02 June 2025 Argentina issues measures to further deregulate - On 23 May 2025, the Argentine government published Decree No. 353 and General Resolution 5699/2025, introducing measures aimed at simplifying and deregulating the economy, particularly affecting financial institutions.
- Banks are now prohibited from requesting tax returns from individuals, reducing administrative burdens.
- The thresholds for reporting bank information have been significantly increased, with new limits set at ARS 50m for transfers and balances for individuals, and ARS 30m for legal entities.
- Affected entities should prepare for these changes as they may impact reporting requirements and compliance processes.
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On 23 May 2025, the Argentine National Executive Branch (PEN in Spanish) published in the Official Gazette Decree No. 353, which together with General Resolution 5699/2025 introduces measures that reduce the mandatory reporting regimes for individuals and legal entities. Some of the main changes are listed below. Restriction on banks: Banks are prohibited from requesting national tax returns. Updated thresholds for reporting bank information: - Transfers/deposits in bank accounts: Argentine Pesos (ARS) 50 million (approximately US$50k) for individuals and ARS 30m for legal entities (approximately US$30k) (previously ARS 1m; approximately US$1k)
- Cash withdrawals: ARS 10m (approximately US$10k) for individuals and legal entities
- Bank account balances: ARS 50m (approximately US$50k) for individuals and ARS 30m (approximately US$30k) for legal entities (previously ARS 700k — ARS 1m; approximately US$700 — USD$1k)
- Fixed-term deposits: ARS 100m (approximately US$100k) for individuals and ARS 30m (approximately US$30k) for legal entities (previously ARS 1m; approximately US$1k)
- Electronic wallets: ARS 50m (approximately US$50k) for individuals and ARS 30m (approximately US$30k) for legal entities (previously ARS 2m; approximately US$2k)
- Net transfers of money between brokers and their clients: ARS 100m (approximately US$100k) for individuals and ARS 30m (approximately US$30k) for legal entities
Commercial information: The threshold for reporting final consumer purchases, both in cash and via other means of payment, is increased to ARS 10m (approximately US$10k) (previously ARS 250k in cash and ARS 400k with credit cards or other means; approximately US$250 for cash and US$400 for cards). Other changes: Other measures aimed at simplifying and deregulating the Argentine economy have also been issued. For instance, it will no longer be necessary to report personal purchases made through debit and credit cards or electronic wallets, and the regime that required notaries to report notarial transactions exceeding ARS 10m (approximately US$10k) is eliminated (CITI Escribanos, in Spanish). | * * * * * * * * * * | | Contact Information | For additional information concerning this Alert, please contact: Pistrelli, Henry Martin & Asociados S.R.L., Buenos Aires Ernst & Young LLP (United States), Latin American Business Center, New York Ernst & Young LLP (United Kingdom), Latin American Business Center, London Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific | | Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor |
Document ID: 2025-1174 |
