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Source: The Bubble
By: Valentina Iricibar
The Argentine national tax collecting agency (AFIP) has requested a meeting with the US’s Internal Revenue Service (IRS) in order to continue negotiations on implementing a Foreign Account Tax Compliance Act (FATCA). In plain English, that means that the tax authorities of the US and Argentina are trying to reach an agreement on sharing information in order to catch people for tax evasion in both countries.
A possible FATCA agreement would be part of the government’s overall objective to be fiscally transparent. It is in the process of getting a tax amnesty law passed in Congress (the bill is pending a Senate vote). The tax amnesty is designed to get the Argentine economy back on its feet in the most transparent way possible and would do so by allowing Argentines to declare previously undeclared assets without being asked where they came from. Basically, with this tax amnesty, people will pay a small fee (either penalties or interest) for the government’s forgiveness regarding prior non-compliance.
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