The National Executive Branch has ordered the extension of the PAÍS Tax both for the purchase of foreign currency for the transfer of profits and dividends, as well as for those who subscribe to the Bonds for the Reconstruction of a Free Argentina. The rate will be 17,5%.
This extension was established by Decree 385/2024, published this Monday (06.052024) in the Official Gazette. The text bears the signatures of President Javier Milei; the Chief of Staff, Nicolás Posse; and the Minister of Economy, Luis Caputo.
The law says that the decision aims to "continue to deepen incentives for national investment that stimulate production and the realization of economic activities in the country, guaranteeing a sustainable fiscal path."
For this purpose, the Executive Branch, taking into account the BOPREAL purchase operation that can be accessed by those legal entities that want to distribute profits based on closed and audited financial statements, deems it appropriate to "extend the scope of the PAÍS tax to purchases of foreign currency bills and currencies for the distribution of profits and dividends and for the repatriation of portfolio investments of non-residents generated in collections in the country of such concepts received from the September 1, 2019, inclusive, as well as to BOPREAL subscriptions made for such purposes.”
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It is indicated that this decree is subject to the consideration of the "Permanent Bicameral Commission for Legislative Procedure", which is an instance of control and monitoring of the exceptional power of the President to issue legislative norms, embodied in the Constitution of 1994 and regulated in 2006 by means of Law 26.122.
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