Relevant News

• Health Emergency (COVID-19). Social preventive and mandatory distancing and closure of nationals borders
• Deferral of deadlines for payment of Tax on Wealth
• Clarifications regarding Home Office Law
• Promotion of Construction and Access to Housing
• Exchange control and access to foreign currency
• Registry of Exporters and Importers of Goods’ Exchange Information
• Price Information Regime
• Plan.Gas.Ar
• Incentives for the production of Hydrocarbons in Mendoza

LEGISLATION

Communication “A” 7229/21 – Extension of the Term for Settling Foreign Currency for Exports

By means of Communication “A” 7229/2021 and in connection with certain export operations, the Central Bank of the Argentine Republic (“BCRA”) allows to extend the term for settling foreign currency in the local foreign exchange market.

Communication “A” 7230/21 – Restructuring of Private Debt

Communication “A” 7230/2021 issued by the Central Bank of the Argentine Republic (“BCRA”), sets forth that the refinancing plan of private indebtedness set forth under Communication “A” Nº 7106 will be also required in connection to payments of capital scheduled between April 1st, 2021 and December 31st, 2021. The Communication also adds new exceptions to the obligation of submitting the aforementioned plan, including as from January 4th, 2021 payments of capital equal or inferior to US$ 2,000,000 per month.

Communication “A” 7239/21 – New Regulations for Accessing MULC Applicable to Imports

Communication “A” 7239/2021 issued by the Central Bank of the Argentine Republic (“BCRA”), defers until June 30th, 2021 Sections 2 and 3 of Communication Nº7030 regarding access to the foreign exchange market (“MULC”) for making payments of imports, principal of imports financing and financial indebtedness between related parties. The Communication also sets forth certain modifications to the exceptions to the need of obtaining BCRA’s prior authorization for accessing the MULC for payments of imports and principal of imports financing and to the amounts for which importers are allowed to access the MULC.

Communication “C” 89476/2021 – Registry of Exporters and Importers of Goods’ Exchange Information

By means of Communication “C” Nº 89476/2021, the Central Bank of the Argentine Republic (the “BCRA”) determines which are the exporters and importers who will be bound to comply with the “Registry of Exporters and Importers of Goods’ Exchange Information” established under Communication “A” Nº 7200. Exporters and importers included in the aforementioned Communication shall comply with their obligation before April 30th, 2021.

Resolution Nº 237/2021 – Obligation of Companies to Inform Prices, Stocks and Sales

By means of Resolution Nº237/2021, the Secretariat of Internal Commerce creates the “Informative System for the Implementation of Economic Re-Activation Policies” (“SIPRE”) and sets forth the obligation of informing SIPRE current prices and sold quantities of final or intermediate goods by those companies belonging to the industry and commerce sectors which during 2019 registered total sales in the local market for an amount exceeding the sum determined under Resolution Nº220/2019. Said obligation shall remain valid during the emergency declared under Law Nº 27,541 (“Social Solidarity and Productive Re-Activation Law”) and shall be complied with on a monthly basis. In their first presentation with SIPRE, companies will also have to inform the stock of all their products during December 20201 and January 2021. According to the Resolution, the information submitted with SIPRE shall be considered confidential and non-compliance with the obligation of informing SIPRE shall be subject to the sanctions created under Law Nº20,680.

Resolution Nº 142/2021 – Home Office Regime and COVID Situation

Resolution Nº142/2021 issued by the Ministry of Labor, sets forth that the fact that certain employees are currently working in their domiciles in accordance with Decree Nº260/2020 and Resolution Nº207/2020 (which declares the health emergency in Argentina due to COVID -19 pandemic situation and exempts certain employees from their duty to assist to their workplaces, respectively) and/or with the measures implemented by their employers to mitigate the transmission of the COVID-19 virus, shall not be considered as a substitute of the written agreement required under Article 7 of Home Office Law Nº 27,555 as an expression of parties’ will.

General Resolutions Nº4936/21 and Nº4953/21 – Precautionary Measures and Tax Enforcement Proceedings

By means of General Resolutions N°4936/2021 and Nº 4953/21, Tax Enforcement Authority (“AFIP”) defers until May 31st, 2021 the suspension of (i) the application of precautionary measures against small and medium companies (“PyMES”) and (ii) initiation of tax enforcement proceedings.

Resolution Nº 104/21 – Repro II

By means of Resolution Nº 104/2021, the Ministry of Labor incorporated the recommendations issued by the Evaluation Committee of the Program Repro II and establishes new parameters and requirements to be met by companies in order to access the benefits of the program regarding the salaries accrued during February 2021.

Decree Nº 167/21 – Health Emergency

By means of Decree N° 167/2021, the Executive Branch extends until December 31st, 2021 the health emergency declared under Law Nº27,541. Among others, the Decree provides detail of which people shall comply with the mandatory quarantine for a term of 14 days.

Decree Nº 168/21 – Social, Preventive and Mandatory Distance and Isolation

By means of Decree N° 168/2021, the Executive Branch defers until April 9th, 2021 both “Social, Preventive and Mandatory Distance” (the “DISPO”) and “Social, Preventive and Mandatory Isolation” (the “ASPO”, even though that no jurisdiction was under ASPO at date of issuance of the Decree).

Administrative Decision Nº 268/21 – Closure of National Borders

By means of Administrative Decisions Nº 219/2021, the Chief of Staff defers until April 9th, 2021 the Administrative Decision Nº 2252/20 which determined the closure of national borders due to the transmission of SARS-CoV-2 lineage B.1.1.7. and the increase in the number of coronavirus cases.

Administrative Decision Nº 219/21 – Closure of National Borders

By means of Administrative Decision Nº 268/2021, the Chief of Staff decides to suspend all flights arriving from Mexico, Brazil and Chile given the new variants of the SARS-CoV-2 virus, the increase in the number of cases in Argentina and the presence of said variants in Argentina in connection with travelers. Among other regulations, the Administrative Decision sets forth that all travelers arriving from the “affected zones” shall comply with mandatory isolation and submit a SARS-coV-2 test upon their arrival and another one seven days after such arrival as a condition of mandatory isolation’s finalization.

General Resolution Nº 4942/21 – Payment Plan for Tax on Wealth

By means of General Resolution Nº 4942/2021, Tax Enforcement Authority (“AFIP”) sets forth a payment plan for tax on wealth created under Law Nº 27,605.

General Resolution Nº 4954/21 – Tax on Wealth

By means of General Resolution Nº 4954/21, Tax Enforcement Authority (“AFIP”) defers until April 16th, 2021 the deadline for the submission of the sworn statement and payment of the tax on wealth created under Law N 27,605.

Law Nº 27,613 – Promotion of Construction and Access to Housing

Law Nº 27,613 (the “Law”) implements the Federal Construction Incentive Regime and Access to Housing aimed for the development and investment in real estate project developments to be executed after the Law’s issuance date. The Law provides tax benefits for investors such as -among others- the exemption of Personal Assets Tax regarding the value of the investment for a maximum of two fiscal periods. For a maximum term of 120 days, investors are allowed to voluntarily declare with Tax Enforcement Authority (“AFIP”) non-declared monetary assets located in Argentina or abroad, and once transferred into a special account, affect such monetary assets exclusively to the development of the real estate project. Such amounts shall be subject to a special and reduced tax of 5% (for transfers performed during the first 60 days of issuance of the Law), 10% (for transfers performed during the following 30 days) or 20% (for transfers performed during the final 30 days); and shall be exempted of any other non-paid tax provided in the Law and free of any legal action or claim.

Resolution Nº 4943/2021, 4946/2021, 4945/2021 and 4948/2021 – Reference Values Applicable to Exports

By means of General Resolutions N° 4943/2021, 4946/2021, 4945/2021 and 4948/2021, the General Direction of Customs sets forth new values of reference for the export of certain products provided therein.

Resolution Nº 4947/2021 – Special Tax Benefits for Areas Affected by Forest Fire

Resolution Nº4947/20201 issued by Tax Enforcement Authority (“AFIP”) sets forth special tax benefits such as special dates for submitting and/or paying sworn statements of certain taxes in favor of tax payers whose main activity is located in areas affected by forest fires and included in AFIP’s web site

Decree Nº 191/2021 – Promotion Regime for the Creation of Employment in “Norte Grande”

Decree Nº191/2021 issued by the Executive Branch, creates a promotion regime under which special tax benefits are granted in favor of the employers who, subject to the conditions set forth in the Decree, hire new workers to perform their tasks in the provinces of Catamarca, Chaco, Corrientes, Formosa, Jujuy, La Rioja, Misiones, Salta, Santiago del Estero or Tucumán. In order to access the benefits under the promotion regime, employers will have to, among other conditions, have declared as main activity one of the activities included In the Decree. The Decree shall apply to labor relationships initiated during a twelve-month period of time counted as from March 25th, 2021.

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolution Nº 144/21 – Regulation of the Obligations of Awarded Companies under Plan Gas. Ar

By means of Resolution Nº144/21, the Secretariat of Energy regulates the obligations of the awarded companies under the “Argentine Natural Gas Production Promotion Plan 2020-2024” (Plan Gas. Ar), specifically in connection with (i) the principle of full, continuous, local, regional and national use of manpower and direct supply of goods and services by small and medium companies (“PyMES”) and regional companies (in accordance with Decree Nº892/2020) and (ii) the commitment of increasing in their contracts and purchases year after year the participation of goods and services supplied by local, regional and national suppliers (in accordance with Plan Gas. Ar bidding documents). The Resolution sets forth that obligations detailed in (i) and (ii) are valid and enforceable as from November 17th, 2020 and that awarded companies under the Plan Gas. Ar are responsible for their contractors’ compliance with said obligations. According to the Resolution, in order to fulfill the obligation detailed in (i), awarded companies must implement transparent procedures which shall assure the full attendance of suppliers and under which in case of equal price between offers, the local, regional and/or national company should be preferred. To such end, local, regional and/or national companies are entitled to equal the lowest price and conditions of the offer received by the awarded company under the Plan Gas. Ar. The Resolution also sets forth that the import of used goods which are produced locally shall be considered as a damage to national hydrocarbons value chain. In addition, the Resolution regulates the participation and hiring of controlled companies by the awarded companies for the supply of goods and services and sets forth specific antitrust conducts in connection therewith. Finally, the Resolution requires the awarded companies to submit within ten (10) business days counted as from the publication of the Resolution (March 3rd, 2021) valid receipts of the purchases and hiring performed between November 13th, 2020 and March 3rd, 20201 and destined to fulfill the commitments assumed under Resolution Nº447/2020

Resolution Nº 4939/21 – Implementation of the Tax Credit Certificate Granted in Guarantee under Plan Gas. Ar

Resolution Nº4939/21 issued by Tax Enforcement Authority (“AFIP”), sets forth that electronic tax credit certificates granted in guarantee under Decree Nº892/2020, can be applied for the payment of tax obligations and determines the procedure for the registration, use and assignment of said certificates

Province of Santa Cruz – Storage chambers for Hazardous Waste

By means of Disposition Nº 368/2021, the Secretary of Environment of the Province of Santa Cruz, sets forth the technical requirements for the construction of hazardous waste storage chambers, which shall be installed by generators and operators of same related to hydrocarbon and/or mining activities who temporarily collect same prior to transportation and/or treatment.

Province of Mendoza – Incentive Production Program (second call)

By means of Resolution 108/2021, the Ministry of Economy and Energy of the Province of Mendoza approves the terms and conditions for the participation on the second calling of “Mendoza Activates Hydrocarbons Program”, created by Law Nº 9.279.

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