Based on this updated list, taxpayers should ensure that they are applying the correct tax laws to transactions conducted with entities in countries or jurisdictions not considered "cooperators."

Argentina's Federal Tax Authorities (AFIP) have recently published an updated list of new countries, jurisdictions, territories and tax systems that are considered "cooperators for purposes of fiscal transparency," effective January 1, 2016.

Background

By means of Decree No. 589/2013, published in the Argentine Official Gazette on May 30, 2013, the Argentine Government modified the Argentine rules on low or nil tax jurisdictions (tax havens) and empowered the AFIP to establish a list that included the countries, jurisdictions, territories and tax systems that would be considered "cooperators for purposes of fiscal transparency."

The list was published by AFIP on January 7, 2014. Recently, AFIP has updated the list, making some inclusions and exclusions.

New inclusions and exclusions

Below we detail the countries, jurisdictions, territories and tax systems that have been included and excluded from the new "cooperators for purposes of fiscal transparency" list:

— Inclusions: Barbados, Belarus, Bulgaria, Cameroon, Cyprus, Gabon, Gibraltar, Hong Kong, Niue, Senegal, Seychelles and Uganda

— Exclusions: Angola, Haiti, Kenya, Kuwait, Montenegro, Nicaragua, Qatar, United Arab Emirates and Vietnam

Updated list

Given these modifications, the complete list of cooperators is as follows:

Albania, Andorra, Anguilla, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Barbados, Belarus, Belgium, Belize, Bermuda, Bolivia, Brazil, British Virgin Islands, Bulgaria, Cayman Islands, Canada, Cameroon, Chile, China, Colombia, Costa Rica, Croatia, Cuba, Curacao, Cyprus, Czech Republic, Denmark, Dominican Republic, Ecuador, El Salvador, Estonia, Faroe Islands, Finland, France, Gabon, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Guatemala, Guernsey, Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Ireland, Italy, Isle of Man, Israel, Jamaica, Japan, Jersey, Kazakhstan, Latvia, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, Malta, Mauritius, Mexico, Moldavia, Monaco, Montserrat, Morocco, Netherlands, New Zealand, Nigeria, Niue, Norway, Panama, Paraguay, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Saint Martin, San Marino, Senegal, Seychelles, Singapore, Slovakia, Slovenia, Spain, South Africa, South Korea, Sweden, Switzerland, Tunisia, Turkey, Turkmenistan, Turks and Caicos, Uganda, Ukraine, United Kingdom, United States, Uruguay, Vatican City and Venezuela.

The modifications significantly affect certain regulations included in the Income Tax Law (ITL) and the Tax Procedural Law (TPL). The ITL and TPL require certain tax treatments (for instance, transfer pricing analysis and documentation obligations) to apply to transactions performed with individuals or entities located in jurisdictions not considered "cooperators."

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