The Revenue and Customs Control Agency (ARCA) of Argentina will implement changes in the financial information regime to require banks to provide more detailed data on purchases made by Argentinians abroad with credit and debit cards. This measure, which will come into effect in July 2025, was established through General Resolution 5662, published in the Official Bulletin.
Issuers of credit cards will now need to provide additional information to facilitate oversight by ARCA. Among the new requirements are the brand of the card, the Unique Tax Identification Key (CUIT) of the issuing entity, identification of the currency of origin, and the merchant where the transaction took place.
The information that banks must detail about foreign transactions made with cards issued in Argentina includes the card number and brand, the CUIT of the issuing entity, the date of the transaction, the identification of the country and the currency of origin, the transaction amount in foreign currency and in pesos, as well as the name of the merchant with its category code and identification number.
Additionally, ARCA will require the same detailed information for purchases made by additional cardholders and beneficiaries of card extensions issued in the country. Regarding the category codes to be reported, those established in the Merchant Category Code (MCC) by the International Organization for Standardization (ISO) or their equivalents will be used.
The modification of the regulation was made to facilitate taxpayers' compliance with their fiscal obligations and provide ARCA with the information necessary to exercise its control functions more effectively.
