The Federal Public Revenue Administration (AFIP) established the proceedings of the use of the “Bonds for the Reconstruction of a Free Argentina” (BOPREAL) for the cancellation of tax and customs obligations, through General Resolution 5469/2023.
The rule, published that month (26.12.2023/1/1) in the Official Gazette, provides in its article 1 that Series 1A, XNUMXB and XNUMXC of the “Bonds for the Reconstruction of a Free Argentina” (BOPREAL) issued by the Central Bank of the Argentine Republic -with the characteristics detailed in Communication "B" 12695 of December 22, 2023-, will have cancellation power with respect to tax and customs obligations, plus interest, fines and accessories, the collection, application and collection of which is the responsibility of this Federal Administration, within the framework of the provisions of article 1 of Decree No. 72 of December 21, 2023.
The measure responds to Decree No. 72 of December 21, 2023, instrument by which the National Executive Branch established that the bonds or securities issued by the BCRA, for those who have debts for imports of goods with customs entry records and/or imports of services - under the terms established by the BCRA - effectively provided, until December 12, 2023, inclusive, may be used as payment for the cancellation of tax and customs obligations, plus interest, fines and accessories, the application, collection and supervision of which is the responsibility of the AFIP.
In view of this, the new General Resolution indicates the manner in which the calculation of these bonds. In detail:
In this regard, the AFIP establishes in its article 2 the exchange rate applicable to determine the cancellation power of these securities issued by the Central Bank, will be the highest value in pesos computed on each reference date, between the average exchange rate established by Communication (BCRA) "A" 3500 of March 1, 2002 corresponding to the 5 business days prior to each reference date and the implicit exchange rate resulting from averaging the purchase and sale 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 prior to each reference date.
For the purposes of determining the eligible public securities, the 3 species with the highest volume traded will be taken into account in the sum of their settlements in pesos and dollars in the local market during the 5 days prior to each reference date.
Additionally, the Enforcement Authority will periodically inform the AFIP of the technical value of the bonds or securities, calculated at the applicable exchange rate, for use by taxpayers against their tax and customs obligations.
In the end, the body in charge of implementing the nation's tax, customs and revenue collection policy states that will dictate the relevant rules in order to establish the procedure and conditions that taxpayers and responsible parties must observe for the cancellation of the aforementioned debts with the referred bonds.
This standard has immediate effect.
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