Cooperation actions in tax matters between the Argentine Republic and other countries

"2014 - YEAR OF TRIBUTE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO" COMMUNICATION "A" 5581 05/12/2014 TO THE FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 459
RUNOR 1 - 1070
Cooperation actions in tax matters between the Argentine Republic and other countries.

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We address you to inform you that this Institution has adopted the following resolution:
"1. Establish that, within the framework of the commitment assumed by the Argentine Republic through the signing of the "Declaration on Automatic Exchange of Information in Tax Matters" to implement early the new standard referring to the exchange of financial account information developed by the Organization for Economic Cooperation and Development (OECD), adopted at the Ministerial Meeting of that Organization dated May 6, 2014, and the provisions related to the Foreign Account Tax Compliance Act (FATCA) of the United States of America, financial entities must adopt the necessary measures to identify the account holders covered by said standard. For these purposes, the files of such clients held by financial entities must include, in the case of natural persons (also including those who are controlling persons of domestic non-financial entities covered), information on nationality, country of tax residence and tax identification number in that country, address and place and date of birth. In the case of legal persons and other entities, the information must include country of tax residence, tax identification number in that country and address.
2. Provide that, for the purposes of the provisions of point 1. of this communication, the scope and definitions referring to covered subjects, accounts and data to be provided as well as due diligence procedures must be understood in accordance with the terms of the document "Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard" approved by the OECD.
Likewise, financial entities must comply with the secrecy safeguards referred to in art. 39 of the Law on Financial Entities and art. 5, para. 2, subpara. e), of the Law on Personal Data Protection. The information on the covered clients must be submitted to the Federal Administration of Public Revenue, in accordance with the regime that Administration establishes."

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In due course, we will send you the pages to be incorporated into the pertinent ordered texts.
We greet you attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Darío C. Stefanelli Manager of Issuance of Standards Principal Manager of Issuance and Regulatory Applications