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Argentine Tax Agents to Track All Credit Card Buys

Buenos Aires Herald [1]
Friday, August 31st, 2012

Credit card purchases abroad will be charged with an additional 15 percent income tax advance, AFIP tax agency reported on Thursday. The extra amount will be deductible from the income tax and the personal assets tax.

The measure will be implemented in September and the additional figure will be reflected in the following month’s bill.

Credit card companies will have to report all the purchases by credit card holders, including those done in foreign countries and in Argentina.

The data will be cross checked with requests to buy foreign currency.

Thus, AFIP seeks to have a stronger grasp on contributors, who according the agency’s data spent 7.4 billion pesos between January and June 18th 2012 in purchases paid with 168,000 credit cards.