Argentina IFRS Update: New Requirements for Information Reporting and Tax Base Calculation

Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base calculation.

Sunnyvale, CA (prHWY.com) November 8, 2012 - (Sunnyvale, CA)- Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base calculation.

The recently-released general resolution 3363 states that tax payers subject to the IFRS and technical regulations (FACPCE - Federación Argentina de Consejos Profesionales de Ciencias Económicas) 26 and 29 must present the new information to the tax authorities (Administración Federal de Ingresos Públicos). The information required is for tax years ending on or after June 30, 2012.

Taxpayers must provide the new documents in the month that follows the due date for filing the tax returns. However, certain exceptions are available for small and medium enterprises (SMEs).

The new regulations also contain provisions for how to calculate the tax base for income, minimum presumed income, and personal property tax.

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