The National Government has established a mechanism for the cancellation of tax and customs obligations through certain bonds or securities issued by the Central Bank of the Argentine Republic (BCRA).
This is established by the Decree 72 / 2023, published today (22.12.2023) in the Official Gazette, whose article 1 says: «Bonds or securities issued by the Central Bank of the Argentine Republic (BCRA)) in exercise of the powers established by section i) of article 18 of the Organic Charter of said entity, approved by Law No. 24.144 and its amendments, for those who have debts for imports of goods with customs entry records and/or imports of services - in the terms established by the BCRA - effectively provided, until December 12, 2023, inclusive, may be given in payment for the cancellation of tax and customs obligations, plus interest, fines and accessories, whose application, collection and supervision is the responsibility of the Federal Public Revenue Administration (AFIP), an autonomous entity within the scope of the Ministry of Economy…».
The standard also indicates the following: exceptions:
a. Contributions and contributions to the Social Security System.
b. Contributions allocated to the Social Security System.
c. The fees corresponding to the Compulsory Life Insurance.
d. The contributions destined to the Workers' Compensation Insurance Companies.
e. Tax on Credits and Debits in Bank Accounts and Other Operations.
f. Obligations arising from substitute or joint liability for debts of third parties or from their actions as withholding and collection agents.
Regarding such bonds and securities referred to in the previous paragraph, they will be those issued from the date of entry into force of this decree and until March 31, 2024, inclusive, expressly accepted by the Federal Public Revenue Administration.
El calculation of the bonds or securities issued, susceptible of being used as payment in lieu of overdue tax and customs obligations, will be limited to a total value of three thousand five hundred million United States dollars (USD 3.500.000.000)».
To this end, the PEN standard established the following: schedule:
a. A maximum value equivalent to USD 1.000.000.000 from April 30, 2025 to April 29, 2026, both dates inclusive.
b. A maximum value equivalent to USD 1.000.000.000 from April 30, 2026 to April 29, 2027, both dates inclusive.
c. A maximum value equivalent to USD 1.500.000.000 from April 30, 2027 to October 31, 2027, both dates inclusive.
The measure will come into effect from immediately, taking effect for bond or securities subscriptions made from that date onwards, inclusive.
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