US, Argentina Negotiating Comprehensive Double Tax Pact
During his remarks at a September 26 meeting with Argentine Finance Minister Alfonso Prat-Gay in Buenos Aires, US Treasury Secretary Jack Lew disclosed that the two countries are to negotiate a comprehensive double taxation agreement, to include provisions for the exchange of tax information.
“To accelerate the process of sharing tax data on Argentine residents in the United States, Treasury and Argentina’s tax agency will immediately begin assessing Argentina’s preparedness to receive such information and to explore steps to expedite the process,” he said.
Lew also confirmed that he had “invited Argentina’s representatives to visit Treasury next week for consultations, and instructed Treasury’s senior tax negotiators to visit Buenos Aires in the near future.”
Through the deal, the Argentine Government is hoping to reduce the estimated USD400bn in undeclared overseas assets held by Argentine residents. Its current tax amnesty, which entered into force in July this year, provides for special tax rates of up to 15 percent for disclosures by end-March 2017.
