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Argentina Issues New Guidelines concerning “Related Parties Register”

New measures issued by the Argentine Federal Tax Authority (AFIP) entered into force on 3 January 2014.

FOR IMMEDIATE RELEASE

 
PRLog (Press Release) - Jan. 13, 2014 - SUNNYVALE, Calif. -- New measures issued by the Argentine Federal Tax Authority (AFIP) entered into force on 3 January 2014. The new measures intend to create a “Register of Related Parties” and collect information from companies on a regular basis related to transactions carried out with related parties, reports Nair & Co.’s International Compliance Team.

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/changes to already reported facts).

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.

For more information about doing business overseas (http://www.nair-co.com/expanding-business-overseas.aspx) or to know more about ourglobal transfer pricing services (http://www.nair-co.com/global-transfer-pricing.aspx) team please contact us (http://www.nair-co.com/global-offices.aspx).

Subscribe (http://www.nair-co.com/subscribe.aspx) to regular global tax compliance alerts from Nair & Co.

Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.


Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com (http://www.nair-co.com/)

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

Contact
Yvonne Smith
408 501 8867
***@nairusa.com

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Contact Email:
***@nairusa.com
Source:Nair & Co.
City/Town:Sunnyvale - California - United States
Industry:Business
Tags:doing business, argentina, AFIP, transfer pricing, tax compliance
Shortcut:prlog.org/12266856
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