The Internal Revenue Service (IRS) has published Revenue Procedure 2018-36 (the Revenue Procedure), including Argentina as a jurisdiction subject to reporting and assuming the obligation of reporting the payment of interest (originated in deposits made in the United States) made to Argentine residents as from 1 January 2019, as long as such information is required by the Argentine Federal Tax Authority (AFIP).

According to the regulations of the IRS, payment of interest originated in deposits made in the United States, received by parties domiciled in a report jurisdiction that has an exchange of tax information agreement in force will have to be reported.

In the case of Argentina, the Revenue Procedure establishes that it is a jurisdiction that has a bilateral agreement for the exchange of tax information with the United States. The regulation also establishes a list of jurisdictions that are subject to an automatic exchange of information with the IRS; Argentina is not included within the list of jurisdictions that are subject to such automatic exchange of information.

It should be noted that Argentina and the United States entered into a tax exchange of information agreement on December 2017. The Revenue Procedure will be in effect as from 1 January 2019.

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