Executive summary

On 20 November 2025, as part of the Participatory Norm Program, the Argentine tax authority (ARCA) published the draft of the General Resolution that will replace the current General Resolution (AFIP) 4717/20, which is the cornerstone of the Argentine transfer pricing regime. The draft will be available for comments until 12 December 2025.

In the draft, the ARCA establishes new obligations to be fulfilled and reinforces the need to conduct a thorough analysis of the transactions subject to transfer pricing regulations.

According to the draft, the modifications will apply to fiscal years ending on or after 31 December 2025.

Main modifications

The main modifications that the published draft seeks to incorporate into the Argentine transfer pricing regulations are summarized below.

Comparable companies with losses: The draft reinforces the limitation on the use of comparable companies with operating losses.

Comparability adjustments: Clarifications are included for the calculation of comparability adjustments, and it is presumed that the existence of numerous or significant adjustments indicates a lack of comparability. Additionally, limitations are introduced for making adjustments to the local tested party.

Intertemporal consistency: A proper justification is required for any change in transfer pricing method or analysis methodology for the same transaction that was used in the previous fiscal period. The same requirement applies in the case of modifying profitability indicators or accepting or rejecting comparables.

Services received — deductibility: Services provided to the local taxpayer will be deductible for Income Tax purposes if the services were performed as between independent parties under comparable conditions. Similar rules apply for the deductibility of royalties when they include the provision of services.

Low-value-added services received: If the requirements for considering services received as between independent parties are met, it will be possible to treat those services according to the arm's-length principle without conducting a specific comparability analysis for the received low-value-added services, with a benefit margin of up to 5% calculated over the costs incurred specifically for the provision of such services, as long as the other requirements detailed in the draft are also met.

Tested party: A foreign entity may be selected as the tested party for services provided to Argentina if strict requirements are met.

Financial operations, implicit support: Implicit support is defined as the effect that a company's passive association with a group of related companies has on its credit rating and financing conditions, even in the absence of explicit contractual guarantees.

Hard-to-value intangible assets: A definition of hard-to-value intangible assets is included in the draft.

International intermediaries: Various modifications related to the international intermediary regime are included. Particularly noteworthy adjustments include: changes to the definition of intermediary, a new way to determine the calculation methodology for transfer pricing adjustments, an expanded concept of substance, and a requirement to conduct the corresponding analysis within the Transfer Pricing Study.

Long-term contracts for the export transactions of commodities: The draft stipulates that when international sales or supply contracts for commodities are agreed upon, the functional analysis must also include justification and evidence that financial projections for the project allow for achieving a profitability comparable to that of independent parties under similar conditions.

Transfer pricing adjustment for business restructuring: Modifications are included in the applicable provisions for business restructuring, including that the amount of transfer pricing adjustment for restructuring must be reported separately from any other adjustment.

Transfer pricing methods: Requirements and limitations are added for (1) the use of the comparable-price method, (2) methods based on gross profit and (3) the so-called "other" methods.

Transfer pricing adjustments in favor of the local entity: Downward tax adjustments may only be recognized if they result from a mutual procedure conducted in accordance with the provisions of tax treaties signed to prevent double taxation.

Export transactions of commodities: In transactions involving commodity exports, adjustments to the agreed price must be recorded as stipulated in Article 17 of the Income Tax Law, under the terms and conditions established by the ARCA. Documentation supporting the parties' implicit or explicit agreement regarding these adjustments must be kept available for the ARCA, and the Transfer Pricing Study must include justification regarding the comparability of these conditions.

De minimis values update: In line with the modification to the Regulatory Decree established by Decree No. 767/2025, the draft updates the minimum amounts for the mandatory annual submissions of the Transfer Pricing Study, Master File, and Form 2,668. (For more on Decree No. 767/2025, see EY Global Tax Alert, Argentina updates income tax regulations affecting transfer pricing compliance obligations, dated 31 October 2025.)

Master File — submission: The procedure for submitting the Master File is replaced by the creation of Form 2,673.

Form 2,668 — International Tax Compliance Risk Management Questionnaire: The draft amends the current questionnaire in Form 2,668 by adding an obligation to respond to a comprehensive questionnaire aimed at providing supplementary information on international operations related to compliance risk management in international taxation (relatively similar to the previously abrogated Argentine MDR regime — RICOI) . (For more on RICOI, see EY Global Tax Alert, Argentina eliminates the mandatory disclosure regime (MDR), dated 23 October 2025.)

Implications

Affected entities should be aware of the changes proposed in the draft and review their compliance processes in light of these future changes to ensure adherence to the transfer pricing updates.