DECEMBER 26, 2023

Decree No. 76/2023: Agenda of extraordinary sessions – AFIP Resolution No. 5469/2023: BOPREAL – Settlement power for tax and customs obligations and applicable exchange rate – AFIP General Resolution No. 5468/2023 – Extension of the tax collection regime of the PAIS Tax to the subscription of bonds or securities issued in US dollars by importers.

CIRCULARS

Tax Law Department Report |Decree No. 76/2023: Agenda of extraordinary sessions – AFIP Resolution No. 5469/2023: BOPREAL – Settlement power for tax and customs obligations and applicable exchange rate – AFIP General Resolution No. 5468/2023 – Extension of the tax collection regime of the PAIS Tax to the subscription of bonds or securities issued in US dollars by importers

Decree No. 76/2023 – Agenda of extraordinary sessions

Through Decree No. 76/2023, published in the Official Gazette today, the Argentine Executive Branch convened the National Congress to extraordinary sessions from 26/12/2023 to 31/01/2024, to discuss, among other topics, a bill referring to the creation of a new tax called “Personal Income Tax” and the approval of the Treaties to Avoid Double Taxation signed by Argentina with Japan, the Grand Duchy of Luxembourg, the Popular Republic of China and the Republic of Turkey.

 

AFIP Resolution No. 5469/2023: BOPREAL Settlement power for tax and customs obligations and applicable exchange rate.

Through General Resolution 5469/2023 of the Federal Tax Administration (AFIP), published in the Official Gazette today, it was established that Series 1A, 1B, and 1C of BOPREAL issued by the Central Bank of the Argentine Republic (BCRA) with the characteristics detailed in Communication “B” 12695 of December 22, 2023 – will have settlement power regarding tax and customs obligations, along with their interest, fines, and accessories, whose collection, application, and collection are under the responsibility of the Federal Administration, within the framework of the provisions of Article 1 of Decree No. 72 of December 21, 2023.

The calculation of the mentioned bonds shall be carried out as follows:

  • SERIES 1A – Maximum Value US$ 1,000,000,000: from April 30, 2025, to April 29, 2026, both dates inclusive
  • SERIES 1B – Maximum Value US$ 1,000,000,000: from April 30, 2026, to April 29, 2027, both dates inclusive
  • SERIES 1C – Maximum Value US$ 1,500,000,000: from April 30, 2027, to October 31, 2027, both dates inclusive.

The applicable exchange rate to determine the settlement power of the bonds will be the highest value in pesos computed on each reference date, between the average exchange rate established by Communication “A” 3500 (BCRA) of March 1, 2002, corresponding to the 5 business days before each reference date, and the implied exchange rate resulting from averaging the buying and selling of eligible public securities acquired with settlement in foreign currency with transfer in the local market and sold with settlement in local currency during the 5 business days before each reference date.

To determine the eligible public securities for this calculation, the 3 securities with the highest traded volume, as reported by Bolsas y Mercados Argentinos (ByMA), in the sum of their settlements in pesos and settlement in dollars in the local market during the 5 days before each reference date will be considered.

Additionally, the Implementing Authority will periodically report the technical value of the bonds or securities, calculated at the applicable exchange rate, for use by taxpayers against their tax and customs obligations.

 

AFIP General Resolution No. 5468/2023 – Extension of the tax collection regime of the PAIS Tax to the subscription of bonds or securities issued in US dollars by importers

Through General Resolution 5469/2023 of the Federal Public Revenue Administration, published in the Official Gazette today, the tax collection regime of the PAIS Tax is regulated for the subscription of bonds or securities issued in US dollars by importers of Article 13 quater of Decree No. 99/2019.

Financial entities acting as collection agents must calculate the total amount in pesos of the transaction for which the bonds or securities are subscribed, and it will be applied at the time of performing the subscription integration.

In the case of subscription operations of bonds or securities from February 1, 2024, by those who have debts for imports covered in subparagraphs b) and e) of Article 13 bis of Decree 99/19 and its amendments and who have paid the advance payment provided in the second paragraph of said article, the tax collection agent will deduct the amount paid for this concept, for which purpose the receipt that proves the payment of the respective advance payment must be requested.

 

Do not hesitate to contact us if you require any further information on this matter.

Sincerely,

Santiago L. Montezanti
Enrique López Rivarola