In brief
- On 19 June 2024, Resolution No. 101/2024 (“Resolution“) was published in the Official Gazette.
- The Resolution established that the 17.5% Tax on the Acquisition of Foreign Currency (“Tax“) no longer applies to the acquisition of foreign currency to pay for the importation of goods to be used in the projects included in this list.
- The Resolution will apply to the operations carried out to acquire foreign currency as of 19 June 2024.
- General considerations
On 19 June 2024, the Resolution was published in the Official Gazette to establish that the Tax would no longer apply to certain transactions.
The Tax was created by Law No. 27541 on Social Solidarity and Productive Reactivation within a public emergency framework (“Emergency Law“) back in December 2019, and it applies to Argentine tax residents for the following activities:
- Acquiring foreign currency — including travel checks — for saving purposes or without any specific purpose related to the payment of obligations under the terms of the existing FX regulations.
- Argentine financial entities exchanging foreign currency, in the name of a local party, with the aim of paying for the acquisition of goods or services rendered abroad using a credit, purchase or debit card or any other payment method determined by the regulations, including cash withdrawals made abroad; acquiring foreign currency using websites or remotely through any other type of operation.
- Argentine financial entities exchanging foreign currency with the aim of paying, in the name of a local party, for the services rendered by nonresident parties using a credit, purchase or debit card or any other payment method determined by the regulations.
- Acquiring services abroad using Argentine travel and tourism agencies.
- Acquiring land, air or water passenger transportation services, the payment of which must be made in foreign currency, for destinations outside of Argentina.
- Non-application of the Tax to certain transactions
The Resolution established that the Tax at the 17.5% rate will no longer apply to the acquisition of foreign currency to pay for the importation of goods to be used in the projects included in this list.
- Effective date
The Resolution will apply to the operations carried out to acquire foreign currency as from 19 June 2024.
