Argentina. Capital city: Buenos Aires. Area: 2,766,890 km 2. Population: 43,432,000. Language: Spanish. Political system: Federal Republic

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1 Argentina Capital city: Buenos Aires Area: 2,766,890 km 2 Population: 43,432,000 Language: Spanish Political system: Federal Republic GDP/capita 2015: USD 13,432 Currency: Argentinian Peso (ARS) ISO Code: ARG Telephone code: +54 National day: 9 July Taxes in America 17

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3 Argentina 1. Income tax 1.1. Persons Liable to Income Tax Individuals (natural persons) Undivided estates, as long as there is no declaration of heirship or a will achieving the same end has not been declared valid Legal Entities (juridical persons) Corporate enterprises formed as: limited partnerships, limited liability companies, stock corporations or joint stock companies : - trusts; - common Investment Funds; - partially state-owned corporations; - nonprofit organizations and Foundations; Permanent establishments in Argentina belonging to Individuals or Legal Entities resident or incorporated abroad. 1.2 Categories subject to tax All individuals or legal entities resident in the country pay taxes on their total income obtained in the country or abroad. Nonresidents pay taxes solely on their Argentina-source income. 1.3 Source Argentina-source income is income from assets located, placed or used for economic purposes in the republic, from carrying out inside the nation s territory any act or activity likely to generate profits, or from events that occurred inside the nation s borders. 1.4 Residence Individuals having Argentinean nationality, whether they are natives or naturalized citizens, are deemed to be residents. Taxes in America 19

4 Foreign nationals who have obtained permanent resident status in the country or, even though they have not obtained said status, have remained in the country with temporary authorizations for a period of 12 months are also residents. 1.5 Concept of Taxable Income Income refers to the yields, rents or enrichments to which the following apply: periodicity; habitualness; for purposes of profit; permanence of the source producing them; development of the source of income. 1.6 Assessing Net Taxable Income The tax is calculated on the net income obtained by deducting from gross income the expenses incurred in order to obtain said income or, where applicable, to maintain and preserve its source. When a loss is incurred in a given year, said loss may be deducted over the subsequent five years from the taxable income obtained. Revenues are accumulated when goods or services are billed, goods are delivered, services are provided, or advance payments are received. Rents shall be allocated as accrued or received (collected / paid) depending on the source of income in question. Said sources are broken down into categories: Category Criterion for Allocation One: Ground Rent (Leasing of Property / Property Rights) Accrued Two: Unearned Income Received (Leasing of Moveable Property / Income from Securities and Bonds / Dividends) Three: Income from Legal Entities Accrued Four: Income from an Individual s Work Received (Relationship of dependency / pensions / Liberal Professions) The main deductions allowed by law, both personal and those relating to the activity, are the following: refunds, discounts and premiums; cost of sales; expenses associated with carrying on the business activity; depreciations and amortizations of Fixed Asset investments and deferred 20 Taxes in America

5 charges; bad debts; funeral expenses; dependent relatives (spouse, children, parents, descendants and forefathers); donations; interest on debts and home mortgages; losses as a result of force majeure or acts of God; life and Retirement Insurance; medical and dental fees and hospital expenses; medical Insurance premiums. 1.7 Exemptions The main exemptions are: cooperatives, nonprofit organizations, foundations, mutual funds, and religious institutions; proceeds from copyrights of up to $10,000 a year; donations, inheritances and legacies; proceeds from buy-sell, exchange or swap operations or from the disposal of stocks, shares, bonds and other securities obtained by individuals and undivided estates; proceeds from the sale of Redeemable Moveable Assets (Fixed Assets); interest on Fixed Term Deposits and deposits in Savings Banks; longevity payments in cases of dismissal and payments received as income due to death or disability resulting from an accident or illness. 1.8 Tax Rates ARGENTINA Individuals shall pay on taxable net income the amounts resulting from applying the following scale: Accrued Taxable Net To pay Income More than $ To $ $ Plus% On the surplus of 0 10, ,000 20, ,000 20,000 30, ,000 30,000 60, ,000 60,000 90,000 11, ,000 90, ,000 19, , ,000 and over 28, ,000 Taxes in America 21

6 In the case of Companies, the tax rate applied to profits is 35%. 1.9 Tax Year, Advance Tax, Payments and Calculation of Payment on Account Tax Year Income tax is assessed and paid each tax year. In the case of individuals, the tax year commences on January 1 and ends on December 31. In the case of Companies, income obtained will be allocated to the fiscal year in which the corresponding tax year ends. Advance Tax Advance tax payments must be made based on the tax paid the previous tax year. The amount to be paid depends on the person in question: individuals: 5 Advance Tax Payments a year; companies: 10 Advance Tax Payments a year. Payments Tax must be paid within the four (Individuals) or five (Companies) months immediately following the end of the tax year and monthly advance tax from the month following the month of payment. Calculating Payment on Account Amounts actually paid in analogous taxes on activities abroad, up to the limit of the increase in the tax obligation originated by the inclusion of income obtained abroad, may be calculated as payment on account Dividends or Distributed Profits Tax on dividends or profits distributed to Shareholders or Partners is the responsibility of the company. When dividend payments are made or profits are distributed that exceed assessed income as at the close of the tax year immediately prior to the date of said payment or distribution, 35% of said surplus amount shall be withheld as a single and final payment. 22 Taxes in America

7 AUSTRIA Dividends received by individuals are deemed to be not computable for purposes of assessing their net income, as the company will have already paid the respective income tax. 2. Beneficiaries abroad 2.1 Persons Liable to Income Tax A beneficiary abroad is deemed to be a beneficiary who receives his earnings abroad either directly or through a proxy, representative or any other agent in Argentina and a beneficiary who, while receiving them in Argentina, does not meet the criteria of stable residence in the country. Beneficiaries abroad are: individuals resident abroad, as regards their Argentina-source earnings; companies resident abroad that have a permanent establishment in Argentina, as regards the revenues attributable to said establishment. 2.2 Residence An individual who has established his permanent home in Argentina is deemed to be a resident. Also deemed as resident is anyone who, having a home in another country, meets any of the following criteria: when the center of his vital interests is located in Argentina; if his habitual abode is in the Republic of Argentina, a condition that is considered to have been met if, during the period of one calendar year, he stays there longer than in the foreign state that granted him permanent residence; if, during said period, he remains an equal amount of time in Argentina and in the foreign state that granted him residence, when he has Argentinean nationality. 2.3 Taxable Base The Taxable Base is assessed taking into account the taxable Net Income for each of the following activities: contracts that comply with the requirements of the Technology Transfer Act; use in Argentina of copyrights; interest or fees paid on credits, loans or fund deposits of any origin or nature; salaries, fees and other payments to persons who act on a temporary basis in the country, such as intellectuals, technicians, professionals, artists, Taxes in America 23

8 sportspersons, and other personal activities; leasing of moveable property and real property located in the country; transfer by purchase of assets located, placed or used for economic purposes in Argentina. 2.4 Withholding of Taxes Beneficiaries abroad pay tax on their Argentina-source income by means of withholdings that are the responsibility of Argentinean residents who make payments to said beneficiaries. The withholding tax shall be applied at the rate of 35% of assessed taxable Net Income for the type of activity in question. The withholding rate may be lower than the rate established in the law if there is a double taxation agreement between Argentina and the country of residence of the individual or company. 2.5 Double Taxation Agreements To date, Argentina has signed double taxation agreements with the following countries: Austria, Australia, Belgium, Bolivia, Brazil, Canada, Chile, Denmark, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, and the United Kingdom. Moreover, there are international transport agreements with the following countries: Colombia, Cuba, Ecuador, Greece, Iran, Israel, Japan, Malaysia, Mexico, Peru, Poland, Portugal, Russia, Switzerland, Uruguay, United States and Venezuela. 3. Personal assets / wealth tax 3.1 Persons Liable to Personal Assets / Wealth Tax Individuals domiciled in Argentina and abroad. Undivided Estates (UE) established in Argentina and abroad. 3.2 Categories subject to tax The assets located in Argentina and abroad of individuals and UEs domiciled in Argentina. 24 Taxes in America

9 ARGENTINA The assets located in Argentina of individuals and UEs domiciled abroad. 3.3 Assessing the Taxable Base In determining the Taxable Base, assets shall be assessed in accordance with what has been established for each type of asset. The main assessment guidelines are given below: durable Consumer Goods: cost of acquisition, less the amount for annual depreciation; deposits, Stocks and Credits in Argentinean currency: value at December 31 each year; deposits, Stocks and Credits in foreign currency: value at which traded on December 31 each year; personal and household items: assessed at their acquisition cost. The amount allocated for these assets may not be lower than the amount obtained by applying 5% to the total sum value of taxed assets located in Argentina and the value of real properties located abroad. 3.4 Exemptions The main exemptions are as follows: assets belonging to members of foreign diplomatic and consular missions; partnership quotas in Cooperatives; intangible assets (goodwill, brands, patents, concession rights and other similar assets); stocks, bonds and other securities issued by the Nation, the provinces and the municipalities; rural properties; fixed term deposits and deposits in Savings Banks in Argentinean and foreign currency; shares and equity interests in any type of company or partnership; taxed assets whose joint value is equal to or less than $305,000; 3.5 Tax Rates The tax rate to be paid will result from applying the percentage established for each case in the following table to the total value of the taxed assets: Taxes in America 25

10 Total value of taxed assets Applicable percentage More than $305,000 to $750, % More than $750,000 to $2,000, % More than $2,000,000 to $5,000, % More than $5,000, % 3.6 Tax Year, Advance Tax, Payments and Calculation of Payment on Account Tax year Personal Assets Tax is paid each tax year. Advance Tax Five advance tax payments must be made a year based on the tax assessed for the previous tax year. Payment The tax must be paid within the four months immediately following the end of the tax year and monthly advance tax from the second month following the month of payment (every two months). Calculating Payment on Account Amounts actually paid in taxes abroad that take wealth or assets globally as the taxable base may be calculated as payment on account. This credit may only be calculated up to the increase in the tax obligation arising as a result of the inclusion of assets located permanently abroad. Included in what we might call wealth tax we find: a) Personal assets tax (shares and equity interests in partnerships and companies) Persons Liable to Personal Assets Tax Individuals domiciled in Argentina and abroad Undivided Estates (UE) established in Argentina and abroad Companies domiciled abroad 26 Taxes in America

11 Substitute Responsible Party ARGENTINA The tax will be assessed and paid by the companies in which the taxable persons have shares and/or equity interests, in the capacity of a Substitute Responsible Party. Categories subject to tax The tax is levied on Shares and Equity Interests in the Company that are possessed by Shareholders and Partners. Assessing the Taxable Base Assessment of ownership in Companies shall be calculated based on said Companies Net Worth (capital) resulting from the difference between Assets and Liabilities as at December 31 of the year in question. As applicable, the credit balance shall be added to or the debit balance subtracted from the value thus assessed of the particular account of the holder as at December 31 of the year in which assessment of the tax is made. If the date of the close of the business year does not coincide with December 31 of the year in question, the increases and reductions in capital shall be added to and/or subtracted from net worth. Exemptions Shares and/or Equity Interests that the Company holds in other Companies are considered. Tax Rate The tax rate to be applied shall be 0.50% of the assessed taxable base. The tax thus paid shall be a single and final payment (it may not be calculated as payment on account against other taxes). Payment This tax must be paid in May each year and Advance Tax payments shall not be made. Taxes in America 27

12 b) Presumed minimum income tax Taxpayers Liable to Presumed Minimum Income Tax companies domiciled in Argentina; nonprofit Organizations and Foundations domiciled in Argentina (provided they are not exempt from Income Tax); companies or operations having a sole proprietor located in Argentina, belonging to persons domiciled in Argentina; individuals and Undivided Estates, proprietors of rural real estate relating to said properties. Categories subject to tax This tax is assessed based on the Assets at the close of the tax year. When a tax year is closed before its regular date, the tax to be paid shall be assessed based on the assets resulting at the actual closing date, proportional to the length of the shortened tax year. Assessing the Taxable Base For the purposes of assessing the Taxable Base, assets shall be assessed in accordance with what has been established for each type of asset. The types of asset are given below: depreciable Real / Moveable Property: cost of acquisition, less the amount corresponding to annual depreciation; deposits, Stocks and Credits in Argentinean currency: value at the closing date of the tax year; deposits, Stocks and Credits in foreign currency: value at which traded on the closing date of the tax year; intangible assets (goodwill, brands, patents, concession rights and other similar assets). Exemptions / Non-computable Assets Shares and other equity interests in other entities liable to the tax and contributions made on account of future paying in of capital. Assets belonging to taxpayers covered by the investment regime applicable to mining. 28 Taxes in America

13 Outstanding amounts to be paid in by shareholders. ARGENTINA Value of depreciable first-hand moveable property, except for automobiles, in the year of acquisition or investment and in the following year. Value of investments in the construction of new buildings or improvements, in the year in which the investments were made and in the following year Capital goods taxed in the country whose joint value is equal to or less than $200,000. Tax Rates The tax to be paid will calculated from applying the rate of 1% to the assessed taxable value of those assets in excess of $200,000. When the value of the assets exceeds said sum, the totality of the taxpayer s taxed assets will be subject to the tax. Tax Year, Advance Tax, Payments and Calculation of Payment on Account Tax Year Presumed Minimum Income Tax is paid each tax year. Advance Tax Advance tax payments must be made based on the tax assessed in the previous tax year. The amount to be paid depends on the person in question: taxpayers whose tax year closing date coincides with the calendar year: 5 two-monthly Advance Tax payments; other taxpayers: 11 monthly Advance Tax payments. Payment The tax must be paid within the four (Individuals) or five (Companies) months immediately following the end of the tax year and monthly advance tax payments from the month following the month of payment. Calculating Payment on Account Amounts actually paid in analogous taxes on activities abroad, up to the limit of the increase in the tax obligation arising as a result of the inclusion of income Taxes in America 29

14 obtained abroad, may be calculated as payment on account. Calculating as Payment on Account of Income Tax Income Tax determined for the tax year in which this tax is assessed may be calculated as payment on account of this tax. If the calculation gives rise to an excess amount that is not absorbed, said excess amount will not generate a balance in favor of the taxpayer as regards this tax. Calculating as Payment on Account to be Offset against Income Tax Presumed Minimum Income Tax actually paid will be allowed for the purposes of calculating payment on account of Income Tax in any of the subsequent 10 tax years. 4. Value added tax 4.1 Persons Liable to VAT They include the following taxpayers who sell goods, provide independent services, grant the use or temporary enjoyment of goods or import goods or services: individuals; companies; undivided Estates. 4.2 Categories subject to tax Sales of moveable things situated or placed inside Argentinean territory. Works, leases and provisions of services carried out in Argentinean territory. Final imports of moveable things. Imports of Services. 4.3 Exemptions Books, pamphlets and other similar printed matter and the retail sale of newspapers, magazines and periodicals. Health care, medical and paramedical services. International transportation of passengers and cargo. Cash deposits in local and foreign currency, in their different forms. 30 Taxes in America

15 Benefits inherent in the positions of director, trustee and member of oversight councils in corporations and equivalent positions of administrator and member of administrative boards in other types of partnerships, associations and foundations and in cooperatives. Disposal of real property. Leasing of property intended to be used exclusively as the lessee s home and rural property set aside for agricultural activities. Goods and Services Exports. 4.4 Tax Rates The general tax rate is in the order of 21%. The applicable rate in the following cases is 27%: telecommunications services; provision of gas; provision of electricity; provision of running water and sewage disposal and drainage services. The reduced tax rate of 10.5% will be applied in the following cases: primary activity (agriculture and livestock rearing); bread, cookies and biscuits made exclusively from wheat flour; construction of real estate intended as housing; interest and commissions on loans granted by financial entities; sales, leases and final imports intended for the goods included in the customs items in MERCOSUR s Common Tariff Schedule; sales of chemical fertilizers for agricultural use. 4.5 Assessing tax to be paid or balance in favor ARGENTINA Assessment of the tax is governed by the accrual reporting method, regardless of whether operations have been collected or paid. The net price of the sale, leasing or provision of services shall be the price shown on the invoice or equivalent document issued by the party having the obligation to pay the tax, net of discounts and premiums. In order to calculate VAT, the rate corresponding to the activity performed shall be applied to the net price of the operation, thus determining the corresponding Tax Debit. The tax that would have been invoiced (Tax Credit) for the purchase or final im- Taxes in America 31

16 porting of goods, leases or provisions of services shall be deducted from the tax thus determined. The net amount of both will give the amount to be credited or the balance to be paid, depending on whether the Debit is greater than the Credit, or vice versa. The resulting amount payable may be reduced by the sum calculated for Withholdings incurred or Receipts obtained and by balances in the taxpayer s favor from previous tax years. 4.6 VAT Returns, Payments and Payment on Account against Other Taxes VAT Returns VAT is filed and paid monthly, there being the obligation to submit a Sworn Return for each monthly period. Payment Payment shall be made monthly by the 23rd of the following month, at the latest. Using the VAT balance in favor The freely available balance in favor arises as a result of it not having been possible to offset the full amount of Withholdings incurred and Receipts obtained against the balance payable (resulting from the difference between the Fiscal Debit and Credit). 4.7 Application for Exclusion of Value Added Tax Withholdings and Receipts Taxpayers who have a freely available balance in their favor may apply for Certificates of Exclusion from the regimes for the withholding, receipt and/or payment on account of value added tax. Exclusion will be total and will be for a maximum period of 6 months. 4.8 VAT refunds for exports Exporters may offset the VAT invoiced to them for goods, services and leases effectively intended for exports against the final amount of VAT owed by them on their taxed operations. 32 Taxes in America

17 If it was not possible to offset said taxes or it was possible to offset them only partially, the resulting balance will be credited to them against other taxes or, failing this, will be refunded to them or it may be transferred to the account of a third party. Said credit, refund or transfer shall apply up to the limit arising from applying the tax rate to the amount of the export operations conducted in each tax period. 4.9 VAT Refunds to Foreign Tourists ARGENTINA Purchases made by foreign tourists of taxed goods produced in Argentina that they take abroad will give rise to a refund of the tax invoiced by the seller. 5. Social contributions These are the series of contributions that the employer must pay the State and the labor union (depending on the activity engaged in by the company) for his employees each month. Social contributions include: retirement; medical Care Provider (Obra Social); labor Union Dues; occupational Risk Insurance Company (ART); life Insurance; other. What is the amount I have to pay? It is not a fixed amount but is closely related to wages and other variables, such as the quota the company has to pay an Occupational Risk Insurance Company (ART) or the labor union to which it is affiliated, for example. Which agency regulates social contributions? Different agencies are involved in the collection and control of social contributions. The A.F.I.P. (Federal Agency for the Administration of Public Revenues) is the office in charge of implementing, collecting, inspecting and controlling social security contributions made by employees and employers. Taxes in America 33

18 The obra social (medical care provider) is also one of them, as is the insurance company providing job risk coverage. The labor union is the organization in charge of collecting and controlling union dues. What are the percentages of employee and employer contributions? There are two kinds of contributions: aportes, employee contributions that are deducted from wages and reflected on the worker s pay slip, and contribuciones, contributions made by the employer. Contributions to Employee Employer Contributions Contributions Total SIJP (Integrated Pensions System) 11.0% 16.0% 27.0% INSSJP (National Institute of Social Services for Retirees and Pensioners) 3.0% 2.0% 5.0% Family Subsidy and Unemployment Fund 0.0% 9.0% 9.0% Superintendency of Health (formerly National Health Insurance Agency 0.3% 0.5% 0.8% ANSSAL) Obra Social (medical care provider) 2.7% 4.5% 7.2% There are specific laws that grant benefits depending on the characteristics of each company. 6. Other taxes 6.1 Bank credit and debit tax Categories subject to tax The operations subject to this tax are: credits and Debits on accounts opened with Financial Entities; movements of funds on one s own account or on the account of others and/ or on their behalf, regardless of the mechanisms used to carry them out; debits on employers bank accounts in the case of funds for paying salaries; debits on the current account of the drawer of a check used to pay; tax Liabilities; public Services provided by companies. 34 Taxes in America

19 Exemptions ARGENTINA credits on Savings Bank Accounts or Current Bank Accounts up to the sum accredited for salaries or pensions, and debits on said accounts up to the same amount; transfers of funds from one current account to another belonging to the same account holder; debits and Credits on Savings Bank Accounts; payments made to meet tax liabilities and payments of public services by means of deposits in a financial entity. General Bank Credit and Debit Tax Rate The general bank credit and debit tax rate will be 0.6% for credits and 0.6% for debits. The general rate is reduced in the following cases: 0.25%: Taxpayers who are exempt from Income Tax and Value Added Tax; 0.075%: Taxpayers engaged in activities as grain stockbrokers, credit and/or debit card system operators, and others. Offsetting the General Bank Credit and Debit Tax against Income Tax and Presumed Minimum Income Tax Thirty-four% of the amount paid in Bank Credit and Debit Tax may be offset against the balance on the Sworn Annual Tax Return or against Advance Income Tax and/or Advance Presumed Minimum Income Tax Payments. Any remainder not offset may be transferred to subsequent tax periods of said taxes until it has been used up. 6.2 Simplified regime for small taxpayers (unified tax) Eligible Taxpayers The following are eligible taxpayers: individuals who engage in the sale of moveable things, works, leases and/or the provision of services; members of Work Cooperatives; undivided Estates; de facto partnerships as long as they have a maximum of three partners; Taxes in America 35

20 joint ventures for commercial purposes (Sociedades Comerciales Irregulares) as long as they have a maximum of three partners. Categories subject to tax This is a simplified integrated tax regime intended for small taxpayers. Definition of Small Taxpayer In order to be considered a small taxpayer, the following conditions must be met: leases and/or provision of services: Have obtained gross income of $72,000 or less the previous year; all other activities mentioned: Have obtained gross income of $144,000 or less the previous year; not have exceeded the maximum parameters as regards surface area and electricity established for the taxpayer s category in the same tax period. maximum sales price per unit shall not exceed $870; shall not import moveable things and/or services. 6.3 Tax on gross income Taxpayers Liable to Tax on Gross Income They are the following: Individuals. Companies. Undivided Estates. Categories subject to tax This is a provincial tax and is levied on all commercial, professional, leasing or other activities regardless of the results obtained, the nature of the taxpayer engaging in the activity, and the place where it is carried out. Carrying out the activity will be liable to tax if it meets the following criteria: it is habitual; it is subject to payment; it is inside the territory of the province in question. 36 Taxes in America

21 Assessing the Taxable Base ARGENTINA This tax is assessed based on gross income earned during the tax period from engaging in the taxed activity. The amount corresponding to Value Added Tax is not included in the taxable base subject to this tax. Definition of Gross Income Gross income is the total amount earned from engaging in the taxed activity. It includes the following: sale of goods, provision of services, leases, royalties, interest, updates and all other proceeds from the placement of capital. Exclusions / Exemptions work performed by individuals in a relationship of dependence, pensions professional fees; securities, bonds, liabilities and papers issued by the Nation, the provinces, and municipalities; dividends; cooperatives, foundations, associations, scientific, cultural and sports organizations; interest on deposits in savings accounts and current accounts and on fixed term deposits; sale of Real Property and Durable Consumer Goods; rental from up to two housing units (if not more than $1,200 a month in each case); exports; fees received by members of Boards of Directors, Management, and Oversight Councils; primary (agriculture and livestock rearing), Mining and Industrial Production. Tax Rates The rates to be applied to the taxable base for calculating this tax vary between 0.5% and 12% depending on the activity in question. 6.4 Stamp duty Taxpayers Liable to Stamp Duty Individuals. Taxes in America 37

22 Companies. Undivided Estates. Categories subject to tax This is a provincial tax that covers the acts, contracts and operations expressing the will of the parties. Assessing the Taxable Base This tax shall be assessed based on the execution value of the commercial operation. For example: in the case of the transfer of real property, the transfer value of the same (which arises from the ownership transfer document) shall be taken. Exemptions cooperatives, Foundations, Nonprofit Organizations, and Mutual Funds; mortgages taken out for the bargain and sale of real estate and also the furnishing of pledges; incorporation of companies and all acts associated with increases in capital, mergers and divestitures; life, personal accident and collective insurance policies; deposits in savings and current accounts and fixed term deposits; employment contracts for personnel in a relation of dependence; transfers, checks and postal orders; property ownership transfer documents when the property is the sole family residence and is occupied on a permanent basis; bargain and sale contracts or leasing of things, works or services that formalize export operations; acts and contracts implementing sale operations of new domestically produced capital goods intended for investments in economic activities to be carried out in Argentina. Tax Rates The rates to be applied for calculating this tax are between 0.2% and 4% depending on the operation in question. Payment The assessed tax is paid at the time the juridical act is formalized, once only and for each taxable act carried out. 38 Taxes in America