In focus
- General considerations
Resolution No. 5391/2023 ("Resolution"), setting forth the general considerations, was published in the Official Gazette on 21 July 2023.
On 24 July 2023, Decree No. 377/2023 ("Decree") was published in the Official Gazette.
The tax was created by Law No. 27,541 on Social Solidarity and Productive Reactivation in the framework of Public Emergency ("Emergency Law") back in December 2019 and is applicable to Argentine tax residents for the following activities:
- Acquisition of foreign currency — including traveler's checks — for savings without any specific purpose related to the payment of obligations under the terms of the existing FX regulations, made by Argentine residents.
- Exchange of foreign currency made by Argentine financial entities, in the name of a local party, destined to pay the acquisition of goods or services rendered abroad, cancelled using a credit, purchase or debit card or any other payment method determined by the regulations, including extractions of cash made abroad. Acquisitions made using websites and any other type of operations that imply a remote acquisition of foreign currency are also included.
- Exchange of foreign currency made by Argentine financial entities destined for payment, in the name of a local party, of services rendered by nonresident parties, cancelled by credit, purchase or debit cards, as well as any other payment method determined by the regulations.
- Acquisition of services abroad using travel and tourism agencies in Argentina.
- Acquisition of land, air and water passenger transportation services in which it is necessary to acquire foreign currency for payment, for destinations outside of Argentina.
- Extension of the tax to new transactions
The Decree extended the application of the tax to the following transactions:
- At the rate of 25% on the acquisition of foreign currency for payments to be made for any type of service (with certain exceptions) provided from abroad, in accordance with Central Bank of Argentina regulations, or their acquisition in the country when rendered by non-residents.
- At the rate of 7.5% on the acquisition of foreign currency for payments to be made for freight services and other transport services for import or export operations of goods, in accordance with Central Bank of Argentina regulations, or their acquisition in the country when rendered by non-residents.
- At the rate of 7.5% for the importation of any type of goods except for (i) those detailed in Annex I of Decree 99/2019 (with tax already paid) and those included in chapters 27 and 38 (different types of oil) of the Mercosur Common Tariff Schedule; (ii) raw materials and intermediate goods used in manufacturing basic food stuff to be determined by the Ministry of the Economy; and (iii) other goods related to energy generation to be determined by the secretary of energy. This tax applies to definitive imports, including those to free trade zones and the Tierra del Fuego Island, and temporary imports (except those covered by export finance or for which payment is made after the effective liquidation in Argentina of the export proceeds).
- Collection agents
The subjects designated by the Emergency Law, such as financial entities, must act as collection agents.
- Effective date
The Decree will be applicable to the operations carried out for the acquisition of foreign currency from 24 July 2023.
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