"P&G funneled currency abroad and hid income that was subject to tax in Argentina," it said.
"We have to put an end to these tricks used by international companies," the statement added.
Procter & Gamble spokesman Paul Fox said the company is working to understand fully the allegations and resolve them.
"We don't pursue aggressive tax/fiscal planning practices as they simply don't produce sustainable results," he said adding the consumer products maker values its relationship with the country and its consumers.
Procter & Gamble has been operating in Argentina since 1991 and currently runs three manufacturing plants and two distribution centers.
In 2006, Cincinnati-based P&G bowed to pressure from the Argentinian government and froze prices of 31 products including shampoos, soaps and cream for at least a year in an effort to help the government combat inflation.
The company, which does not break down revenue by country but does so by region, said in its 2014 annual report that Latin America contributed 10 percent to overall company revenue. P&G reported net sales of $83.1 billion in 2014.
Argentina has restrained access to foreign currency in a bid to retain central bank reserves, which have fallen 17 percent over the last 12 months to about $28 billion.
The country has been banished from the international capital markets since its 2002 default on about $100 billion in bonds, compounded by another sovereign default in July.