Argentina formalized a 35% tax for the purchase of foreign currency

The Government still maintains the maximum purchase quota of up to $ 200 per month per person and for savings purposes.

By:
Xinhua

12:00 PM / 16/09/2020

The Argentine Government made official this Wednesday, September 16, a new 35% tax on the purchase of foreign currency for hoarding purposes, a measure announced by the Federal Administration of Public Revenues (Afip), the collection institution of the South American country, through a published resolution in the Official Gazette.

The officialization of the new tax comes after the announcement made on Tuesday by the Central Bank of the Argentine Republic (Bcra), which seeks to “discourage” the demand for foreign currency.

According to the Bank, the measure seeks to “discourage the demand for foreign currency made by people (…) for the purposes of hoarding and card expenses”, in order to “prioritize the allocation of foreign currency to the recovery of economic growth and employment ”.

The decision maintains the maximum purchase quota of up to $ 200 per month for savings or hoarding purposes, as well as for payments in foreign currency with a debit or credit card, but modifies the current tax of 30%.

With the measure, the official dollar remains close to 79.36 pesos per unit in the retail market and to have access, residents must now pay about 130 pesos per unit.

According to the Afip, it was resolved “to establish a perception regime that will be applied on the operations reached by the tax For an Inclusive and Solidarity Argentina (Country)”.

The new tax does not include expenses related to health benefits, purchase of medicines, purchase of books in any format, use of educational platforms and Software for educational purposes.

The Afip explained that the expenses associated with research projects in the scope of the State, as well as the acquisition abroad of equipment materials and other goods destined for civil protection of the population, will also be exempt from the tax.

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