Argentina: Foreign exchange rules, guidance

A new requirement for accessing the official exchange market to make payments for services provided by non-residents

Foreign exchange rules, guidance

The Argentine Central Bank in Com “A” 7433 [PDF 185 KB] incorporated a new requirement for accessing the official exchange market to make payments for services provided by non-residents. Under these measures, a party must obtain a SIMPES certificate (Sistema Integral de Monitoreo de Pagos al Exterior de Servicios—SIMPES) showing an “approved” status. Certain exceptions are contemplated, among which are transactions that correspond to the services provided by the concept codes S02, S03, S06, S25, S26 and S27. 

Guidance issued by the tax authority—Resolución General 5,135/22 AFIP—applies with respect to individuals, undivided estates, and legal entities (whatever the form they adopt) that must make payments abroad on their own behalf or for third parties or that act as originators of the payment, to settle their own or third-party obligations. 

To generate a certificate, parties must submit certain information, in a sworn statement, to the tax authority (AFIP).  The tax authority will then make an analysis and grant or reject the request. Matters that will be analyzed include:

  • The taxpayer's situation based on information available in the records
  • The financial and economic capacity of the taxpayer through the “financial economic capacity system” (CEF systems) established by Resolución General No. 4,294.

These provisions are effective 7 January 2022, and are applicable with regard to service contracts entered into prior to that date for which there are monetary considerations pending cancellation.


For more information, contact a KPMG tax professional in Argentina:

Hernán Caire | +54(11) 4316 5737 | hcaire@kpmg.com.ar

Violeta Lagos | + 54(11) 4316 5619 | vlagos@kpmg.com.ar

 

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