In a significant move to reduce bureaucratic oversight and encourage financial transparency, the Argentine government has announced new regulations increasing the reporting thresholds for financial transactions. Under the new policy, banks are now required to report to the Agency of Revenue and Argentine Control (ARCA) only those transfers and credits exceeding 50 million pesos for individuals and 30 million pesos for legal entities.

This adjustment is part of the “Historical Savings Reparation Plan,” aimed at restoring trust in the financial system and promoting the formalization of the economy. The government asserts that previous stringent controls failed to enhance economic formalization and instead fostered informality and public distrust.
Un hombre sonriente levanta el puño en un evento público con banderas argentinas de fondo.

Key Changes Include:

  • Cash Withdrawals: The threshold for reporting cash withdrawals has been raised to 10 million pesos, applicable to both individuals and businesses.

  • Virtual Wallet Transactions: Reporting is now required for virtual wallet transactions exceeding 50 million pesos for individuals and 30 million pesos for legal entities.

  • Fixed-Term Deposits: The reporting threshold for fixed-term deposits has been increased to 100 million pesos for individuals and 30 million pesos for legal entities.

  • Monthly Account Balances: Banks must report account balances exceeding 50 million pesos for individuals and 30 million pesos for legal entities at the end of each month.

  • Consumer Purchases: The threshold for reporting consumer purchases has been set at 10 million pesos, regardless of the payment method

Additionally, the government has eliminated several reporting requirements, including those related to credit card purchases, notarial transactions, used vehicle sales, and utility payments. Banks are also prohibited from demanding national tax declarations as a condition for conducting transactions.

These measures are designed to align Argentina’s financial regulations with international standards, focusing enforcement efforts on significant financial activities and reducing the compliance burden on ordinary citizens. The government believes that these changes will foster a more trustworthy and efficient financial environment.

Stay informed about Argentina’s evolving financial policies and their impact on the economy.