26 Jul Argentina Banking and Taxation Systems
Argentina: Banking and Taxation Systems
The current regulatory framework of the banking and taxation systems in Argentina has successfully achieved compliance with international standards in force. Within this economic context, we are a unique law firm in Argentina that specializes in asset protection, banking and corporate finance, capital markets, commodities, investments, mutual funds, securities, etc.
You will find a solid team of top-notch banking and finance lawyers, with impeccable credentials, and who keep constantly up to date with the latest regulations from their fields of expertise in order to be able to provide outstanding service to overseas clients.
Clave Única de Identificación Tributaria
We can assist you on a broad range of bank issues, such as different types of bank accounts, statutory requirements for opening a bank account, accepted currencies, applicable taxes, commissions, costs, current rates, minimum deposit required, international wire transfers, etc. For instance, in order to open a bank account, you need to submit a valid ID (such as a passport) and a proof of residency (such as any utility bill), which is issued by the Civil Registry or the local police station. In addition, you need to obtain a taxpayer identification number: C.U.I.T. This acronym stands for Clave Única de Identificación Tributaria.
The Federal Administration of Public Revenue is the official tax agency in charge of issuing said tax identification code to individuals, as well as legal persons. This taxpayer code consists of 11 digits, where the first two digits indicate the gender of the individual: 20 is for men, 27 is for women, and 23, 24, 25, or 26 may be for both, whereas 30 or 33 are for legal persons. The following eight digits correspond to the individual’s ID number. However, legal persons receive this combination of number upon registering. The last digit is randomly assigned.
Banking Registration Process
The registration process usually requires personal information from the applying individual, such as full name, ID number, registered address, bank account information, government permits, work records, etc. For legal persons, the requested information may include the corporate name, corporate status, registered address, a list of corporate authorities, equity shares, partners, shareholders, bank information, etc. In general, the process is done electronically, but later all the documentation should be physically submitted at the local office in order to finally obtain the taxpayer identification code.
There is also another important code: C.U.I.L. Indeed, it stands for Código Único de Identificación Laboral (Sole Labor Identification Code). It is automatically issued with the individual’s ID for Social Security purposes. Foreign corporations may need to obtain this code if they are planning to have local employees working for their companies.
Once you get in touch with us –either by phone or by filling out our web contact form-, you will feel reassured by the fact that an actual banking lawyer is ready and available to provide assistance immediately. We also understand that these are sensitive matters, and maybe you will feel more comfortable meeting in person. Our law firm has the resources necessary to make that happen too. In addition, our staff receives constant training on security measures and confidentiality standards.
Another important fact about the banking system in Argentina is that many international banks already operate throughout the country. Therefore, it is quite easy for foreigners to open an account at the local branch of their corresponding bank.
Take a look at the following provinces, cities, and towns in Argentina where our associates provide legal assistance for overseas clients:
Buenos Aires, La Plata, Catamarca, San Fernando del Valle de Catamarca, Chaco, Resistencia, Chubut, Rawson, Córdoba, Corrientes, Entre Ríos, Paraná, Formosa, Jujuy, San Salvador de Jujuy, La Pampa, Santa Rosa, La Rioja, Mendoza, Misiones, Posadas, Neuquén, Río Negro, Viedma, Salta, San Juan, San Luis, Santa Cruz, Río Gallegos, Santa Fe, Santa Fe de la Vera Cruz, Santiago del Estero, Tierra del Fuego, Ushuaia, Tucumán, San Miguel del Tucumán
Our proven record of success is mainly based on a team of in-house and external experts and professionals. In fact, we work very closely with financial agents, certified tax accountants, and auditors. In addition, there are document facilitators, courier service, expat services, database analysts, paralegals, and researchers. Nonetheless, we rely on the services of appraisers, former IRS agents, investment planners, and insurance experts. Last, there are multilingual translators, notaries public, business advisors, etc.
Our Legal Services
In conclusion, our law firm has been able to handle many other procedures, such as the ones listed below:
bank account, book account, checking account, current account, drawing account, interest-bearing bank account, joint account,
nominal account, open account, overdue account, savings account, accounting book, certified public account,
accumulated amortization, pending advances, unsettled advances, allowance, annual report, appraisal of the assets,
asset revaluations surplus, capital assets, current, assets, dead assets, fixed assets, intangible assets, liquid assets,
non-current assets, revalued assets, wasting assets, auditor, auxiliary books, subsidiary books, bad debt reserve,
average daily balance, credit balance, daily balance, debit balance, net balance, balance sheet, balance of payments, barter,
Federal Government Treasury Bonds, government bonds, mortgage bonds, municipal bonds, cash book, double-entry book,
book of original entries, book value, consumer price index, authorized capital, working capital, capital account,
capital contribution, capital expenditure, capital gains tax, capital impairment, capital increase, capital surplus, petty cash,
sinking fund cash, cash account, cash and banks, cash discount, cash dividend, cash flow, cash in bank, cash on hand,
cash price, cash value, check register, clearance, clearing house, collection, consolidated, consumer credit,
consumer credit agreement, consumer goods, consumer report, corner the market, correspondent, average cost, closing cost,
incremental cost, market cost, cost of living index, cost of manufacture, cost of repairs, cost of sales, course of business,
course of trade, documentary credit, tax credit, V.A.T. credit, customs duties, debit, active debt, ancestral debt, bad debt,
bonded debt, contingent debt, convertible debt, current debt, floating debt, funded debt, liquid debt, long-term debt,