for an apartment abroad.

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AFIP IGA 1: What cases have been reported?

resolution AFIP Point to The data will be reported: identify the account holder; Account number; identification of the financial entity; the total amount of interest or dividends paid on the account; The total amount of other sources of income of a Native American credited to the account.

It includes different types of income. Some of the income is that which comes from a interest The bank can pay, which is known as a savings account; and others yields, for example, which pays a dividend. And also other types of income Private rentalsThey are those which are directly related to the income obtained in the United States.”

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AFIP IGA 1: How does it affect the self-employed?

IGA 1 Apply for self-employment Which provides its services abroad, as the government encouraged the sector on more than one occasion to deposit dollars in the national accounts.

However, the conversation with accountant Leo Baca concluded that the current exchange is with the United States will not affect On people who have bank accounts on platforms like Sage or Payoneer or Utopia.

“According to what I’ve been reading and from feedback from Payoneer employees, they say no for several reasons: first because they are They are not a bankis a financial entity; The second because Sub-accounts are nominatedThat is, the bank account in the name of Payoneer, Paypal, Utopia, or whatever company it is,” Baca explained.