The following transactions are subject to the RICOI:

• Transactions carried out by Argentine legal entities with related parties incorporated, domiciled or located abroad, and by foreign permanent establishments carried out with other permanent establishments of the same owner or with persons or other types of entities in the country or abroad related to the resident in the country
• Transactions carried out with subjects domiciled, incorporated or located in "noncooperative jurisdictions" or "low or no taxation jurisdictions," whether they are carried out by themselves or through their permanent establishments abroad

The provisions established by the Resolution entered into force on 27 December 2022 and will apply for the filing of information corresponding to the fiscal years closed as of 1 August 2022. International transactions must be reported on the due date for filing the income tax return.

In depth

On 27 December 2022, the Resolution issued by the FTA was published in the Official Gazette, establishing a new RICOI.
The purpose of the RICOI is to obtain information on international transactions for an effective and efficient assessment and management of compliance risks in international taxation matters.

1. Subjects

The following are obliged to comply with the RICOI: (i) legal entities registered in Argentina; (ii) permanent establishments of foreign legal entities; (iii) trusts created in Argentina; and (iv) sole proprietorships located in Argentina.

The following transactions are subject to the RICOI: 

1.1 Transactions carried out with the related parties indicated below:

1. Legal entities, patrimonies of affectation, establishments, trusts or equivalent figures that are constituted, domiciled or located abroad
2. Foreign permanent establishments owned by an Argentine resident subject to the RICOI, or those operations that such foreign permanent establishments carry out with other permanent establishments of the same owner or with persons or other types of entities in the country or abroad related to an Argentine resident subject to the RICOI
3. Other nonresident subjects or entities related to an Argentine resident subject to the RICOI

1.2. Transactions carried out with parties domiciled, incorporated or located in "noncooperative jurisdictions" or "low or no taxation jurisdictions," whether they are carried out by themselves or through their permanent establishments abroad

2. International transactions to be declared

International transactions must be declared in cases in which one or more of the following situations are verified:

2.1. Cases related to permanent establishments in the country, including the following:

1. A local subject habitually plays the main role in the negotiation of the fundamental elements of contracts and such activity leads to the conclusion of the same in the country, but the execution of the same or their authorization takes place abroad.
2. A local subject acts exclusively or almost exclusively on behalf of a foreign company or several related foreign companies.
3. The overall activity of the local taxpayer is the result of the combination of activities carried out by two or more related companies that perform complementary functions and that are part of the operation of a single or related business.
4. A foreign subject performs a work, construction, assembly or installation project, or related supervision activities, and carries out such activities in the country through the successive execution of contracts, whether entered into by itself or through one or more related parties, all of them related to the same activity and project, whose term of duration considered as a whole exceeds six months.

2.2. A double non-taxation is verified

2.3. The transfer of benefits to other jurisdictions is favored by taking advantage of existing asymmetries in the tax laws of two or more jurisdictions regarding the treatment and/or qualification of an entity or contract or a financial instrument

2.4. There is any form of agreement, scheme or plan that seeks to have the effect of excluding one or more subjects, funds or assets from the obligation to report or be reported under the Common Reporting Standard (CRS) or FATCA. The following transactions, among others, are considered to be included:

1. Using an account, product or investment that is not, or purports not to be, a financial account, but has characteristics that are substantially similar to it
2. Transferring money and/or financial assets held in a financial account to a non-reporting institution or to a jurisdiction that does not exchange information under CRS or FATCA, with at least one of the jurisdictions of tax residence of a reportable person under the terms of CRS and FATCA compliance
3. Transferring money and/or financial assets held in a financial account to an account that is not reportable under CRS and FATCA 
4. Providing incomplete information in respect of one of the following:
   1. An account holder and/or a controlling person
   2. All jurisdictions of tax residence of an account holder and/or controlling person
5. Classifying a payment made for the benefit of an account holder or controlling person as income that is not reportable under the international standards of CRS or FATCA

2.5. Business restructurings that have the effect of being outside the scope of the International Information Regime —"country-by-country report"

2.6. Disposal of goods or rights through the sale of foreign companies that directly or indirectly own other Argentine companies or Argentine assets

2.7. The concession of exploitation of any activity that implies an economic transfer of capital

2.8. An international leasing operation resulting in a financial loan is carried out

2.9. Payments are made by a nonprofit entity to a foreign subject

2.10. A tax advantage is obtained as a result of the following:

1. Interconnected payments or operations that return totally or partially to the person who made them or to any of their partners, shareholders or related parties
2. An international transaction involving one or more entities and/or legal entities that do not have tax personality in the jurisdiction in which they are incorporated, domiciled or located, and their income is directly attributed to their shareholders, partners, participants, owners, controllers or beneficiaries
3. Mechanisms that generate uncertainty in relation to the ownership of an asset resulting in taxpayers from different jurisdictions being able to compute a tax deduction for the depreciation of the same asset or to claim the existence of double taxation with respect to the same asset
4. Deductible cross-border payments made to members of the same multinational group that are not resident for tax purposes in any jurisdiction

3. Information content

The subjects must provide the following information for each international transaction subject to report:

1. International transactions: The corresponding option or options must be selected in accordance with the transactions detailed above, linking each one to the subject or subjects mentioned in the following point.
2. Identification data of the parties involved in the international transactions: If applicable, the full name or denomination of the counterparty involved in the transaction(s) (for example, data of the contractor, foreign company, financial or nonfinancial entity, etc.), CUIT/CUIL/CDI/NIF, domicile, country of tax residence and/or jurisdictions involved in the transaction must be provided.

4. Deadline and filing

International transactions carried out during the tax period must be reported on the due date for filing the income tax return.

The information must be submitted by entering the fiscal code, with security level 3 or higher, on the FTA's website, using the service called "Complementary Information Regime for International Transactions." 

5. Penalties

Total or partial noncompliance with the obligations contemplated in the RICOI entails the application of the formal penalties contained in the Tax Procedure Law.

6. Validity

The provisions set forth in the Resolution will come into force on 27 December 2022 and will apply for the filing of information corresponding to the fiscal years closed as of 1 August 2022.

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