they expand for the purchase of currencies to generate profits, dividends and subscribe Bopreal

they expand for the purchase of currencies to generate profits, dividends and subscribe Bopreal
they expand for the purchase of currencies to generate profits, dividends and subscribe Bopreal

PAIS tax: they expand the purchase of foreign currency to transfer profits, dividends and subscribe to Bopreal

In the midst of the discussion of the release of the stocks, the Government ordered to expand the COUNTRY Tax both for the purchase of foreign currency intended for transfers of profits and dividends, and for those who subscribe to the Bonds for the Reconstruction of a Free Argentina (BOPREAL). The regulations incorporate a 17.5% rate for this purpose.

Through decree 385/2024 published tonight in the Official Gazette, President Javier Milei and the Minister of Economy, Luis Caputo, ordered an expansion of the Tax “For an Inclusive and Solidarity Argentina” (COUNTRY) implemented in Alberto’s administration Fernández to limit access to the exchange market.

The text indicates that given the BCRA’s decision to allow importers of goods and services to subscribe to the BOPREALES “for up to the amount of the debt pending payment for their imports (…)” it is considered appropriate “to extend the scope of the COUNTRY tax on purchases of banknotes and currencies in foreign currency for the distribution of profits and dividends and for the repatriation of non-resident portfolio investments generated in collections in the country of such concepts received from September 1, 2019, inclusive , as well as to the BOPREAL subscriptions that are made for such purposes.

The objective of the new exchange regulation is “to continue deepening national investment incentives that stimulate production and the carrying out of economic activities in the country, guaranteeing a sustainable fiscal path.”

Based on this, the President, together with the Minister of Economy and the Chief of Staff, Nicolás , decreed to incorporate a new subsection (f)) from the first to Title III of Decree No. 99 of December 27, 2019 that indicates that in the case of profits and dividends, the rate established in the PAIS tax will be 17.5% “with the provisions of subsection a) of the first paragraph of that article being applicable.”

Dollars Friday.jpg

The official dollar rose 50 cents and is trading at 829 pesos.

Article 2 of the decree published tonight indicates that “article 13 quinquies” is incorporated, the legend of which indicates that the following operations will be covered by the COUNTRY tax:

“a) The purchase operations of banknotes and currencies in foreign currency for the repatriation of non-resident portfolio investments generated in collections in the country of profits and dividends received as of September 1, 2019, inclusive, in the terms provided by the CENTRAL BANK OF THE ARGENTINE REPUBLIC (BCRA) within the framework of the regulations for access to the free exchange market”. In this case, the rate will also be 17.5%.

“b) The subscription in pesos of “Bonds for the Reconstruction of a Free Argentina” (BOPREAL) issued by the CENTRAL BANK OF THE ARGENTINE REPUBLIC (BCRA) or those bonds or securities that that institution issues in the future for the same purpose, by those who acquire them for: (i) payment of profits and dividends, in the terms established by the CENTRAL BANK OF THE ARGENTINE REPUBLIC (BCRA) within the framework of the regulations for access to the free exchange market and/or (ii) repatriation of non-resident portfolio investments generated from collections in the country of profits and dividends received as of September 1, 2019, inclusive, in the terms established by the CENTRAL BANK OF THE ARGENTINE REPUBLIC (BCRA) in the framework of the regulations for access to the free exchange market”. In the same way as in the previous provisions, the rate will also be 17.5%.

Source: Ámbito

 
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