Argentina: 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 authorized by the Argentine Securities Commission ("CNV") and their agents, exchange markets which do not deal with securities and/or grain, securities depositories and settlement and clearing entities, authorized by the CNV, exclusively in connection with operations and transfers related to their specific activities;
  • Bank accounts used by currency exchange entities authorized by the Argentine Central Bank ("BCRA") exclusively in connection with currency exchange operations; bank accounts used exclusively by mutual funds (Law No 24,083, Section 1, first paragraph) for their specific activities and bank accounts used by financial trusts regulated by Law No. 24,441, Sections 19 and 20 and mutual funds regulated by Law No. 24,083, Section 1, second paragraph (as long as they fulfill all requirements set forth by Section 70.2 of Income Tax Regulatory Decree).
  • Bank accounts used by airlines exclusively to make deposits of funds collected with respect to Migration and Customs Services Airport Duty ("Tasa Aeroportuaria Única por Servicios Migratorios y de Aduanas") (Decree No. 1409/199), Safety Duty ("Tasa de Seguridad") (Annex 2 of the Concession Contract approved by Decree No. 163/1998, Sectión 1) and the Tax on the Price of Tickets for International Flights ("Impuesto sobre el Precio de los Pasajes Aéreos al Exterior") (Law No. 25,997, Section 24, subsection b), which integrates the National Tourism Fund.
  • Bank accounts used by companies that provide electronic payment and/or collection services on behalf of third parties of public services bills, taxes and other services, exclusively in connection with their specific activities, and also bank accounts used by official agents of such companies;
  • Bank accounts used by the administrators of ATM networks for clearing operations on behalf on local and foreign financial entities, originated in transfers of funds made through ATM networks and transfers of funds made to or from such bank accounts.
  • Bank accounts used exclusively for tax collection purposes by entities that have signed agreements with Government Agencies.
  • Bank accounts opened by subjects included in the Mining Activities Investment Regime (Law No. 24,196) ("Régimen de Inversiones para la Actividad Minera"), Cultivated Forests Investment Regime (Law No. 25,080) ("Régimen de Inversiones para Bosques Cultivados") and the National Regime of Wind and Solar Energy ("Régimen Nacional de Energía Eólica y Solar") (Law No. 25,091), only if such accounts are used exclusively for debits and credits that are consequence of operations made in connection with projects that have been granted the benefit of fiscal stability established by such laws before April 1, 2001.
  • Bank accounts used exclusively by newspaper and magazine distributors in connection with their activities.
  • Bank accounts used exclusively to operate with the Unified Electronic Ticket System ("Sistema Único de Boleto Electrónico" -SUBE-), by the Credit Sellers that have signed agreements with the administrators of such system, only with respect to operations related to the sale of SUBE credit and authorized compatible smartcards.

2. Registration procedure

Registration in the Register is made through Internet, using the "Tax Benefits on Tax on Credits and Debits in Bank Accounts". A tax key of level 3 is required.

Once the information required by the system has been entered, a series of checks will be automatically performed with respect to the existing information on the AFIP's database and the subject's fiscal status. If the checks are passed, the application will be accepted. The acceptance of the registration application means the inclusion of the applicant in the Register, with effects from the day after such acceptance is notified.

If the checks are not passed, the system will list the documents which shall be submitted to the AFIP in order to complete the registration. AFIP will notify the acceptance or rejection of the registration application within 5 days after the additional documentation has been submitted. The rejection can be appealed and does not prevent the applicant to submit a new application once the cause for rejection has been corrected.

If a new bank account is used for exempt activities, the subject will need to submit a new application. In addition, those who are exempt from the Tax on Credits and Debits in Bank Accounts and/or are benefitted with reduced tax rates are required to submit the registration application until September 20, 2016 to continue to enjoy such benefits.

3. Permanence / Exclusion from the Register

Permanence in the Register depends on an adequate tax conduct from each subject. Criteria to be followed in order to carry an adequate tax conduct can be found, as stated by the General Resolution (AFIP) No. 3900 in

If the AFIP detects any situation that does not comply with such criteria and, therefore, would mean that a proper tax conduct is not being followed, it will require the subject to correct its conduct within 10 days. Failure to do so will result in exclusion from the Register. The exclusion will have effect from the first day after the date on which the subject has been notified from the exclusion and, as a consequence, the regular tax rate of the Tax on Credits and Debits in Bank Accounts will be applied to the operations made using the bank account. If causes that led to the exclusion from the Register cease to exist, the subject will be allowed to submit a new registration application as well as to obtain reimbursement of the amounts collected as a result of the application of the Tax.

Finally, the subject can cancel the registration if, following its inclusion in the Register, the requirements in order to enjoy an exemption or reduced tax rates cease to be met.

4. Duties of financial entities

General Resolution (AFIP) No. 3900 sets forth two duties that financial entities must fulfill. Firstly, they must regularly check updated information with respect to Bank Accounts registered in the Register. Secondly, they are required to inform the AFIP about improper use of Bank Accounts. Both duties must be fulfilled by using the "Tax Benefits of Tax on Credits and Debits on Bank Accounts" service, on the AFIP's website.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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