In depth
1. General considerations
On 23 November 2023, the Resolution was published in the official gazette.
The Tax was created by Law No. 27,541 of Social Solidarity and Productive Reactivation in the framework of Public Emergency (“Emergency Law”) in December 2019 and is applicable to Argentine tax residents (at rates of 30% or 8%, depending on the transactions) for the following activities:
- Acquisition of foreign currency — including travel checks — for saving purposes or 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; includes acquisitions made using websites and any other type of operations that imply a remote acquisition of foreign currency
- Exchange of foreign currency made by Argentine financial entities destined to the payment, in the name of a local party, of services rendered by non-resident 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 of Argentina
- Acquisition of land, air and water passenger transportation services in which it is necessary to acquire foreign currency for its payment, for destinations outside of Argentina
2. Subjects liable for the collection regime at a rate of 100%
Taxpayers liable for the collection regime at a rate of 100% are individuals or legal entities, undivided estates and other taxpayers that are residents in the country who: (i) carry out transactions covered by the Tax mentioned in item 1. a, b, c, d and e for any amount; or (ii) import "sumptuous" goods listed in Section 13 bis of Decree 99/2019.
3. Collection agents
- The subjects designated by the Emergency Law, such as financial entities, travel and tourism agencies and transport companies in Argentina, must act as collection agents.
- In the event that intermediaries intervene in such payments, they must apply the corresponding collection.
4. Characteristics of the collection
- The collected tax rate will be 100% on the amounts in Argentine currency (AR$) of each operation reached by the Tax.
- The collection will be computable in the annual tax return of the Income Tax (IT), when collected for taxpayers subject to IT, corresponding to the fiscal year following to the fiscal year in which the collection is made.
- If the collections generate a tax credit, it will be applied for the cancellation of other federal tax obligations, or request its reimbursement.
- If subjects who are not taxpayers of the IT paid the collection, they may request the reimbursement of the collection.
5. Effective date
The Resolution will be applicable to operations carried out as of 23 November 2023.
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