In more detail
On 26 January 2021, General Resolution (AFIP) No. 4912/2021 was published in the Official Gazette. This resolution introduces modifications to the definition of final beneficiary of General Resolution (AFIP) No. 3312/2012 regarding the reporting of trusts constituted in Argentina and abroad.
As a reminder, General Resolution (AFIP) No. 4879/2020 had established the obligation for obligated subjects under General Resolution (AFIP) No. 3312/2012 to identify the final beneficiary.
In this sense, the resolution considers the final beneficiary to be the human person who has participation in or who, by any means, exercises direct or indirect control of the trust. The settlors, trustees, beneficiaries, protectors and similar persons who act in trusts in Argentina and abroad will also be considered final beneficiaries if they are human persons.
In addition, when the final beneficiary does not participate directly in the trust's assets or in the control of the trust, the first level that forms the chain of participations in Argentina between the final beneficiary and the trust must be reported. In this scenario, it is mandatory to attach the entire chain of holdings in the case of entities based or located abroad.
The obligation to report the chain of participations must also be fulfilled in the event that the settlors, trustees, beneficiaries, protectors and similar persons are legal entities, other contractual entities or legal structures. In this case, the final beneficiary of the chain of participations must also be informed.
When the human person who is the final beneficiary according to the aforementioned definition is not identified, the human person who is characterized as the administrator of the trust or the highest authority of the company that administers it must be informed as the final beneficiary. The Federal Tax Authority is authorized to verify and supervise the causes that led to the failure to identify the final beneficiary.
In the case of listed companies, the owners or holders of equity that have — directly or indirectly — at least 2% of the participation or, when higher, the equivalent of ARS 50 million, considered as of 31 December of the reported year, will have to be reported as the final beneficiary, or, failing that, whoever exercises the direct or indirect control.
In addition, the deadlines to comply with the presentation of information about the final beneficiary of the trusts constituted in Argentina and abroad, corresponding to the year 2019, were extended.
Consequently, the deadlines will operate according to the following schedule:
a) information agents that have up to 50 final beneficiaries to report: 30 April 2021
b) information agents that have more than 50 and up to 500 final beneficiaries to report: 15 May 2021
c) information agents that have more than 500 final beneficiaries to report: 31 May 2021
Please find below a summary of General Resolution (AFIP) No. 3312/2012.
B. General Resolution (AFIP) No. 3312/2012
General Resolution (AFIP) No. 3312/2012, published in the Official Gazette on 19 April 2012, issued regulations setting forth the duty to inform all trusts created in Argentina and abroad.
B.I. Annual reporting regime
With regard to trusts set up in Argentina, trustees are bound to comply with the duty to inform them on an annual basis.
Notice of trusts created in a foreign country must be given by: (i) trustees or any other persons acting in a similar capacity; (ii) trustors/settlors or any other persons acting in a similar capacity; and/or (iii) beneficiaries to the extent they are Argentine residents.
Information regarding the trusts as of 31 December of each year shall be furnished on an annual basis according to the following schedule:
| Tax Identification No. ends in: |
Filing date |
| 0 or 1 |
no later than 27 July, inclusive |
| 2 or 3 |
no later than 28 July, inclusive |
| 4 or 5 |
no later than 29 July, inclusive |
| 6 or 7 |
no later than 30 July, inclusive |
| 8 or 9 |
no later than 31 July, inclusive |
B.II. Transaction registration regime
B.II.i. Trusts created in Argentina
The following transactions are to be recorded no later than 10 business days following their implementation:
- initial creation of trusts
- admission and discharge of trustors and/or beneficiaries
- transfers or assignments, either gratuitous or for a valuable consideration, of interests or rights in trusts
- delivery of assets to trusts after their creation
- amendments to the original trust indenture
- allocation of benefits
- termination of trust indentures
The duty to record the transactions referred to above is applicable to Argentine residents acting as trustees.
Moreover, Argentine residents acting as sellers, assignors, purchasers and assignees of interests in trusts created in Argentina only with regard to transfers or assignments, either gratuitous or for a valuable consideration, of interests or rights in trusts shall also be bound to record them.
B.II.ii. Trusts created abroad
The following transactions are to be recorded no later than 10 business days following their implementation:
- initial creation of trusts
- admission and discharge of trustors and/or beneficiaries
- transfers or assignments, either gratuitous or for a valuable consideration, of interests or rights in trusts
- delivery of assets to trusts after their creation
- amendments to the original trust indenture
- allocation of benefits
- termination of trust indentures
The duty to record the transactions referred to above is applicable to Argentine residents acting as trustees.
Moreover, Argentine residents acting as trustors and/or beneficiaries only with regard to transactions concerning their respective equity interests shall also be bound to record them.
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