International
Asia Pacific
EMEA
North America
Latin America
Room V of the Federal Chamber of Appeals (“Chamber”) issued two recent rulings dated 26 and 29 August 2025 (Exterran Argentina SRL — Case No. 60.234/2022 and Case No. 15.324/2024).
In both decisions, the Chamber overturned the criteria previously established by Rooms A and B of the National Tax Court (“Tax Court”) regarding the deductibility in income tax of losses arising from transactions involving the purchase of government securities in pesos and their subsequent sale in US dollars.
The Chamber held that these losses are not deductible for income tax purposes.
The Tax Court, in decisions issued by Room A (Case TF 46953-I) and Room B (Case TF 47987-I), had admitted the deductibility of losses arising from the purchase of government securities in pesos and their subsequent sale in dollars. The Tax Court considered that the difference between the purchase price and the sale price (measured in pesos at the official exchange rate) generated a deductible loss for income tax purposes.
To illustrate the transaction, consider the following numerical example:
Accordingly, the Chamber reversed the Tax Court’s decisions and rejected the company’s claims for the reimbursement of income tax, assigning costs in both instances due to the novelty of the issue.
It is important to note that both decisions issued by the Chamber were appealed before the Supreme Court of Justice of the Nation through a Federal Extraordinary Appeal.
Copyright © 2025 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.
Are you sure want to delete comment ?
Scan this QR Code to share this content
