On April 23, 2012, Argentina and Uruguay (the “Participating States”) signed an agreement for the exchange of tax information (the “Agreement”). The Agreement provides the competent authorities shall assist each other through the exchange of relevant information with respect to taxes and tax criminal matters covered by the Agreement.
The Competent Authority of the respective Participating State may obtain and provide information on the following issues:
- Information held by banks, other financial institutions and any person acting as agent or trustee;
- Information related to the property in respect of all the people who conform an ownership chain;
- In the case of trusts, information on trustors, trustees and beneficiaries;
- In the case of foundations, information about founders, members of the board or similar body, and beneficiary.
In order to obtain such information, the Participating State shall send the other a request of information, which must indicate the identity of the person under investigation, the nature of the information required, the period during which the information is requested and the reasons to believe the information is relevant.
The offered or received information will be confidential. The Participating States shall not exchange such information with any person, entity or authority or any other jurisdiction without the express consent of the Competent Authority of the requested State.
Nevertheless, the Participating States may refuse to provide such information when the request is not made in accordance with the regulations, if the requested information is against the public order or if the professional secrecy is affected.
The agreement will come into force thirty (30) days after the approval of legislators of both Participating States.