Through Communication B 11587, the BCRA determined that financial institutions’ customers will be able to submit their national tax returns to them on a voluntary basis in order for institutions to get to know their credit risk level or prepare their profiles.
In view of this decision, banks will now be able to approve many of their customers’ transactions more quickly and without the need to ask them for a certification of income signed by a certified accountant. In this regard, the BCRA seeks to continue removing unnecessary requirements and formalities, by reducing the time and costs needed to make bank transactions.
The voluntary nature of the customer’s submission must be expressly stated and be unrelated to any requirement by the bank, which must take the necessary steps to avoid disclosing the information. The fact that the tax return is submitted voluntarily does not mean its content ceases to be confidential.
The BCRA consulted the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP) before adopting this measure.
