Argentina — Memorandum of Understanding

# Text source

Treasury publishes this document only as an image scan. The text below was recovered by optical character recognition and may contain spacing or character errors; the signed PDF at the source link is the authoritative text.

MEMORANDUM OF UNDERSTANDING REGARDING THEAGREEMENT
BETWEEN THE GOVERNMENT OF:THE UNITED STATES.OFAMERICA AND THE
GOVERNMENT OFTHE ARGENTINE REPUBLIC TO IMPROVE INTERNATIONAL
TAX COMPLIANCE AND TO IMPLEMENT FATCA
At the signing: today of the Agreement between tlhie Government of the United States of America and the Government of the Argentine Republic .to Improve International Tax Compliance and to Implement FATCA (hereinafter'the "Agreement"), the representatives of the United States-and Argentina wish to confirin their understanding of the following:
An FFl Agreement, as defined'in paragraph 1(nn) of Article 1 of the Agreement, that. is in effect for an Argentine. Financial Institution'that is registered with'the IRS: on the day imimediately before entry into. force of the. Agreement is expected not to be:renewed. and. therefore to expire in accordance withr the terms of such FFI Agreement with respect to the Argerntine Financial Institution. The FFI Agreement is expected to continue to apply to any branches'of the Argentine Financial. Institution that are covered by the FFl Agreement and are located in.another jurisdiction.
An Argentine Financial Institution that has.registered with the. IRS priorto the:date:of entry into force of the Agreernent and has not had its status revoked is expected'to be allowed to continue to use.the same Global Intermediary Identification. Number (GIIN) that it obtained when it registered with the IRS, provided that the Argentine Financial Institution' complies with thie following steps. Upon entry into force of the Agreement, and once the IRS rnodifies the status.of an. Argentine Financial Institutiori (other than an Argentine Financial Institution 'that is a branch of a Financial Institution not resident in Argentina) on the IRS FATCA'Registration Portal to "registration incoriplete", the Argentine Financial Institution, in order to continue.to use its GIIN, is expected to log oin to the.IRS FATCA Registration Portal and resubmit. its registration.
To ensure. that the Argentine Financial Inistitution appears on the:monthly IRS.FFI List, the
Argentine Financial Institution should resubmit its registration within 20 days after the entry into force of'the Agreement:. An updated FFl List is posted on the first day of each month, and only includes financial institutions and branches 'that are in *approved" status on the first.day 'of the month and have been approved at least five business: days prior to the first day of the month. In the case of an Argentine Financial Institution that is a branch of a Financial Institutiori not resident in Argentina, no action needs to be taken on the IRS FA.TCA Registration Portal as a result of the entry into force.of the Agreement.
Each Argentine Financial Institution that has a.change in clapter 4 status. under the.U,S.. Intermal Revenue Code (for example, a change. from Participating FFI status to Reporting Model 1 FFI status) is expected' to provide to each withholding agent, within 30 days. after such change in status, either a new withholding certificate or oral or written confirmation (including by email) of the:change in the Argentine Financial Institution's chapter 4 status.

Signed at Buenos Aires, in duplicate, this 5th day of December, 2022, in the English language. which is an official text. A. Spanish language text of this Memorandum of Understanding may be prepared, which would be considered equally official upon an exchanige of diplomatic notes text.
FOR THE GOVERNMENT OF FOR THE:GOVERNMENT OF
THE UNITED STATES OF AMERICA: THE ARGENTINE REPUBLIC
Man