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Argentina Updates Beneficial Ownership Disclosure Requirements and Extends Initial Deadline

Argentina has published General Resolution 4878/2020 of 12 December 2020, which updates the beneficial ownership disclosure requirements introduced by General Resolution 4697/2020 of 14 April 2020. The main update is the addition of a new Article 2 in the resolution, which provides new definitions and rules for the disclosure of beneficiaries. This includes the following:

  • The final (ultimate) beneficiary is considered to be the natural person who owns the capital or voting rights of a company, legal person, or other contractual entity or legal structure (reporting entity), regardless of the number of shares or equivalent securities they own and their nominal value, or that, by any other means, exercises control directly or indirectly over said reporting entity;
  • If the natural person defined as the final beneficiary above is not identified, the president, managing partner, administrator, or highest authority of the reporting entity must be reported as the final beneficiary, without prejudice to the powers of the tax administration to investigate the causes that led to the breach of the obligation to identify the final beneficiary as above;
  • In cases where a reporting entity's shares are listed on a public stock exchange, only natural persons holding at least 2% of the shares or holding shares valued at ARS 50 million on 31 December of the reporting year need to be reported as final beneficiaries; and
  • Mutual funds are required to report final beneficiaries according to the preceding conditions, regardless of their shares being listed on a stock exchange.

In addition to the new definitions and rules above, General Resolution 4878/2020 also extends the deadline for reporting in light of the changes. Previously extended to between 14 and 16 December 2020, the deadline has now been extended to 30 December 2020. Information to be reported by this deadline includes the information for 2019 and, with respect to foreign passive income companies, information for 2016, 2017, and 2018.

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