Argentina Extends Deadline for Financial Institution Reporting Requirements

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The Federal Administration of Public Revenue (AFIP) has issued General Resolution 5517/2024, extending the deadline for submitting reports under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) for the 2023 reporting period.

Extension of Deadline

The original deadline was set for June 30, 2024. However, financial institutions in Argentina will now have until July 31, 2024, to submit their FATCA and CRS reports. Submissions are allowed between July 1, 2024, and July 31, 2024.

Impact on Financial Institutions

This extension provides additional time for financial institutions to compile and submit the required information. It is crucial for them to ensure accurate and compliant reporting.

• Financial institutions must resubmit reports previously submitted before July 1, 2024, using the current version of the sworn declaration Form F.8301.
• This requirement emphasizes the importance of ensuring accurate and compliant reporting under FATCA and CRS.

Expert Guidance

As Argentina’s financial sector navigates complex regulatory requirements, this extension provides a welcome reprieve for financial institutions. With guidance from experts, such as KPMG member firm in Argentina, financial institutions can better understand their obligations under FATCA and CRS and ensure compliance with the latest regulations.

By taking advantage of this additional time, financial institutions can focus on ensuring accurate and compliant reporting, ultimately mitigating potential risks and penalties associated with non-compliance.