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Argentina and Monaco Sign Tax Accord

Monday, October 19, 2009

Argentina and Monaco have signed a tax accord that enables them to share information on tax matters in line with the standard OECD terms, according to an announcement by Argentine finance minister, Ricardo Echegaray.

"We're going to go looking for hidden accounts because it's time to demand payment from the large undeclared taxpayers," Echegaray said.

In September a tax amnesty scheme aimed at enticing home undeclared assets and regularizing the black economy ended after bringing in ARS33bn (USD8.3bn) in extra revenue, beyond expectations. Argentines are still thought to have over USD100bn in funds invested privately overseas.

Similar tax accords should be signed in due course with the Cayman Islands, Andorra, Liechtenstein, Italy, the Netherlands Antilles, Jersey, Costa Rica, and Gibraltar. Switzerland has agreed in principle to amend an existing double taxation agreement to include exchange of information on tax matters.

However, the USA, where it is thought the majority of Argentina's undeclared overseas bank accounts are located, signed a double taxation agreement in 1981 with Argentina which was never ratified.