On November 3, 2011, Argentina has ratified the Convention on Mutual Administrative Assistance in Tax Matters (the "Convention").
The Convention establishes mechanisms for the mutual administrative assistance among its member countries.
Moreover, on March 6, 2014, Argentina approved the Declaration on Automatic Exchange of Financial Information in Tax Matters (“Declaration”).
Even though the Declaration does not establish a deadline for the compliance of its objectives, the Declaration commits countries to implement a new single global standard on automatic exchange of financial information swiftly and to exchange that information automatically with other jurisdictions on an annual basis.
The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
On October 29, 2014, the new OECD/G20 standard on automatic exchange of information was endorsed by all OECD and G20 countries as well as major financial centers participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin.
Argentina stated its commitments into action during the signing of a Multilateral Competent Authority Agreement that will activate automatic exchange of information, based on the Convention. Early adopters who signed the agreement have pledged to work towards launching their first information exchanges by September 2017. Others countries are expected to follow in 2018.
Please, click http://www.oecd.org/tax/exchange-of-tax-information/mcaa-signatories.pdf to see the above mentioned list of jurisdictions.
General Resolution (AFIP) 3826 stipulates that Argentine financial institutions must fulfill the normative regulated in the CRS approved by the OECD and report to the Federal Tax Authority the transactions made after December 31, 2015. Such report should be made on an annual basis until May 31.