Argentina seals tax info exchange deal with the United States
President Alberto Fernández’s administration has signed a new agreement on Monday with the United States to exchange tax information.
The agreement, covering both individual persons and corporate entities, was signed by Economy Minister Sergio Massa Massa and U.S. Ambassador to Argentina Marc Stanley during a ceremony at the Kirchner Cultural Center in Buenos Aires.
"Access to this information is an act of fiscal justice because by detecting tax evaders we will be able to reduce the tax burden on all those who comply with their obligations every day, while seeing others hiding their money in tax havens," declared Massa.
The U.S. Embassy published a communiqué specifying that "this agreement will permit the reciprocal exchange of certain information regarding financial accounts" between the two countries while "guaranteeing adequate data protection."
The pact, which provides for automatic and periodic exchanges of information, will kick in with the new year. The Internal Revenue Service (IRS) will transmit annual data every September 30.
According to Economy Ministry estimates, undeclared funds held by Argentines in United States accounts stand at around US$100 billion out of a estimated US$400 billion worldwide.
The incoming information could mean an additional $1 billion annually for Argentina - over 1% of the $88 billion in total 2021 federal revenues.
At: https://www.batimes.com.ar/news/economy/massa-seals-tax-info-exchange-deal-with-united-states.phtml
Argentine Economy Minister Sergio Massa shakes hands with U.S. Ambassador Marc Stanley in Buenos Aires on Monday, after signing a historic account information sharing agreement covering Argentine nationals and firms.
Argentine taxpayers are estimated to hold around $100 billion in U.S. accounts - largely opened over the past four decades in order to evade taxes.
The country's influential Clarín Group - among the loudest opponents of the agreement - controls at least two Delaware accounts under Wilmington's The Corporation Trust, a reputed tax shelter whose clients have included vulture fund king Paul Singer.
Clarín was vocally supportive of Singer's claims on defaulted Argentine bonds during his 2012-16 dispute with Argentina - a claim which eventually earned his Caymans vulture fund NML a $2.4 billion payout after Mauricio Macri (whom Clarín backed) narrowly won the 2015 election.
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The news would not have been well-received, of course. They will never stop stealing until someone stops them.
A success with this plan would be beautiful. Alberto Fernández has worked so hard since taking office in trying to resurrect the economy after it was nearly destroyed beyond all hope by those leaving office quickly after one term. One term was more than enough to cripple the next President throughout his whole first term. Right-wingers seem to have made this their permanent pattern, haven't they?
The struggles of the progressive president who succeeds them can be used politically against them and condition the voters to want a big change well before anyone could ever bring complete recovery. Really slick.
Have never heard of this arrangement before, and it sounds so very practical, and sane. Will be hoping throughout the rest of Alberto Fernández' first time in office. He is courageous, unselfish, and honorable. So glad to hear the news! 
'Kick the pig, and you'll know who the owner is.'
We know who hates all this, and why.
There's no question that Argentina's elites want Macri back in (or a surrogate) because - like Macri himself - they like being able to dollarize assets at will (leaving everyone else the dollar debts taken to make this possible) - and then stash the proceeds offshore.
Now that Mrs. Kirchner has bowed out of running in lieu of President Fernández (many were calling on her to run - given his low poll numbers), it's becoming increasingly likely they'll get their way.
And we both remember how it went the last time...
Thanks again, Judi. Have a great weekend. 