The Argentine Central Bank Enacted a New Reporting Regime

Under the new reporting regime, applicable as of December 31, 2017, individuals, entities and estates residing in Argentina (the “Obliged Subjects”) must file annual and quarterly or only annual statements with the Argentine Central Bank if the sum of their flows regarding foreign assets and liabilities during the previous calendar year, or their balance of foreign assets and liabilities at the end of the previous calendar year amount to:

1. USD 50,000,000 or more, in which case a quarterly statement must be filed in advance at each quarter, in addition to the annual statement (which may in turn complement and/or ratify the quarterly statements).
2. Between USD 10,000,000 and USD 50,000,000, in which case only an annual statement must be filed.
3. Between USD 1,000,000 and USD 10,000,000, in which case only an annual statement must be filed, with an option to use a simplified version of the statement.

The survey comprises five items which must be informed by the Obliged Subjects through an electronic form available at www.afip.gov.ar:

1. Capital and investment fund shares;
2. Non-negotiable debt instruments;
3. Negotiable debt instruments;
4. Financial derivatives; and
5. Land, structures and real estate.

The deadlines for submitting the statements will be of 180 calendar days from the end of the calendar year for annual statements, and 45 calendar days from the end of the respective quarter for quarterly statements. For those statements to be submitted during 2018, the corresponding deadlines will be communicated by means of  Communique “B”.

Finally, Communique “A” 6401 provides certain definitions and clarifications regarding the five items to be informed, and some concepts such as “residence” and “foreign assets or liabilities”.