The Revenue and Customs Control Agency (ARCA) will start receiving detailed information about the financial movements of virtual wallet users and banks from January 1, 2025. This measure will be implemented gradually, with it being mandatory for financial entities to report operations that exceed certain monetary limits starting in March 2025. The main objective of this initiative is to supervise transactions and ensure compliance with tax obligations by taxpayers.
Virtual wallets and banking entities will have to report various financial operations to ARCA, including income, expenses, balances, debit card transactions, and transfers exceeding established amounts. For example, amounts exceeding $600,000 in virtual wallets will be reported, and final balances at the end of the last business day of the month starting from $1,000,000. Additionally, a report will be triggered when transfers exceed $2,000,000 in virtual or bank transactions.
ARCA aims to ensure transparency in financial transactions to prevent money laundering and tax evasion. In the event that the reported amounts exceed the established limits, the corresponding entity must notify ARCA. While this will not lead to immediate consequences, the agency may request supporting documentation to verify the origin and destination of the funds if it suspects irregular financial activities.
These control measures are implemented with the purpose of maintaining integrity in the country's financial system and ensuring compliance with current tax regulations, preventing fraudulent or illicit activities. ARCA is responsible for ensuring transparency in economic transactions, safeguarding legality, and promoting ethical financial practices for the benefit of society as a whole.
