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
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.