New measures issued by the Argentine Federal Tax Authority (AFIP) entered into force on 3 January 2014.
Online PR News – 13-January-2014 – 1250 Oakmead Parkway, Suite 210 Sunnyvale, CA 94085, U.S – New measures issued by the Argentine Federal Tax Authority (AFIP) entered into force on 3 January 2014. The new measures intend to create a “Register of Related Parties” and collect information from companies on a regular basis related to transactions carried out with related parties, reports Nair & Co.’s International Compliance Team.
The new measures generate a new database system that will have all information regarding related parties and include a new mandatory reporting system concerning transactions which are carried out with local related parties.
The information to be reported by the local company and for relationships with related parties includes:
* Tax ID Number
* Names and addresses
* Deals which takes place within the approved list of facts and conditions, etc.
Specific deadlines have been prescribed for reporting related party relationships (including modifications/changes to already reported facts).
Further, a new monthly information report and deadline has been prescribed for reporting of domestic related party transactions.
Taxpayers have to take care of the below deadlines for reporting their current transactions:
* 1 April 2014 for large taxpayers
* 1 July 2014 for other taxpayers
The new measures increase transfer pricing reporting obligations for Argentine companies. Companies must develop proper systems to ensure that they are able to comply with the added reporting requirements, which now also include reporting of transactions with domestic related parties.
For more information about doing business overseas or to know more about ourglobal transfer pricing services team please contact us.
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