New Minimum Thresholds of Tax Information Regimes Linked to the Electronic Payment System and Financial Institutions

On May 23^, 2024, the Argentine Tax Authority (AFIP) issued General Resolution 5512/2024, on the one hand updating the minimum thresholds of the reporting regimes established by General Resolution 4614/2019 and General Resolution 4298/2018 and, on the other, establishing that the thresholds will be updated on a semi-annual basis.

First, financial entities will now be required to inform AFIP when the total accumulated in checking accounts, savings accounts, salary and social security accounts, and special accounts is equal to or greater than ARS 700,000. When this threshold is reached or exceeded, financial entities will have to report  the monthly accreditations made to the accounts, the monthly cash withdrawals from the accounts, the total accumulated amount of the monthly cash withdrawals made from the accounts, the balances of the accounts that on the last working day of the monthly period reported reach or exceed the threshold, and the accumulated amount of the time deposits made in the monthly period in which it is reported.

The amount as from which charges with debit cards in Argentina—excluding cash withdrawals and any other amount that does not imply consumption—must be reported was modified and is now equal to or greater than ARS 400,000 per month in each reported account.

Second, General Resolution 5512/2024 updated the minimum thresholds of the tax informative regimes established in General Resolution 4614/2019—which we commented here—regarding the electronic payment system. These informative regimes must be complied with by those entities that administer, manage, control, or process asset movements through electronic or digital management platforms, on behalf and to the order of residents in Argentina or abroad, including Payment Service Providers that provide Payment Accounts.

These entities must report on the accounts of their clients when:

1. the total income or expenses are equal or higher than ARS 400,000,
2. balances are equal or higher than ARS 700,000 as of the last business day of the month reported.

In all these cases, the thresholds will be updated every six months, according to the coefficient derived from the fluctuations of the General Level Consumer Price Index (Índice de Precios al Consumidos Nivel General). The new values will be applicable to obligations whose maturity date is February 1, 2025, and onwards.

Finally, AFIP updated the minimum threshold as from which these entities must report income and expenses from virtual or bank transfers, establishing it at ARS 1,400,000. The new threshold will be effective for transactions carried out as of June 1, 2024.