According to Law360, the Internal Revenue Service approved cybersecurity measures by Argentina in a step that clears the way for the first automatic information exchange under the Foreign Account Tax Compliance Act between the two countries in September, Argentina's revenue service said on May 20, 2024.
Florencia Misrahi, the Argentina revenue agency's federal administrator, met with banking associations and other organizations in April to prepare them for the upcoming exchanges, the agency said in a news release. Such entities will need to report bank account information, such as U.S. tax identification numbers and account balances, of U.S. citizens holding accounts in Argentina.
The countries reached a FACTA agreement in 2022, Argentina's Federal Administration of Public Income said. FATCA requires foreign financial institutions to report the banking information of U.S. clients as a way to combat tax avoidance and to improve compliance.
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