Novedades más destacadas:

• Reprogramaciones de pago de deuda pública
• Normas aplicables al control de cambio y acceso a las divisas
• Requisitos exigibles para la distribución de dividendos al exterior
• Moratoria fiscal aplicable a pequeñas, medianas empresas y trabajadores autónomos
• Congelamientos en el precio de los combustibles por 90 dias

LEGISLATION

Decree Nº596/2019 – Public Debt

Decree Nº596/2019 issued by the Executive Branch re-schedules the payment date of certain national public short term debt securities. According to the Decree, the re-scheduling does not imply the interruption of interest accrual in accordance with the original terms and conditions of the debt securities. The Decree does not apply to those securities debts hold by natural persons.

Communications A Nº6768 and 6765 – New Foreing Exchange Controls I

Communication Nº6768 issued by the Central Bank sets forth that financial entities shall require Central Bank’s prior authorization to distribute their utilities. On the other hand, Communication Nº6765 limits the financing of big export companies up to an amount of ARS 1,5000 million.

Decree Nº609/19 and Communication A 609/19– New Foreign Exchange Controls II

Decree Nº609/19 issued by the Executive Branch (the, “Decree”) sets forth new foreign exchange controls which are complemented by Communication “A” Nº609/19 (the, “Communication”) issued by the Central Bank (“CB”). The new foreign exchange main controls consist in: (i) the obligation until December 31st, 2019 to negotiate and settle in the exchange market the values in foreign currency received for exports operations. The Communication sets forth the term for settling in the exchange market such values and the conditions under which is allowed to apply them to the payment of pre-financings of exports; (ii) the establishment by the CB of the conditions under which CB’s previous authorization shall be required for the acquisition and transfer abroad of foreign currency, considering to such effect objective parameters and distinguishing between companies and natural persons. The CB issued, among others, the following regulations: (a) companies, among others, shall obtain CB’s prior authorization to constitute external assets and to grant warranties for derivative instruments.

Natural persons shall request CB’s prior authorization in case the acquisition of foreign currency exceeds the amount of USD10,000 in any given month; (b) the obligation to settle in the exchange market values in foreign currency obtained under new financial loans with creditors from abroad and the obligation to demonstrate such end in order to acquire foreign currency in the exchange market for the payment of such loans; (c) the prohibition to acquire foreign currency for payment of debts and other obligations undertaken as of September, 1st 2019 between local residents; (d) the need to obtain CB’s prior authorization to access the exchange market for payment of dividends, pre-payment of financial and import debts, payment of debts arising from imports of goods with related foreign companies which exceed in any given month the sum of USD 2,000,000 and for payment of services owed to related foreign companies (except for tourism or credit cards companies); (iii) allows the CB to implement the necessary regulations to prevent the use of public bonds to avoid the exchange controls detailed in (ii). To such end and according to the Communication, the CB decided to prohibit companies authorized to trade with foreign exchange to buy securities in the secondary market by means of settling of foreign currency nor use the holdings of their exchange general position for payment of local suppliers; (iv) modifies article 2 of Decree Nº596/19 regarding the exceptions of the re-scheduling of payment of public debt securities hold by natural persons; and (v) allows holders of public debts securities which payment date was rescheduled by means of Decree Nº596/19 to give such securities in lieu of payment of social security obligations.

Resolution Nº4540/2019 – Credit and Debit Notes

Resolution Nº4540/2019 issued by Tax Enforcement Authority (“AFIP”) sets forth the new requirements applicable to credit and debit notes.

Resolution Nº4541/2019 – Extension of Tax Payment Plan

Resolution Nº4541/2019 issued by Tax Enforcement Authority (“AFIP”) extends the validity of the payment plan created under Resolution Nº4477/2019 and extends the plan for debts arising from tax and social security resources obligations and tax withholdings and perceptions due to April 30st, 2019 (including interests and penalties) and payment plans expired during July 2019.

Resolution Nº4548/2019 – Modification to Permanent Tax Payment Plan

Resolution Nº4548/2019 issued by Tax Enforcement Authority (“AFIP”) modifies the permanent payment plan available for the regularization of the tax, social security and customs obligations. The Resolution increases the amount of tax payment plans a company may enter into, increases the installments under the plan and modifies the applicable interest rate.

Resolution Nº4557/2019 – Tax Payment Plan for Small and Medium Companies

Tax Enforcement Authority (“AFIP”) created by means of Resolution Nº4557/2019 a new payment plan applicable for small and medium companies and autonomous workers for debts arising from tax and social security obligations due to August 15, 2019. The Resolution also suspends precautionary measures on small and medium company for a ninety-day period.

Decree Nº561/2019– Modifications to Income Tax and Social Benefits

Decree Nº561/2019 issued by the Executive Branch sets forth, among others, that the National Government will finance employee’s contributions up to ARS$ 2,000 during August and September 2019 for those workers which salary does not exceed ARS$ 60,000.

Resolutions Nº4546/2019 and 4547/2019– Modifications to Income Tax

Resolutions Nº4546 and 4547 issued by Tax Enforcement Authority (“AFIP”) implement the measures adopted by the Executive Branch under Decree Nº561/2019. In particular, Resolution Nº4546/2019 increases the nontaxable minimum amount and the amount of the special deduction on income tax for employees and sets forth that the difference resulting in favor of the employee due to these modifications will be returned during the months of September and October of 2019. Resolution Nº4547 sets forth a reduction of 50% in the advanced payments of the income tax to be paid by autonomous workers.

Resolution Nº479/2019 – Tax Certificate for Renewable Energies Projects

Resolution Nº479/2019 issued by the Secretary of Energy implements the tax certificate for those companies or persons included in the promotion regime of renewable energies.

Resolution Nº4551/2019 – Abrogation of Certain Tax Informative Regimes

Tax Enforcement Authority (“AFIP”) decided by means of Resolution Nº4551/2019 to abrogate certain tax informative regimes, such as the one related to international operations applicable to joint ventures (“Uniones Temporales”) set up in Argentina and other non-corporate associative agreements entered into by companies.

Resolution Nº4560/2019 –Tax Payment Plan for Income and Personal Assets Taxes

Resolution Nº4560/2019 issued by Tax Authority (“AFIP”) allows tax payers of income and personal assets taxes to accede to the payment plan created under Resolution Nº4057/2019 in order to cancel their obligations due between May 1st, 2019 and August 31st, 2019.

LATEST NEWS IN THE HYDROCARBON SECTOR

Decree Nº555/2019 – Tax Benefits for Imports Destined to the Oil and Gas Industry

Decree Nº555/2019 issued by the Executive Branch sets forth a special import regimen valid as of August 31st, 2019 until December 31st, 2020 which reduces the applicable duties for consumption imports applicable to the import of used goods included in the decree and destined to the oil and gas industry.

Decrees Nº566/2019 and 601/2019 – Crude Oil, Gas and Gasoil Prices

Decree Nº566/2019 issued by the Executive Branch decided to freeze for a ninety-day period both the prices of crude oil delivered in the local market and of gasoil and gas commercialized by refineries and vendors. On September 2nd 2019, the Executive Branch issued Decree Nº601/2019 which modified previously mentioned Decree Nº566/19 and: (i) decided to limit the effects of Decree Nº566/2019 until November 13th, 2019; (ii) clarified that regarding prices of gasoil and gas the decision will apply to fuel supplied to gas stations; (iii) increases the exchange rate applicable to the sale of crude oil in the local market; and (iv) instructs the Secretary of Energy to adopt the measures which were necessary in order to normalize gas and oil prices and request transfers from the National Treasury in order to sustain the level of activity and employment while protecting consumers.

Resolution Nº168/2019 – Authorization for Gas Exports Under Firm Condition to Chile

By means of Resolution Nº168/2019, the Secretary of Energy sets forth the conditions applicable to the granting of authorizations for the exports of gas under firm condition to Chile. The maximum export volume of natural gas allowed under this condition will be of 10,000,000 m3/day and the authorizations will be granted for the period September 2019-May 2020. Resolution Nº506/2019 of the Secretary of Energy sets forth the minimum and maximum values of the cost for the substitution of energy included under abovementioned regime.

Resolution Nº464/2019 – Project of New Regulation for Storage of Natural Gas

By means of Resolution Nº464/2019 Gas Enforcement Authority (“ENARGAS”) calls all interested party during a thirty-day period counted as of August 20, 2019 to express their opinions regarding the project of new regulation applicable to storage of natural gas

Resolution Nº488/2019 – Methodology Applicable to Gas Invoices Payment Deferral

Resolution Nº488/20189 issued by the Secretary of Energy approves the methodology applicable to the deferral of payment of 22% of gas invoices for residential consumptions issued from July 2019 up to October 2019 determined by Resolution Nº336/2019.

Decree Nº1785/2019 – New Values for Sanctions Under Neuquén’s Hydrocarbons Act

Decree Nº1785/2019 issued by the Executive Branch of Neuquén Province updates the amounts of the applicable sanctions under Neuquén’s Hydrocarbonc Act.