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08 July 2024

Argentina enacts Bases Law and Tax Package

On 8 July 2024, the Argentine Government enacted Laws No. 27,742 ("Law of Bases and Starting Points for Argentine's Freedom" in English) and No. 27,743 (Fiscal Package Law or "Palliative and Relevant Tax Measures" in English) through publication in the Official Gazette.

Law No. 27,742 ("Ley Bases" in Spanish) declares the public emergency in administrative, economic, financial and energy matters, and delegates legislative powers to the Executive Branch for one year.

Among the main changes established by this law are:

  • Labor modernization
  • Special Incentive Regime for Large Investments ("RIGI" in Spanish)
  • State Reform (Administrative Reorganization, Privatization and Modification of Public Employment Law)
  • Reform of the Administrative Procedures Law No. 19,549
  • Concessions
  • Energy
  • Contracts and transactional agreements

Law No. 27,743 (Fiscal Package Law or Tax Package) establishes the following measures and modifications in tax matters:

  • Exceptional Regularization Regime ("Moratoria" in Spanish) for Tax, Customs and Social Security Obligations due until 31 March 2024, inclusive
  • Asset Regularization Regime ("Blanqueo" in Spanish)
  • Reduction in Personal Assets Tax from fiscal year 2023 and onward, and optional special tax advance regime for five fiscal years
  • Increases in personal deductions and changes in the scale of Income tax for individuals, applicable from fiscal year 2024, and certain adjustments for fiscal year 2023
  • Increase in the thresholds of the various categories of the Simplified Tax Regime for Small Taxpayers ("Monotributo" in Spanish), effective since January 2024

Additional Alerts will be forthcoming, analyzing the relevant changes in detail. (For background on the new laws, see EY Global Tax Alert, Argentine Congress approves bills that include major tax measures, dated 28 June 2024.

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Contact Information

For additional information concerning this Alert, please contact:

Pistrelli, Henry Martin & Asociados S.R.L., Buenos Aires

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

Document ID: 2024-1314

 
 

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