The Government established that only transfers over $50 million will be reported.

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.

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.

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.