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In Tax

Argentina: Personal assets tax — benefits for the repatriation of financial assets

by and 3 Mins Read

On 27 March 2024, Decree No. 281/2024 (“Decree”) was published in the Official Gazette. The Decree extends the deadline for repatriating financial assets of at least 5% of the total value of assets located abroad from 31 March 2024 to 30 April 2024, inclusive.
As a reminder, the applicable personal assets tax rates for assets located abroad will be the same as those applicable to assets located in Argentina if, before 31 March of each year, taxpayers repatriate financial assets of at least 5% of the total value of assets located abroad and if certain additional requirements have been met.

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In AML & Financial Services Regulatory

Argentina: The National Securities Commission has implemented the Registry of Virtual Asset Service Providers

by , , and 3 Mins Read

On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024, which regulates the Registry of Virtual Asset Service Providers in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law”). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.

In AML & Financial Services Regulatory

Argentina: Enactment of the regulatory framework for the prevention of money laundering and financing of terrorism

by , , , and 1 Min Read

On 14 March, the amendments to the Law on the Prevention of Money Laundering and Financing of Terrorism (Law 27,739) were approved. They implement changes and updates to adjust local regulations to international standards and the recommendations of the Financial Action Task Force (GAFI).
Argentina is currently undergoing a GAFI/GAFILAT review and evaluation process. In that sense, Law 27,739 was promoted by the Financial Information Unit (UIF) to introduce more tools to combat organized crime, promote compliance with obligations of the private sector and address key aspects that emerged from the GAFI/GAFILAT mutual evaluation.

In Tax

Argentina: Buenos Aires Province publishes resolution on additional advance payment on gross income tax

by 5 Mins Read

On 28 February 2024, Regulatory Resolution 11/2024 (“RR 11/2024”) of the Tax Agency of the Province of Buenos Aires (TABA) was published in the Official Gazette of the Province of Buenos Aires. The resolution regulates the additional advance payment (“Additional Advance Payment”) on gross income tax (GIT) established in Article 136 of Law 15,479 (Tax Law 2024), which establishes that taxpayers who comply with the parameters established in the RR 11/2024 shall pay an additional GIT advance payment equal to four times the amount of tax determined in the advance payment for the month of October 2023.

In Employment

Argentina: National Supreme Court of Justice rules on the disproportionality of the method for updating amounts in employment lawsuits

by 2 Mins Read

On 29 February 2024, the National Supreme Court of Justice issued a ruling in the case Oliva, Fabio Omar v. COMA S.A. re. dismissal, whereby it established that the capitalization formula applied to employment lawsuits by the National Employment Appellate Court is disproportionate and contrary to the guidelines of the Argentine Civil and Commercial Code.

In Corporate Compliance

Argentina: Secretariat of Commerce repeals package of regulations aimed at deregulating trade

by , , , and 3 Mins Read

On 29 January 2024, through Resolution No. 51/2024 (Resolution), the Secretariat of Commerce repealed a series of provisions and resolutions, with the purpose of reducing bureaucracy and simplifying the processes of the entire production and consumption chain. Within the framework of the Decree of Necessity and Urgency No. 70/2023 and the bill of “Bases and Starting Points for the freedom of Argentines”, which were recently promoted by the Executive Branch of the Nation, the Secretariat by means of the Resolution repealed more than 50 provisions and resolutions issued under its competence. This is in order to reduce bureaucracy and simplify the production processes in relation to consumer and to promote the elimination of certain obstacles and barriers within the trade industry.

In

Argentina: Recommendations of the Agency of Access to Public Information to protect personal data on the internet

by 2 Mins Read

In the context of the International Data Protection Day, on 26 January 2024, the Agency of Access to Public Information (AAIP, its acronym in Spanish) published their “Recommendations to protect personal data on the internet”. The AAIP provided five recommendations to users of any digital platform that entails the assignment of personal data.

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