Extends the tax on foreign currency to new transactions
24 Jul 2023
On 24 July 2023, the Argentine National Executive Branch ("PEN" in Spanish) published in the Official Gazette Decrees 377 and 378, which establish certain tax and foreign exchange measures.
Decree No. 377/23 brings significant modifications to Decree No. 99/19, which governed the Social Solidarity and Productive Reactivation Law No. 27541.
- The decree imposes a 25% tax on acquiring foreign currency for services from abroad or services in Argentina by non-Argentine residents.
- Freight and other transportation services for import and export of goods will be subject to a 7.5% tax rate.
- Imported goods will be subject to a 7.5% tax rate, with the following exceptions: certain goods related to the oil industry (fuels, lubricants, etc.), goods related to the basic food basket and other goods related to the generation of energy, among others
Decree 378/2023 established a special, exceptional, and temporary exchange rate of AR$ 340 per dollar (compared with the current foreign-exchange rate of approximately ARS 270 per US dollar) for the liquidation of foreign currency obtained from the exportation of specific products within the Export Increase Program (as outlined in Decrees No. 576/2022 and No. 194/2023). This rate is applicable until August 31, 2023
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Treatment and operation (Capital transfer and FOREX)
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Treatment and operation (Capital transfer and FOREX)
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