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US, Argentina Agree To Exchange Tax Information

by Mike Godfrey, Tax-News.com, Washington

29 December 2016

Argentine Minister of Finance Alfonso Prat-Gay and Noah Mamet, the US Ambassador to Argentina, signed a new tax information exchange agreement (TIEA) between their two countries on December 23 in Buenos Aires.

The TIEA's signing follows a meeting between Prat-Gay and US Treasury Secretary Jack Lew in September this year, after which it was disclosed that such an agreement was being negotiated. Following its signing, Lew stated that "the tax information exchange agreement will allow for important collaboration between our two countries' tax enforcement efforts."

Prat-Gay welcomed the agreement, which provides the legal framework for the reciprocal and automatic exchange of tax information between the two countries. This will support Argentine financial institutions' efforts to comply with the requirements of the US Foreign Account Tax Compliance Act, and also, he said, for Argentina to obtain information about any taxpayer who holds undeclared assets in the United States.

It has been previously disclosed that, through the TIEA, the Argentine Government is hoping to reduce the estimated USD400bn in undeclared overseas assets held by Argentine residents. Its current tax amnesty, which entered into force in July this year, provides for special tax rates of up to 15 percent for disclosures by end-March 2017.

TAGS: compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax information exchange agreement (TIEA) | tax compliance | FATCA | law | enforcement | agreements | legislation | United States | Argentina | Compliance | Tax

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