The December 5, 2022 agreement signed by Argentina’s Minister of Economy and the United States ambassador in Argentina, is an automatic and reciprocal exchange of information on deposit accounts, custody accounts, investment accounts, among others, opened in financial institutions and whose holders are residents of the other jurisdiction.
Once in force, the Argentine tax administration will receive from its U.S. counterpart – the IRS – information on accounts opened in financial institutions in the United States belonging to individuals that are residents in Argentina. The IRS will receive from the Argentine tax administration information related to accounts opened in Argentine financial entities belonging to U.S. residents.
It is expected that the United States will collect and send to Argentina the name, address and tax identification of any person resident of Argentina who is the holder of an account opened in U.S. financial institutions to the extent that interest (at least USD 10 in the year), dividends or other income from United States sources have been received in the accounts.
Additionally, the information received will also include the account number, the name and identification number of the financial institution in the United States and the gross amount of income received (interest, dividends, other income).
Under the terms of the IGA, the agreement will enter into force on January 1 of the calendar year following the date of Argentina's written notification to the United States confirming completion of the internal procedures necessary in Argentina for the entry into force of the agreement. That written notification is expected to happen by the end of 2022.
