Reporting Information Regime of foreign financial and non financial trusts

On April 19, 2012 Resolution No. 3312 (the “Resolution”) of the Argentine Tax Authorities (“AFIP”) was published in the Official Gazette. Such Resolution incorporates –to the previous information regime for local trusts- an information regime to be fulfilled for trusts organized outside of Argentina.

The Resolution implements a regime of registration of operations that must be annually fulfilled by trustees, settlors and/or beneficiaries of foreign trusts in connection with:

  1. the setting up of trusts, income and expenses of settlors and/or beneficiaries,
  2. transfers or disposals of shares or rights,
  3. supplies of goods for trusts,
  4. amendments to the original agreement,
  5. allocation of benefits,
  6. termination of the trust agreement.

Also, the following information shall be provided:

  1. Name of the trust, country of incorporation, in relation to its tax residence: country, Tax Identification Number (TIN) and address.
  2. Class or type of trust.
  3. Settlors and beneficiaries: First and last names, corporate name, TIN, Labor Number (CUIL) or Tax ID (CDI).

In the case of non-resident individuals, their nationality must be specified, and in relation to their tax residence: country, TIN and address.

  1. Details identifying the goods, or the total amount of deliveries of money or goods performed by the settlor in the reporting period, and the total amount accumulated at the end of the reporting period.
  2. Securities issued by the trust or the trustee, regardless its nature, and its residual value.

Beneficiaries must also report on the profits received in the period, if applicable.

The registration of these transactions must be performed within ten (10) working days as from the date of execution of the operation. The information of periods 2009, 2010 and 2011 shall also be provided. This obligation must be fulfilled until the respective expiration dates of July 2012 depending on the last number of the Labor ID (CUIL) or Tax ID (CUIT) of the relevant taxpayer.

To this end, an option was enabled in the web site of the AFIP –– called “AFIP – DGI LOCAL AND FOREIGN TRUSTS- Version 1.0”. Those acting as information agents shall have the respective fiscal code to access the site.

In case the file cannot be sent electronically, the relevant information must be submitted before the correspondent dependence of the AFIP, by providing magnetic or optical media, together with the corresponding sworn statement.

The Resolution will come into force on July 1st 2012.

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