The new measures generate a new database system that will have all information regarding related parties and include a new mandatory reporting system concerning transactions which are carried out with local related parties.
The information to be reported by the local company and for relationships with related parties includes:
* Tax ID Number
* Names and addresses
* Deals which takes place within the approved list of facts and conditions, etc.
Specific deadlines have been prescribed for reporting related party relationships (including modifications/
Further, a new monthly information report and deadline has been prescribed for reporting of domestic related party transactions.
Taxpayers have to take care of the below deadlines for reporting their current transactions:
* 1 April 2014 for large taxpayers
* 1 July 2014 for other taxpayers
The new measures increase transfer pricing reporting obligations for Argentine companies. Companies must develop proper systems to ensure that they are able to comply with the added reporting requirements, which now also include reporting of transactions with domestic related parties.
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