AFIP approved the regulation of the PAIS Tax applicable to transactions with bonds and securities subscribed by importers (BOPREAL)

General Resolution 5468/2023 (Official Gazzette 12/26/2023) regulates part of Decree 72/2023, which established a payment-in-kind for certain bonds and securities for debtors of imports of goods with customs entry registrations and/or imports of services effectively rendered—up to and including December 12, 2023—to cancel their tax and customs obligations plus interests, fines, and accessories up to a total of USD 3,500,000,000 (See Client Alert “Argentine Central Bank gives importers the possibility to subscribe securities that provide certainty, predictability and liquidity to their debt stock prior to December 12, 2023”).

The aforementioned Decree modified the transactions subject to the PAIS Tax including, as a taxable event, the subscription of the aforementioned bonds or securities by the importers who hold debts for said imports.

Based on this, General Resolution 5468/2023 incorporates to the subscribers of such bonds or securities as subjects to the PAIS Tax collection regime if they are Argentine residents.

Likewise, it also provides that the PAIS Tax collection, which will be made at the time of debiting the integration of the subscription, will be calculating on the total amount of the transaction for which bonds or securities are subscribed. The corresponding rate in each case will be applied to the amount in Pesos of the transaction.

In the case of transactions involving the subscription of bonds or securities as of February 1, 2024 by those who hold debts for imports and who have paid the payment-in advance of the PAIS Tax, the collection agent will deduct the amount paid for this concept.

The General Resolution will enter into force on the day of its publication in the Official Gazette (12/26/2023) and is applicable for subscriptions of bonds or securities made on or after that date.