The Argentine Tax Authority reduced the periodicity in which insurance companies should comply with existing information systems.
On August 16, 2012, several General Resolutions were published by the Argentine Tax Authority (("AFIP", for the Spanish acronym Administración Federal de Ingresos Públicos) in order to stop tax evasion practices. The main purpose is reducing the periodicity in which certain taxpayers should comply with existing information systems, turning them into monthly reports.
Previously, under General Resolution N° 1432/2003 ("GR 1432") the AFIP had created a reporting system for insurance companies regarding all fees and commissions paid to insurance brokers.
Insurers were required to report on the following bi-annually: (i) information regarding the insurance brokers with which they operated (including name, address, tax identification code, date on which they started operating as insurance broker, registration number, VAT category, etc.); (ii) commissions and fees collected by the brokers as a consequence of transactions in which they participated (including aid paid for travel expenses, salaries, rent and / or office facilities, technology acquisitions, advertising, bonuses and any other expenses incurred by the company), and (iii) receipts issued by the brokers in each transaction (including tax identification unique code, type, number and date of receipt, subject, net value, the amount of VAT deducted, total amount and payment date).
The resolution stated that operations that were performed between January and June each year had to be informed before the last business day of August; and those performed between July and December had to be reported before the last business day of February.
On August 16, 2012, General Resolution N° 3367/2012 ("GR 3367") was published in the Official Gazette. GR 3367 and modified GR 1432 with effects from July 1, 2012. The main change introduced by RG 3367 is that insurance companies must submit monthly reports instead of bi-annual ones. From now on, the reporting obligations expire the last business day of the month following the one in which the transactions took place.
Regarding transactions performed between January 1, 2012 and June 30, 2012, insurance companies must submit the required information before the last day of August 2012. In respect of transactions performed between July and August 2012, information should be submitted, as an exception, before the last business day of September 2012.
GR 3367 also introduced some changes to the means of submitting the requested information to the AFIP. Firstly, it should be noted that the application called "AFIP DGI - Disclosure Regime for Insurance Brokers - Version 2.0" must be used. Individuals or legal entities which act as information agents should have obtained the Fiscal Code required by GR 2239.
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