DECEMBER 01, 2021

National Executive Branch – Decree No. 796/2021: Tax on Credits and Debits in Bank Accounts – Amendments.


Tax Law Department report | National Executive Branch – Decree No. 796/2021: Tax on Credits and Debits in Bank Accounts – Amendments

Dear Sir or Madam,

Through Decree No. 796/2021, the National Executive Branch modified  Decree No. 380/01 Annex, which regulated the Tax on Credits and Debits in Bank Accounts, established by the Competitiveness Law No. 25,413 (the “Law”).

Among the most important aspects, it is established that: In the case of cash deposits or withdrawals by legal entities that do not have the status of Micro and Small Businesses, through the intervention of companies dedicated to the electronic service of payments and/or collections on behalf of third parties, they must inform said circumstance to the entities in which the accounts are open against which the respective credits or debits are registered, respectively, in order for the latter to practice the collection of the tax.

Exemptions are established, among others, for (i) debits and credits in bank accounts or payment accounts for deliveries or cash deposits made by persons who have the status of Micro and Small Businesses, (ii) accounts used exclusively in the administration of the payment service for goods and services, whose recipients are final consumers, on behalf of third parties, and (iii) the credits and debits of the accounts used by both the administrators of authorized electronic funds transfer payment schemes by the BCRA as well as by other participants of these schemes, such as acceptors or operators, to receive and send funds from operations included in the “Transfers 3.0” program (Communication “A” 7153) to the beneficiaries of these operations and to the participants involved in the operation (excluding the accounts that these latter participants use to carry out their own transactions, such as paying suppliers and salaries, among others).

It is established that the tax exemptions will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation, and/or any other operation on crypto assets, cryptocurrencies, digital currencies, or similar instruments, in the terms defined by the applicable regulations. The provisions of this decree will take effect for taxable events that are perfected as of November 17th, 2021.

Through General Resolution No. 5111/2021, the Federal Administration of Public Revenues (AFIP) regulated the procedure to make effective the exemptions created in Decree 796/2021. To that end, the regulation deems as registered in the pertinent beneficiaries register the operators of bank accounts used to receive and send funds from operations framed in the “Transfers 3.0” program, provided that they are included in the list of accounts and entities informed by the BCRA to AFIP.  The General Resolution determines that participants deem to be “acceptors” of the “Transfers 3.0” program will be those who must perform and settle the VAT and Income Tax withholdings for operations with electronic means of payment. The General Resolution’s provisions entered into force on the day of their publication in the Official Gazette, on November 29th, 2021.

Should you require any further information on this matter, please do not hesitate to contact us.


Santiago L. Montezanti