Relevant News

• Restrictions to acquire foreign currency (access to MULC) – Imports
• Extraordinary Payment of Income Tax
• Reinstatement of the Promotion Regime for the Construction
• New Value for Minimum Wage
• Regulation of the Foreign Exchange Access Promotion Regime for Oil & Gas Industry

LEGISLATION

Communication 7562/22 – Access to MULC

By means of Communication “A” Nº 7562/2022, the Central Bank of the Argentine Republic (“BCRA”), reduces to 90 calendar days the term for accessing MULC for payment of imports of certain goods provided therein, as long as importer files an affidavit acknowledging such supplies shall be used for local production of goods.

Resolution 338/22 – Insurance for Environmental Damage of Collective Incidence

By means of Resolution Nº 338/2022, the Ministry of Environment and Sustainable Development provides that insurance policies related to environmental damage shall be issued in favor of the National Government and local enforcement authority as beneficiaries. Policies already issued at date shall be amended in order to comply with the aforementioned, before November 3st, 2022.

Resolutions 5244/22 and 5245/22 – Reference Values Applicable to Exportation

By means of Resolutions Nº 5244/22 and 5245/22, the General Direction of Customs sets forth new values of reference for the exportation of certain products provided therein (meat, leather and hides), to the countries also provided therein.

General Resolution 5248/22 – Income Tax – Extraordinary Payment

By means of General Resolution Nº 5248/2022, Tax Enforcement Authority ("AFIP") creates a one-time extraordinary payment on account of income tax applicable to legal entities which comply with any of the following parameters: (i) the tax arising out of the tax return corresponding to the fiscal period 2021 (closing on August to December) or to the fiscal period 2022 (closing on January to July), is equal or higher than $100,000,000 or (ii) the tax result of the tax return, without applying the deduction for tax losses from previous years, is equal or higher than $300,000,000.000. The payment on account shall be made in three equal and consecutive installments according to the schedule set forth in the Resolution based on the closing date of the taxpayers' fiscal year.

Law 27,679 – Promotion of Construction and Access to Housing

Law No. 27,679 (the "Law") reestablishes the Federal Incentive Regime for Construction and Access to Housing (Title II of Law 27,613) for a period of 360 days. The special tax set forth under Article 9 of Law 27,613 will be determined based on the date of entry of the holding declared in the special account, according to the following rates: (i) 5% for holdings entered within 90 days as from the date in which the Law comes into force; (ii) 10% for holdings entered as from the 91st day counted from the date on which the Law comes into force and within the following 180 days ; and (iii) 20% for holdings entered as from the 181 st. day counted from the date on which the Law comes into force and within the following 180 days

Resolution 11/22 - New Values for the Minimum Wage and Unemployment Benefits

By means of Resolution Nº 11/2022, the Ministry of Work, Labor and Social Security sets forth the new values of the minimum wage and unemployment benefits, applicable as from September 1st, 2022, October 1st, 2022 and November 1st, 2022.

LATEST NEWS IN THE HYDROCARBON SECTOR

Decree 462/22 – Import Tax on Liquid Fuels and Carbone Dioxide

By means of Decree Nº 462/2022, the Executive Branch increases up to 4,000,000 m³ the volume of liquid fuels and carbon dioxide authorized to import for the year 2022 exempted from tax set forth under chapter I and II, Title III of Law 23,966. This volume refers to imports of gasoline and diesel oil destined for the supply of the electricity generation market.

Resolution 557/22 – Hydrocarbons Measurement

By means of Resolution Nº 557/2022, the Secretary of Energy approves the new technical regulation for hydrocarbons measurement, applicable to hydrocarbons measurement systems and to the provision of information to enforcement authority.

Decree 484/22 – Regulation of the Foreign Exchange Access Promotion Regimes for the Oil & Gas Industry

By means of Decree Nº 484/2022, the Executive Branch regulates the Regimes previously created by Decree Nº 277/2022, such as the “Foreign Exchange Access Regime for the promotion of Incremental Production of Oil” (“RADPIP”) and the “Foreign Exchange Access Regime for the promotion of Incremental production of Natural Gas” (“RADPIGN”). Beneficiaries of said Regimes shall be able to access the MULC in order to acquire foreign currency to pay capital and interests of commercial or financial debts, dividends and repatriation of direct investments by non-residents for an amount equal to 20% (RADPIP) or 30% (RADPIGN) of the incremental production. Beneficiaries of both Regimes shall be allowed to associate with third parties in order to obtain the funds and investments required to increase production, as long as said partners comply with the requirements set forth in the Decree and present evidence of a contractual bond with the beneficiary for a minimum of 12 months and 50 million US Dollars. Partners shall gain access to the benefits of the Regimes in the same percentage of the incremental production informed by the beneficiary, after the approval of the enforcement authority. Beneficiaries shall be able to request recognition of their benefits under the Regimes as of the third quarter of 2022. Beneficiaries under the Regimes shall be required to resign and waive to all claims against the Nation related to “Plan Gas. Ar” or to the awarding of volumes and export authorizations granted under Decree Nº 892/2020 and Resolution Nº 360/2021 of the Secretary of Energy.

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