In a new measure of deregulation and simplification of the Argentine tax system, the Government of Javier Milei announced a series of measures aimed at reducing the excessive bureaucracy in the control of citizens' financial operations.
Within the framework of the launch of the "Historical Savings Restoration Plan for Argentines," the head of the Argentine Revenue and Control Agency (ARCA), Juan Pazo, confirmed the elimination of various informative regimes and a significant increase in banking control thresholds.
One of the most notable measures establishes that, from now on, banks will only have to report to ARCA transfers and credits exceeding $50 million for individuals, and $30 million for legal entities. Likewise, the new threshold for cash withdrawals was raised to $10 million, with no distinction between individuals or companies.
Javier Milei, presidente de Argentina.
These modifications aim to end a permanent surveillance system over law-abiding citizens, which not only failed to increase the formalization of the economy but, on the contrary, encouraged informality and caused distrust.
The previous administration of what is now ARCA "appointed more than 6,000 agents, doubled the regulations, and all it achieved was to reduce formality and increase informality," the official denounced.
Other announced measures
The new policy includes the repeal of requirements such as the report of credit card, debit, and virtual wallet purchases, the "Citi of notaries" (which required reporting all notarial operations), information on the purchase and sale of used vehicles, expense payments starting at $32,000, and the consumption of public services like electricity, water, gas, and telephony.
Javier Milei y Luis Caputo.
Additionally, banks were prohibited from requiring the presentation of the national tax return as a condition to operate. If any entity insists, users can reject the request and file a formal complaint with Consumer Protection.
From Milei's Government, they maintain that these decisions represent an essential step to restore confidence in the banking and tax system, which was destroyed by previous administrations, by reestablishing tax secrecy and reducing invasive practices that affected law-abiding citizens.
According to Pazo, the new thresholds are in line with "international standards" and will allow resources to be concentrated on the detection of true tax crimes, without harassing the average taxpayer.
