LatinNews Daily - 06 December 2022

*Argentina’s Economy Minister Sergio Massa has signed an intergovernmental agreement (IGA) with US ambassador to Mexico Marc Stanley to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). The agreement will allow the governments of Argentina and the US to exchange certain information on taxpayer accounts, in compliance with data protection rules. Following the signing of the agreement, Massa said it was an act of “tax justice”, allowing the government to detect tax evaders and “reduce the tax burden on all those who day by day fulfil their obligations”. Massa has previously stated that the purpose of the programme is to punish Argentines who evade local taxes and encourage them to declare their holdings abroad with Argentina’s tax authority (AFIP), allowing Argentina to increase its taxable income base. The US enacted FATCA in 2010 to combat offshore tax evasion. Currently, there are 113 FATCA agreements in place between the US and foreign jurisdictions.

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