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In brief

On 5 March 2021, the Federal Tax Authority (FTA) published General Resolution No. 4939 (“Resolution“) in the Official Gazette, through which the procedure for the registration, application and assignment of the Certificates of Fiscal Credit in Guarantee, within the framework of the Plan for the Promotion of Argentine Natural Gas Production, was established.

On 5 March 2021, the Resolution was published in the Official Gazette, by which the FTA established that the Tax Credit Certificates in Guarantee obtained in the framework of Decree No. 892 of 13 November 2020, issued under the modality of “electronic guarantee tax credit certificates,” in accordance with the provisions of Resolution No. 125 of 20 February 2021 of the Ministry of Energy, may be applied to the cancellation of tax obligations with regard to the balance of the affidavit and/or advances, plus their compensatory and/or punitive interests and fines, amongst others.

For these purposes, the requirements, conditions and procedures established in the Resolution, in relation to the obligation to inform the issuance of the tax credit certificates in guarantee, their consultation, imputation, assignment and cancellation of advances, must be complied with.

In this regard, the Guarantee Tax Credit Certificates will be registered by the FTA in the service “administration of tax incentives and credits” available on its institutional website. When said certificates acquire the “valid” status, for the taxpayers and/or those responsible they will have the nature of a credit in their favor, nominated in USD, and may be applied to the cancellation of the aforementioned tax obligations. To this end, the certificates will be converted into ARS currency according to the buyer exchange rate established by the National Bank of Argentina at the end of the day prior to their effective use.

In addition, the amount of Guarantee Tax Credit Certificates allocated as tax advances and computed in the affidavit of certain fiscal period may be applied up to the limit by which it is admissible to affect such certificates.

The allocation of the certificates may generate free available tax credits (saldos de libre disponibilidad) under any circumstances. Consequently, the amounts allocated in excess may be applied to future obligations, if appropriate.

The provisions of the Resolution came into effect as of 3 March 2021. The option of “administration of tax incentives and credits” to be used for the application of the regime will be available on the institutional website of the FTA from 15 March 2021.

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Juan Pablo Menna is a partner in the Tax Practice Group in Baker McKenzie, Buenos Aires. He is a member of the Buenos Aires Bar Association and the Argentine Association of Fiscal Studies, and was a professor in Austral University.