Obligaciones negociables, refinanciación de pasivos y beneficios impositivos
Date | 30 September 2003 |
Published date | 30 September 2003 |
Law Firm | Marval O'Farrell Mairal |
La Comisión Nacional de Valores (la “CNV”) emitió una resolución (la “Resolución”) que evacuó una consulta particular referida al tratamiento impositivo que correspondería otorgar a obligaciones negociables emitidas en procesos de reestructuración o reprogramación de deuda.
La consulta en cuestión requería opinión en cuanto a si los nuevos títulos, “entregados, directa o indirectamente, en dación en pago o como refinanciación de deuda preexistente a antiguos acreedores”, gozan de “las mismas franquicias y beneficios impositivos establecidos en la Ley Nº 23.576, que aquellos títulos que se están canjeando”.
La Resolución señala que el inciso 1º del artículo 36 de la Ley de Obligaciones Negociables Nº 23.576, exige, como una de las condiciones para acceder al tratamiento impositivo beneficioso que prevé dicha ley, que “se trate de emisiones de obligaciones negociables que sean colocadas por oferta pública, contando para ello con la respectiva autorización de la Comisión Nacional de Valores”. Así, la Resolución resalta que se exigen dos condiciones distintas e independientes:
(i) la existencia de autorización de la Comisión Nacional de Valores, y
(ii) la colocación de las obligaciones negociables por oferta pública.
Si bien la CNV resalta el carácter abstracto de la consulta y señala la posibilidad de un pronunciamiento diferente ante un caso concreto, la Resolución indica que los beneficios impositivos serían aplicables a obligaciones negociables emitidas en canje de “títulos de deuda fiduciarios” que gozaban de tales beneficios. Con remisiones parciales a anteriores pronunciamientos de la CNV, la Resolución señala que:
(a) “... el canje implica una subrogación de acuerdo con la cual las ‘Nuevas O.N.’ ocuparán el lugar de los títulos fiduciarios ...”;
(b) “... por estimarse que se trata de un canje de títulos de deuda fiduciarios por las “Nuevas O.N.”, a partir de una efectiva y real colocación mediante oferta pública de los primeros, no se advierten inconvenientes en entender que se extienda a las últimas dicha circunstancia en lo que hace a los beneficios impositivos ...”;
(c) “... persistiendo realmente la deuda por falta de pago, su refinanciación, en principio, se inscribe en un...
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