Tax On Credits And Debits In Bank Accounts: New Register To Benefit From Exemptions And Reduced Tax Rates

The Federal Tax Authority created a Register of Tax Benefits on Tax on Credits and Debits in Bank Accounts in which bank accounts must be registered to benefit from applicable exemptions and reduced tax rates.

Through General Resolution (AFIP) No. 3900, the Federal Tax Authority (AFIP) created a Register of Tax Benefits on Tax on Credits and Debits in Bank Accounts ("Registro de Beneficios Fiscales en el Impuesto sobre los Créditos y Débitos en Cuentas Bancarias y Otras Operatorias") in which bank accounts must be registered to benefit from applicable exemptions and reduced tax rates. Those who to date have been subject to these benefits will need to request their registration in the Register until September 20, 2016 as a requirement to continue to enjoy such benefits.

1. Cases under the scope of General Resolution (AFIP) No. 3900

   Registration in the Register is required with respect to bank accounts used in connection with activities listed in Section 7, subsection a) of the Annex approved by Decree No. 380/2001 on which reduced tax rates are applicable. Among others, bank accounts used by the following subjects are included:

   Grain brokers and agents and livestock consignees, duly registered; Companies that operate with credit, shopping and/or debit cards systems; Companies that operate with electronic funds transfer systems through Internet; Pharmaceutical companies and distributors of pharmaceuticals; Warranty trusts ("fideicomisos de garantía"), if the trustee is a financial entity regulated by Law No. 21,526. Registration in the Register is also required in cases listed in Section 7, first paragraph of the Annex approved by Decree No. 380/2001. Among others, the following cases are included:

   Bank accounts on which credits and debits are made exclusively in connection with transactions benefited from the tax exemption regime set forth in Law No. 19,640, Sections 1, 2, 3 and 4; and Bank accounts used by beneficiaries of promoted industrial projects according to the provisions of Laws No. 22,021 and/or 21,608 when they also enjoy an exemption of VAT or are free of such tax. Additionally, registration in the Register is required in order to enjoy the exemptions set forth in Section 10, subsections a), a'), c), c'), d), e), k), m), p), t), v), w), x), y), z) and subsections 3 and 4 without number of the Annex approved by Decree No. 380/2001. Among others, these cases include the following bank accounts:

   Bank accounts used by markets...