The head of the Federal Public Revenue Administration (AFIP), Alberto Abad, signed an agreement of "automatic exchange of tax information" with its Brazilian pair Jorge Rachid.
According to the tax collection agency, Abad and the secretary of the Federal Revenue, the equivalent of the AFIP in the neighboring country, signed an agreement to "identify the assets owned by taxpayers of both nations," including properties and apartments.
The national body celebrates as an achievement that the agreement also provides for the cross-referencing of information from fiscal periods prior to the current year. "This agreement allows for the availability of information on citizens' assets, which results in a comprehensive view of taxpayers in the context of two countries that have strong commercial ties. The document we signed allows for more information to be available to establish the risk profile of each taxpayer," Abad said after the signing.
Rachid assured that with this exchange of information "the possibilities of committing illegal acts are reduced" and announced that the "Data crossing" will start in the next ten days, when the deadline established by law to enter into the Argentine money laundering process ends. Although there are rumors, an extension of the March 31 deadline has little chance of materializing.
The official of Michel Temer's government agreed with Abad in "Contact the customs agenda of Brazil and Argentina working with reliable economic operators from both countries with the aim of facilitating foreign trade procedures."
In this regard, the federal administrator pointed out that "the delay in customs procedures entails economic costs" and stressed that for this reason "We want to add facilitation and control through the Single Window for Foreign Trade (VUCE)".
The AFIP reported that the data to be exchanged includes dividends, interest, royalties, services and returns. "The exchange of information will be carried out in accordance with the parameters of the OECD Convention on Mutual Administrative Assistance in Tax Matters, aimed at combating tax evasion and avoidance at an international level, both bilaterally and multilaterally," they stressed.
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