Historical Repair For Retirees And Pensioners National Program - Creation - Updated Text Of The Norm

Original Language Title: REPARACION HISTORICA PARA JUBILADOS Y PENSIONADOS PROGRAMA NACIONAL - CREACION - Texto actualizado de la norma

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
NATIONAL PROGRAMME OF HISTRICAL REPARATION FOR JUBILADOS AND PENSIONS

Law 27260

Creation.

The Senate and Chamber of Deputies of the Argentine Nation assembled in Congress, etc. sanction with force

Law:

BOOK I

PART I

National Historical Reparation Programme for Retired and Pensioned Persons

Chapter I

General provisions

ARTICLE 1 — See the National Program of Historical Reparation for Retired and Pensioned, henceforth the Programme, for the purpose of implementing agreements that will allow the realignment of assets and cancel the forecast debts with respect to those beneficiaries who meet the requirements of this Act.

Agreements may be entered into in cases where there is a trial initiated, with or without a final judgement, and also where there is no trial initiated.

All agreements must be approved by the courts, for which the summons of the parties shall be dispensed.

In order to expedite the implementation of the Programme, agreements, judicial records and other actions under the Programme may be implemented through electronic means. The digital signature and/or any other means that affords sufficient guarantees on the identity of the person will also be accepted.

ARTICLE 2 — Determine the emergency in the field of previsional litigation, for the sole purpose of the creation and implementation of the programme provided for in this law, with the aim of concluding agreements in cases where the trial has been initiated, with or without a final judgement, and also in which there is no trial initiated.

The state of emergency shall apply for three (3) years from the enactment of this law.

Chapter II

Individual provisions

ARTICLE 3 — They may enter the Programme:

(a) The holders of a projectional benefit whose initial benefit had been calculated by the methods provided for in article 49 of Act No. 18.037 (t. 1976) and its amendments, or in articles 24, 97, or 98 of Act No. 24,241 and its supplements and amendments;

(b) The holders of a previsional benefit acquired prior to 1 December 2006, whose mobility is governed by article 53 of Law 18.037 (t. 1976) and its amendments, or by article 38 of Law 18.038, until 31 March 1995, and/or by article 7(2) of Law 24,463 between 1 January 2002 and 31 December 2006;

(c) The holders of a forecast benefit derived from those identified in points (a) and (b).

In the case of the beneficiaries set forth in article 1 of the present law who have initiated a judicial action and have a firm sentence and do not accede to the Programme implemented in this Act, the National Social Security Administration (ANSES) will continue to comply with these laws, as provided for in law 24,463 and in the priority order set out in article 9 of this Act.

ARTICLE 4 — The Programme shall be implemented through transactional agreements between the National Social Security Administration (ANSES), and the beneficiaries set out in Article 3 of this Law, who voluntarily decide to participate.

Transactionary agreements shall be approved at the judicial headquarters, and shall contain transactions in the terms established by the regulation of this law.

ARTICLE 5 — The transactional agreements shall deal with the following matters, as appropriate:

I. Redetermination of the initial:

(a) In cases of benefits under Act No. 18,037 (t. 1976) and its modifications, the remuneration considered for the calculation of the average wage will be updated as provided for in article 49 of the said rule, until 31 March 1995, or the date of acquisition of the right if it were previous, with the General Level of Remunerations Index (INGR);

(b) In cases of benefits under Act No. 24,241 and its supplements and modifications, the remuneration referred to in Article 24 (a) and those referred to in Article 97 shall be updated to the date of acquisition of the right, in accordance with a combined index. It will consider the variations in the General Level of Remuneration Index (INGR) from 1 April 1991 to 31 March 1995, after the Average Immuneration Index of Stable Workers (RIPTE) until 30 June 2008, and from there the equivalent of the mobility set out in Law 26,417. (Note Infoleg: by art. 2nd Decree No. 894/2016 B.O. 28/07/2016 states that the remuneration mentioned in this paragraph shall be updated in accordance with the combined index set out in Annex I to the Resolution of the Social Security Secretariat No. 6 dated 18 July 2016. Watch: from the day after the date of publication in the Official Gazette)

II. Mobility of assets:

(a) In cases of benefits under the Acts 18,037 (t. 1976) and their amendments and 18,038, or of an earlier general regime, the assets shall be adjusted with the General Level of Remuneration Index (INGR) until 31 March 1995;

(b) In cases of benefits that between 1 January 2002 and 31 December 2006 have been governed by article 7, paragraph 2, of Act No. 24,463 and its amendments, the assets shall be adjusted during that period, according to annual variations in the Salaries Index, General Level, prepared by the National Institute of Statistics and Censuses (INDEC), deducting the amounts that may have been paid in the year 1,199.

The readjustment may not exceed the forecast maximum or the current caps in each period.

This Act does not modify the minimum or maximum foreseeable assets, nor the maximum and ceilings set out in Act No. 24,241, their supplements and modifications.

The agreement may not include matters or periods on which there was a judgement, if the judgement is already enforced.

ARTICLE 6 — Once the transactional agreement has been approved judicially, the transactional agreement will have effect as a matter of trial, with the judicial process concluded.

The readjustment of the existence and payment of the accretions to which it is entitled shall be made in accordance with the requirements, timelines and priority order established in the regulation of this law.

The aggressions, constituted by the accrued differences month by month between the readjustment and the receipt, shall include the capital with more interest, up to the actual payment, calculated in accordance with the Average Passive Rate published by the Central Bank of the Argentine Republic, respecting the provisions of laws 23.982, 24.130 and 25,344 and their amendment, and in chapter IV, paragraph 1 of the Decree No.

The payment will be made in cash, canceling fifty percent (50%) in one (1) quota, and the remaining fifty percent (50%) in twelve (12) quarterly, equal and consecutive quotas, which will be updated to the date of payment, with the same increases that are awarded for mobility.

ARTICLE 7 — The transactional agreement shall contain payment proposals taking into consideration the status of advance of claims:

(a) In cases where he has rendered a final judgement prior to 30 May 2016, a proposal will be made to pay the differences that have been made since the two (2) years prior to the notification of the claim;

(b) For cases in which there is a trial initiated prior to 30 May 2016, and without a final judgement on that date, a proposal will be made to pay the agreed differences from the two (2) years prior to the notification of the claim and up to a maximum of forty-eight (48) months of retroactive, taking place in the latter case, the months prior to the date of acceptance of the proposal;

(c) For cases in which there is no trial initiated prior to 30 May 2016, a proposal will be made to pay the differences accrued since the submission of the application for entry to the Programme. The fees corresponding both for the conclusion of the transactional agreements and for their corresponding approval shall consist of a fixed amount to be determined in the regulation and shall be free for the beneficiaries of this subparagraph.

ARTICLE 8 — In relation to the calculation of the retention of the tax on profits, it is stated that the capital of the retroactive that is paid is composed as if the amounts owed had been paid in the month in which they were accrued.

With respect to the amounts appropriate for interest and updating of the capital, the same shall be exempt from the profit tax.

ARTICLE 9 — The application authority shall establish the priority order to effect the inclusion of the beneficiaries in the Programme, in response to the circular ANSES 10/2016.

ARTICLE 10. — Créase the Joint Commission on the Control and Prevention of Previsional Litigation, within the Ministry of Labour, Employment and Social Security, which shall be composed of one (1) representative of the Chief of Staff of Ministers, one (1) of the Social Security Secretariat of the Ministry of Labour, Employment and Social Security, one (1) of the National Social Security Administration (ANSES) and one (1) representative of the active workers on the proposal of the Ministry of Labour.

The Joint Commission for the Control and Prevention of Previsional Litigation shall be responsible for the consideration and analysis of the cases not covered by the transactional agreements, which require similar treatment for the purpose of reducing litigation, in order to propose to the Bicameral Commission for the Control of Social Security Funds its incorporation into the programme established by article 1 of this Act.

It is also the responsibility of the Joint Commission on the Control and Prevention of Previsional Litigation, the definition of criteria and strategies to prevent future litigation.

Chapter III

Implementation authority

ARTICLE 11. — The National Social Security Administration (ANSES) will be the implementing authority of the Programme and will issue the necessary rules for its implementation.

PART II

Previsional Sustainability Council

ARTICLE 12. — The Previsional Sustainability Council, within the Ministry of Labour, Employment and Social Security, will be responsible for the elaboration of a bill containing a new universal, comprehensive, solidarity, public, sustainable and distribution regime for subsequent referral by the national executive branch to the Honorable Congress of the Nation.

The Previsional Sustainability Council shall incorporate as an integral part of the same one (1) representative of active workers.

The Previsional Sustainability Council shall perform its duties within three (3) years of the entry into force of this Act. And you must submit a report to the Bicameral Commission on Social Security Fund Control every six (6) months.

PART III

Universal Pension for the Elderly

ARTICLE 13. — Nationally set up the Universal Pension for Older Adult, of a vital and non-contributory character, for all persons of sixty-five years of age or older, who meet the following requirements:

1. To be a native Argentine citizen, by option or naturalized, in the latter case with a minimum legal residence in the country of ten (10) years prior to the date of application of the benefit, or to be foreign citizens, with minimum legal residence accredited in the country of twenty (20) years, of which ten (10) must be immediately prior to the date of application of the benefit.

2. Not a retirement, pension or retirement beneficiary, of a contributory or non-contributory nature.

3. It is not found by virtue of the Unemployment Benefit provided for in law 24.013.

4. In the event that the holder receives a single benefit, he or she may choose to receive the benefit set out in the present.

5. Stay in the country.

Beneficiaries of non-contributory old-age pensions granted by the Ministry of Social Development may choose to be beneficiaries of the Universal Pension for Older Persons, provided that they meet the full requirements set out in this article.

The National Social Security Administration (ANSES) prior to the granting of the benefit will conduct socio-economic and property assessments on the basis of objective criteria set out in the regulation, in order to ensure access to those most vulnerable. (Last paragraph incorporated by art. 37 of the Act No. 27.467 B.O. 4/12/2018)

ARTICLE 14. — The Universal Pension for the Elderly shall consist of the payment of a monthly benefit equal to 80 per cent (80%) of the guaranteed minimum amount referred to in article 125 of Law 24,241, its supplements and modifications, and shall be updated in accordance with Article 32 of the same Law.

ARTICLE 15. — The provision set by this Title is as follows:

(a) It is very personal and does not generate a right to a pension;

(b) It is of a vital nature;

(c) It cannot be alienated or affected by any law by third parties, except as provided in the following subparagraph;

(d) It is unpaid, with the exception of food quotas, and up to twenty percent (20%) of the monthly benefit.

ARTICLE 16. The enjoyment of the Universal Pensión para el Adulto Mayor is incompatible with the performance of any activity in relation to dependency or on its own account, excluding in the latter case the taxpayers attached to the Simplified Regime for Small Contributors who are registered in the National Register of Local Development Ephors and Social Economy of the Ministry of Health and Social Development.

(Article replaced by art. 38 of the Act No. 27.467 B.O. 4/12/2018)

ARTICLE 17. - The holders of the Universal Pension for the Elderly shall be entitled to the benefits granted by the National Institute of Social Services for Retired and Pensioned (INSSJP), and are reached by the provisions of article 8 (a) of Law 19.032 and its amendments.

For each beneficiary of the Universal Pension for Older Persons who agree to the benefits, the sums equivalent to the amount of a retiree to which the minimum benefit set out in article 125 of Act No. 24,241 shall be entered into the National Institute of Social Services for Jubilee and Pensioners (INSSJP). The corresponding expenditure will be borne by the National Treasury from general income.

ARTICLE 18. - Replace article 1 (b) of Act No. 24,714 and its amendments, with the following text:

(b) A non-contributory subsystem of application to the beneficiaries of the Argentine Integrated Previsional System (SIPA), beneficiaries of the non-contributory pension system for disability, and for the Universal Pension for the Elderly, which will be funded by the resources of the forecast scheme provided for in article 18 of Law 24,241.

ARTICLE 19. — The cost of the payment of the benefits of this Title shall be met by the National Treasury with funds from general income.

ARTICLE 20. - The provisions of article 3 of the Act 26,970 shall apply to those who request, in the future, forecast benefits with recognition of services protected by law 24,476, as amended by Decree 1.454/05.

ARTICLE 21. — From the present dictation, the cancellation of obligations under the moratorium regime provided for in Act No. 24,476 and its amendment shall be carried out in the manner and conditions established by the Federal Public Income Administration (AFIP), by payment of cash or by a plan of up to sixty (60) assessed contributions, the amounts of which shall be adjusted on a biannual basis by the application of the mobility index established by Article 32 of Law.

ARTICLE 22. — Women who, during the period provided for in article 12, meet the retirement age provided for in article 37 of Act No. 24,241 and are under the age provided for in article 13 of this Act, may choose to enter the system of regularization of previsional debts provided for in Act No. 26,970 under the conditions provided for therein. (Note Infoleg: forart. 1 Resolution No. 158/2019 of the National Social Security Administration B.O. 27/06/2019 the period established in this paragraph is extended for the purpose of the regularization of forecast debts) (Note Infoleg: by art. 15 Decree No. 894/2016 B.O. 28/07/2016 the period referred to in this paragraph shall expire on 23 July 2019. Watch: from the day after the date of publication in the Official Gazette)

The period referred to in article 12 may be extended equally for the purposes set forth in this article.

In the case of men, the validity of article 6 of the law 25,994 and decree 1454/05 be restored for the term of one (1) year, which may be extended by one (1) year.

ARTICLE 23. — The National Social Security Administration (ANSES) and the Federal Public Income Administration (AFIP), within the framework of their respective competences, shall issue the complementary and clarification standards necessary for the implementation of the provisions of this Title.

PART IV

Ratification of Agreements

ARTICLE 24. — Ratify the Agreement signed on 23 May 2016 between the national State, the provincial governments and the Autonomous City of Buenos Aires, which as Annex I is an integral part of the present.

ARTICLE 25. — Ratify the Agreement signed on 26 May 2016 between the national State and the province of Santiago del Estero, which as Annex II is an integral part of the present.

(Note Infoleg: Extensions payment of the capital of the loans for the disbursements of the year 2016, according to the PROVINCIES and the AUTÓNOMA CIUDAD OF BUENOS AIRES, ratified by articles 24 and 25 of this Law, that have been published in Official Gazette can be consulted by clicking on the link "This rule is complemented or modified by standard X(s)."

ARTICLE 26. — The National Treasury, from general income, shall cover an amount equivalent to the amounts that are no longer detracted as a result of the Agreements ratified in this Title, an amount that shall continue to be considered as a reference to the purposes of the calculation of mobility provided for by law.

The granting of the free availability loan provided for in Article 3 of the Agreement which is ratified by this law shall not be subject to the prior authorization provided for in Article 25 of Law 25.917.

PART V

Harmonization of Provincial Previsional Systems

ARTICLE 27. — Instruct the national executive branch that through the relevant agency has arrived within a time limit of CIENTO VEINTE (120) days to an agreement with the provinces whose forecasting systems were not transferred to the national State in order to compensate for any asymmetries that might exist in respect of those jurisdictions that had transferred their forecasting regimes, so as to place all provinces on an equal basis in the national budget.

A methodology should be agreed in order to establish that the amounts received by the National Social Security Administration (ANSES) arise from calculating the imbalances as if the forecast system in question had been transferred to the national State and to establish a monthly and automatic mechanism for transfer of funds in an amount that cannot be less than the CINCUENTA (50%) of the amount transferred the previous year.

(Article replaced by Article 123 of the Act No. 27.431 B.O. 2/1/2018)


PART VI

Impact of the Resources of the Argentine Integrated Previsional System Sustainability Fund

Chapter I

Applicable resources

ARTICLE 28. — For the purpose of obtaining the necessary resources for the Programme, it is stated that the payment of the amounts provided for in Article 6 to beneficiaries of the Argentine Integrated Provident System (SIPA) who have judicially approved agreements with the National Social Security Administration (ANSES) under the programme set out in this Law must be covered in its entirety, without being able to set limits on the payments, with the resources specified in Article 24,2 of the Regulations.

(Article replaced by Article 2 of the Law No. 27.574 B.O. 19/11/2020. Watch: from the day following the date of publication in the Official Gazette of the Argentine Republic.)

ARTICLE 29. — The Argentine Integrated System Sustainability Guarantee Fund (FGS) shall have a maximum period of four (4) years to re-execute its investments to the new caps provided for in each section of Article 74 of Law 24,241, as amended in the terms of this Law, and to remedy any difference with such caps resulting from the fulfilment of the payments provided for in the Programme. During the first three (3) years of readjustment the limits set may not exceed twenty-five per cent (25%) those provided for in Article 74 of Law 24,241, as amended by this Law.

(Note Infoleg: by art. 3o of the Law No. 27.574 B.O. 19/11/2020 extends by the term of four (4) years, counted from the date of validity of the reference law, the period provided for in this article to remedy all differences in investment ceilings provided for in article 74 of Law 24,241 and its modifications. Watch: from the day following the date of publication in the Official Gazette of the Argentine Republic.)

Chapter II

Adequacy of the Argentine Integrated System Sustainability Guarantee Fund

ARTICLE 30. — Replace article 74 of Law 24,241 and its amendments to the following text:

Article 74: The assets of the Argentine Integrated Previsional System (FGS) Sustainability Guarantee Fund shall be invested in accordance with appropriate safety and profitability criteria, respecting the limits set by this law and regulatory standards. The Argentine Integrated System (FGS) Sustainability Guarantee Fund will be able to reverse the Fund ' s assets administered in:

(a) Public credit operations of which the national State is owed through the Ministry of Finance and Public Finance Ministry of Finance, whether public securities, Treasury letters or loans up to fifty per cent (50%) of the Fund ' s total assets. A hundred per cent (100%) net of the caps provided for in this article may be increased to the extent that the surplus has resources specifically affected to its compliance or security rights or granted by international agencies or entities to which the Nation is a party. The titles representing the public debt of the national State that were received in exchange by the administrators of retirement and pension funds in the framework of the restructuring of public debt are excluded from the caption set out in this paragraph, in the terms of articles 65 of Law 24,156 and its amendments and 62 of Law 25,827 and its amendment, irrespective of their lack of the guarantees provided for therein;

(b) Titles issued by the provinces, the Autonomous City of Buenos Aires, the municipalities, the Central Bank of the Argentine Republic, other indigenous entities of the national and provincial state, state companies, national, provincial or municipal, up to thirty percent (30%) of the total assets of the Fund;

(c) Negotiable obligations, debits and other debt representative securities issued by national anonymous corporations, financial entities, cooperatives and civil associations and branches of foreign companies, authorized to bid by the National Securities Commission, up to forty per cent (40%) of the total assets of the Fund;

(d) Fixed-term deposits in financial entities governed by law 21.526 and their modifications, up to thirty per cent (30%) of the Fund ' s total assets;

(e) Actions and/or negotiable obligations convertible into shares of national, mixed or private companies whose public offer is authorized by the National Securities Commission and which are listed in markets authorized by the National Securities Commission for the purpose of organizing transactions with negotiable values that have public tenders, at least 7 per cent (7 per cent) and up to a maximum of 50 per cent (50%) of the Fund ' s total assets.

Operating in actions includes futures and options on these securities, with the limitations that in this regard establish the regulations.

The transfer and/or any other act or action limiting, altering, deleting or modifying the destination, ownership, domain or nature of the assets provided for in this paragraph is prohibited, provided that it results in a holding of the Fund below that established in the first paragraph of this paragraph, without prior express authorization of the Honorable Congress of the Nation, with the following exceptions:

1. Public procurement offers for all holders of such assets and at an equitable price authorized by the National Securities Commission under chapters II, III and IV of Title III of Law 26.831.

2. Exchanges of actions for other actions of the same or other society in the framework of processes of merger, excision or corporate reorganization.

(f) Actions of State companies and anonymous companies with majority state participation up to twenty percent (20%) of the total assets of the Fund;

(g) Contributions from common investment funds authorized by the National Securities Commission, open or closed, up to twenty per cent (20%) of the Fund ' s total assets;

(h) Contracts that are negotiated in future markets and options that the Executive Committee of the Argentine Integrated System Sustainability Guarantee Fund (FGS) determines, up to 10 per cent (10%) of the total assets of the Fund;

(i) Mortgage securities, mortgage letters and other securities that have mortgage guarantee or whose services have been guaranteed by mortgage guarantee credits, authorized to the public offer by the National Securities Commission, up to twenty-five per cent (25%) of the total assets of the Fund;

(j) Characteristics of quotas for participation in direct, trust and singular investment funds, with public tender authorized by the National Securities Commission, up to 10 per cent (10%) of the Fund ' s total assets;

(k) Securities issued by financial trusts not included in subparagraphs (i) or (j), up to thirty per cent (30%) of the Fund ' s total assets;

(l) Debt representative securities, participation certificates, shares, assets or other securities and loans whose purpose is to finance productive, real estate or medium- and long-term infrastructure projects in the Argentine Republic. These investments should be allocated at least 5 per cent (5%) and up to a maximum of 50 per cent (50%) of the Fund ' s total assets;

(m) The granting of financing to the beneficiaries of the Argentine Integrated Previsional System (SIPA), up to twenty percent (20%) of the total assets of the Fund, under the modalities and conditions established by the National Social Security Administration (ANSES).

ARTICLE 31. — Replace article 75 of Law 24,241 and its amendments to the following text:

Article 75: The assets of the Argentine Integrated Previsional System (FGS) Sustainability Guarantee Fund may not be invested in shares of investment fund managers, whether common or direct, of a trustworthy and unique nature or in actions of risk qualifiers.

ARTICLE 32. — Replace article 76 of Law 24,241 and its amendments to the following text:

Article 76: Investments of the Argentine Integrated Previsional System (FGS) Sustainability Guarantee Fund shall be subject to the following limitations:

(a) Risk rating. The following assets or entities shall be qualified by a properly authorized risk qualifier:

1. The assets of Article 74 (b), except for the securities issued by the Central Bank of the Argentine Republic.

2. The assets of article 74 (c), (i) and (k).

3. Financial entities where investments under article 74 (d) are made or that maintain assets under article 77.

4. Negotiable obligations convertible into actions under article 74 (e).

5. The assets of article 74 (g), where the investment object of the common investment fund concerned is mainly investment in debt instruments.

(b) Other investments. The Executive Committee of the Argentine Integrated System Sustainability Guarantee Fund (FGS) may establish the additional minimum requirements to be met by each of the investments provided for in Article 74 for investment by the Argentine Integrated System Sustainability Guarantee Fund (FGS);

(c) Caution. When the Argentine Integrated System Sustainability Guarantee Fund (FGS) conducts captive operations with its assets or financial operations that require clothing or levies on its assets, it can only do so over up to twenty per cent (20%) of the total assets of the Fund.

ARTICLE 33. — Replace article 77 of Law 24,241 and its amendments to the following text:

Article 77: The Fund ' s assets should not be immediately implemented, as provided for in article 29 of the Act establishing the National Historical Reparation Programme for Retired Persons and Pensioned Persons and in article 74 and the special conditions and situations established by the regulations, be deposited in financial entities in accounts exclusively for the Fund, where the entire proceeds of investments must be deposited.

Such accounts may only be carried out in respect of investments for the Fund, the erogations provided for in article 29 of the Act on the Establishment of the National Historical Reparation Programme for Retired Persons and Pensioned Persons, the payment of indebtedness and satisfaction of deposits issued with the caps of article 76 (c) and the payment of benefits.

The accounts will be maintained in banking financial entities authorized by law 21.526 and their modifications.

ARTICLE 34. — Replace article 8 of Law 26,425 with the following text:

Article 8: Resources may be used only for payments of the benefits of the Argentine Integrated Previsional System (SIPA), including payments provided for by the National Historical Reparation Programme for Retired and Pensioned and for the operations permitted by Article 77, paragraph 2, of Law 24,241.

In the terms of article 15 of Law 26,222, the Fund ' s assets will be invested according to appropriate security and profitability criteria, contributing to the sustainable development of the real economy in order to ensure the virtuous circle between economic growth and the increase in social security resources.

The permitted investments shall be those provided for in article 74 of Act No. 24,241 and its amendments, governing the prohibitions of article 75 of the Act and the limitations of article 76.

PART VII

Final provisions

ARTICLE 35. - Default of articles 78 to 81 of Law 24,241 and its amendments, section 5 (c) (2) of Act No. 24,714 and its amendments and Act No. 27,181, as well as any other rule that is contrary or incompatible with the provisions of this Act.

BOOK II

FISCAL SYSTEM

PART I

Voluntary and exceptional system of declaration of possession of national, foreign and other property in the country and abroad

ARTICLE 36. - Humans, indivisible successions and subjects covered by article 49 of Act No. 20,628 on Gain Taxes (text ordered in 1997) and their modifications, domiciled, resident, according to the terms of Chapter I, Title IX of the Law quoted, are established or constituted in the country as at 31 December 2015, inscribed or not to the Federal Government of Public Entry

ARTICLE 37. — The following assets may be subject to the voluntary and exceptional declaration provided for in this Title:

(a) National or foreign currency:

(b) Real;

(c) Furniture, including shares, participation in societies, rights inherent in the character of trustees or other similar types of assets of affectation, all kinds of financial instruments or securities, such as bonds, negotiable obligations, certificates of deposit in custody (ADRs), shares of funds and other similar;

(d) Further property in the country and abroad, including credits and all types of rights that are susceptible to economic value. (Note Infoleg: By art. 1 Resolution No. 40090/2016 of the Superintendence of Insurance of the Nation B.O. 14/10/2016 it is stated that they are included in Article 37 (d) of Law 27.260, the assets and/or credits originated in insurance policies contracted abroad, to the extent that they are cancelled and/or rescued prior to the voluntary and exceptional declaration of such credit in the terms of Title I of Book II of the aforementioned Law. )

Declared assets shall be pre-existing at the date of promulgation of this law in the case of property declared by human persons and at the date of closure of the last closed balance prior to 1 January 2016, in the case of property declared by legal persons. It will henceforth refer to these dates as the Date of Preexistence of Goods.

National or foreign currency holdings that have been found in bank entities of the country or abroad shall also be included for a period of three (3) months prior to the Pre-existence of Property, and it may be proved that prior to the date of the voluntary and exceptional declaration:

(a) They were used in the acquisition of immovable property or non-expendable furniture located in the country or abroad, or;

(b) They have been incorporated as the capital of companies or farms or transformed into a loan to other subjects of the Tax on Household Gains in the country. It should also be fulfilled that they remain in any such situation for a period not less than six (6) months or until March 31, 2017, which is greater.

They may not be subject to the voluntary and exceptional declaration provided for in this Title, possessions of currency or securities abroad, which are deposited in financial entities or custodial agents based or located in jurisdictions or countries identified by the Financial Action Task Force (FATF) as high risk or non-cooperative.

ARTICLE 38. The voluntary and exceptional declaration shall be made as follows:

(a) In the case of deposits of currency or securities abroad, by declaration of deposit in banking, financial, brokering agents, custodial agents, deposit boxes of securities or other depository entities of foreign securities, in the form and time limit provided by the regulations governing the Federal Public Income Administration.

Those who declare possessions of currency or securities abroad shall not be obliged to enter the country. Those who choose to do so shall enter them through the entities covered by the law 21.526 and their amendments and 26,831;

(b) In the case of possessions of national or foreign currency or securities deposited in the country, by declaration and accreditation of deposit;

(c) In the case of national or foreign cash holdings in the country, by depositing it in accordance with article 44, in entities covered by the law of 21,526 and its amendments and 26,831, to be effective until 31 October 2016, including;

(d) For other movable and immovable property located in the country or abroad, by presenting an affidavit in which the same shall be identified, with the requirements set by the regulation.

In the case of human persons or indivisous successions, for the purposes of this article, the voluntary and exceptional declaration shall be valid even if the property declared to be in possession, registered, registered or deposited on behalf of the spouse of the taxpayer of the person making the declaration or of his or her ascendants or descendants in the first or second degree of consanguinity or affinity, or of third parties to the extent covered by article 36, of this regulation.

Prior to the date of expiry for the presentation of the affidavit of the 2017 Tax Tax Tax Tax, declared assets shall be listed on behalf of the declarant. Failure to comply with this condition shall deprive the subject who makes the voluntary and exceptional declaration of all the benefits provided for in this Title.

ARTICLE 39. - Human persons or indivisous successions may, for the only time, choose to declare to the Federal Public Income Administration, under their personal competence, possessions of currency and goods that appear as belonging to societies, trustees, foundations, associations or any other entity constituted abroad whose ownership or benefit corresponds to them as at 31 December 2015, inclusive.

If there is more than one right-holder, shareholder or holder, the property may be declared in the proportion of those who decide to make the voluntary and exceptional declaration provided for in this Act.

ARTICLE 40. — For the purposes of the voluntary and exceptional declaration, the holdings of currency and goods expressed in foreign currency shall be assessed in national currency considering the value of the foreign currency concerned, the type of purchaser of the Banco de la Nación Argentina, in force to the date of pre-existence of the Property.

When actions, participations, shares of interest or benefits are voluntarily declared in societies, trustees, foundations, associations or any other entity constituted in the country and/or abroad, they shall be assessed on the proportional value that such actions, shares, shares of interest or benefits represent on the total assets of the entity as determined by the regulation.

Real estate shall be assessed at the value of the square as provided by the regulations.

The exchange assets shall be assessed on the date of pre-existence of the Property, as provided for in article 4 (c) of the Minimum Wage Tax Act.

The externalization set out in the preceding paragraph shall entail for the declarant, the unconditional acceptance of the impossibility of computing — for the purposes of determining the tax on profits — the assets concerned, in the initial existence of the next immediate fiscal period.

In the case of other goods, they shall be assessed on the date of pre-existence of the Property, in accordance with the rules of the Personal Property Tax, when the holders are human persons or indivisous successions, and in accordance with the provisions of the Tax. Minimum Wound, whether it is the subjects covered by article 49 of the Law of Tax on Livestock (t. 1997) and its amendments.

ARTICLE 41. — Stabilize a special tax to be determined on the value of assets declared voluntary and exceptionally expressed in national currency according to the valuation methodology provided for in each case in this Act, as follows:

(a) Real estate in the country and/or abroad: 5 per cent (5%);

(b) Goods, including property that, as a whole, are of a value less than three hundred and five thousand ($ 305,000): zero per cent (0%);

(c) Property, including property that, as a whole, is of a value exceeding the amount provided for in subparagraph (b) of this article but which is less than eight hundred thousand ($ 800,000): five per cent (5%);

(d) Where the total declared property exceeds the amount provided for in subparagraph (c) on the value of non-removable property:

1. Declared before 31 December 2016, including: ten percent (10%).

2. Declared from 1 January 2017 to 31 March 2017, including: fifteen percent (15%).

(e) In the light of the cases provided for in subparagraph (d), a special tax may be opted to be paid through the delivery of BONAR 17 and/or GLOBAL 17 titles to a nominal value of 10 per cent (10%). This option may be exercised from the law until March 31, 2017, including.

(Note Infoleg: for Circular No. 6/2016 of the AFIP B.O. 21/12/2016 is clarified with regard to the payment of the special tax from abroad, that the application of the IEZ liquid by SCIENTO (10%) provided for in point 1 of subparagraph (d) of this Article shall be provided that the international bank transfer procedure to the financial entity of the country of origin of the funds is initiated before 31 December 2016, inclusive)

ARTICLE 42. — The special tax established in the preceding article shall not be paid for funds affecting:

(a) To acquire in an original manner one of the public titles to be issued by the national State, the characteristics of which shall be regulated by the Finance Secretariat under the Ministry of Finance and Public Finance, and shall be in accordance with the following conditions:

1. Bonus denominated in dollars to three (3) years to be acquired until 30 September 2016, inclusive, intransferable and non-negotiable with a quota of interest of zero percent (0%).

2. Bonus denominated in dollars to seven (7) years to be acquired until 31 March 2017, inclusive, intransferable and non-negotiable during the first four (4) years of its validity. The bonus will have a coupon of interest of one percent (1%). The acquisition in the original form of this bond shall exempt from the special tax an amount equal to three (3) times the amount subscribed. (date replaced by art. 1 Decree No. 139/2017 B.O. 6/3/2017. Monitoring: from publication in the Official Gazette.)

(b) To subscribe or acquire shares of common investment funds, open or closed, regulated by laws 24.083 and their amendments and supplements, and 26.831, whose purpose is to invest in instruments for financing: infrastructure projects, productive investment, real estate, renewable energies, small and medium-sized enterprises, mortgage loans updated by Housing Unit (UVI), development of regional economies and other objects related to the real economy, Funds must remain invested in such instruments for a period not less than five (5) years from the date of subscription or acquisition. To this end, the National Securities Commission shall regulate the necessary mechanisms to exercise, through the S.A. Securities Fund, the monitoring of compliance with the provisions of this subparagraph.

ARTICLE 43. — The special tax set out in article 41 shall be determined and entered into the form, time and conditions established by the Federal Public Income Administration.

The lack of payment of the special tax within the time limits set forth in this Title and the regulation that is made, shall deprive the subject who makes the voluntary and exceptional declaration of all the benefits provided for in this Title.

ARTICLE 44. — In the case of national or foreign cash holdings that are deposited in the country ' s banking entities pursuant to article 38 (c), they shall be deposited on behalf of their holder for a term not less than six (6) months or until March 31, 2017, including what is greater. The percentages of those holdings for the purposes provided for in articles 41 and/or 42 are exempt from this obligation.

Within the periods mentioned in the preceding paragraph, the subject who makes the voluntary and exceptional declaration may withdraw the funds deposited in order to acquire real property or registered furniture as provided by the regulation.

Upon expiration of the period provided for in the preceding paragraph, the amount deposited may be made available by the holder.

Failure to comply with the condition set forth in this article shall deprive the subject who makes the voluntary and exceptional declaration of all the benefits provided for in this Title.

ARTICLE 45. — Subjects declaring possessions in the form provided for in the first paragraph of article 38 (a) shall apply to outside entities, the extension of a summary or e-state of account to the Pre-existence Date of Property provided for in the second paragraph of article 37. It must arise from it:

(a) The identification of the foreign entity and the jurisdiction in which it is incorporated;

(b) Account number;

(c) The name or name and address of the account holder;

(d) That the account concerned was opened prior to the Pre-existence Date of Property;

(e) The balance of the account or value of the portfolio, if any, expressed in foreign currency to the date of pre-existence of the Property;

(f) The place and date of issuance of the electronic summary.

The receiving entities of foreign property in accordance with the second paragraph of article 38 (a) shall provide an electronic summary containing:

(a) The identification of the foreign entity from which the funds and the jurisdiction thereof are derived;

(b) The name or name and address of the holder entering the funds into the country;

(c) The amount of the transfer expressed in foreign currency;

(d) The location of the transfer and its date.

The Federal Public Income Administration is empowered to establish additional means and documentation to those mentioned above, to establish the ownership, the date of pre-existence of the Property, of the possession of foreign currency abroad by those who make the voluntary and extraordinary declaration.

ARTICLE 46. - Subjects who make the voluntary and exceptional declaration and enter the special tax, if applicable, set out in article 41 and/or acquire any of the titles or quotas provided for in article 42, and the subjects of the foregoing paragraph of article 38 by whom the voluntary and exceptional declaration may be made, in accordance with the provisions of this Title, shall enjoy the following benefits to the extent of the declared assets:

(a) They shall not be subject to the provisions of article 18, subparagraph (f), of law 11.683 (t. 1998) and their modifications with respect to declared tenure;

(b) They are freed from any civil action and for offences of the tax, penal, foreign exchange, customs and administrative offences that may correspond to the failure to comply with the related obligations or originating in the property and possessions that are declared voluntary and exceptionally and in the rents that they have generated.

This release includes the administrators and managers, directors, trustees and members of the corporate monitoring boards provided for in the General Society Act 19.550 (t. 1984) and their modifications and equivalent positions in cooperatives, trusts and indivisible successions, common investment funds, and certifying professionals of the respective balance sheets.

The release of criminal proceedings under this article is tantamount to the extinction of criminal proceedings under article 59, paragraph 2, of the Criminal Code.

This release does not reach the actions that individuals who have been harmed by, as a consequence or on the occasion of such violations.

(c) They are freed from the payment of taxes omitted from entering and originating in the goods and holdings of currency declared voluntarily and exceptionally, in accordance with the following provisions:

1. Revenues to wins, undocumented departures (in accordance with article 37 of the Law on Taxation of Livestocks), transfer of property of natural persons and indivisible successions and on credits and debits in bank accounts and other operators, in respect of the amount of the net taxable subject of the corresponding tax, for the equivalent in pesos of possession of local, foreign and other goods. Release also includes amounts consumed up to the fiscal period 2015, inclusive. It is not achieved by liberation, the expense computed in the tax on profits from bills considered apocryphas by the Federal Public Income Administration.

2. Internal taxes and added value. The amount of operations released will be obtained by multiplying the value in pesos of externalized holdings, due to the coefficient resulting from dividing the total amount of declared operations — or registered in the event of no affidavit — for the amount of gross profit, corresponding to the fiscal period to be released. The tax credit of the value-added tax, derived from bills considered apocryphas by the Federal Public Income Administration, is not reached by liberation.

3. Taxes on the presumed minimum profit and personal property and the special contribution on the capital of the Cooperatives, in respect of the tax due to the increase of the taxable asset, of the goods subject to tax or of the taxable capital, as appropriate, for an amount equivalent in weight to the declared possessions and/or property.

4. The taxes cited in the preceding subparagraphs that may be owed for the fiscal periods prior to the closing date of 31 December 2015 for the property declared pursuant to article 38 of this Act.

(d) Subjects who declare voluntarily and exceptionally the property and/or possessions they possess as at 31 December 2015, together with those who have declared prior to the validity of this law, shall have the benefits provided for in the preceding subparagraphs, for any property or possession they possess prior to that date and have not declared it.

In the event that the Federal Public Income Administration detects any property or possession that corresponds to the above-mentioned subjects, the date of pre-existence of the Property, which had not been declared by the present Title system or previously, it shall deprive the subject who makes the voluntary and exceptional declaration of the benefits set out in the preceding paragraph.

For the purposes set out in the preceding paragraph, the Federal Public Income Administration retains the full powers conferred on it by law 11.683 (t. 1998) and its amendments.

For the purposes of this article, the weight value of declared currency assets and holdings shall be determined in accordance with article 40 of this Act.

ARTICLE 47. — The voluntary and exceptional declaration made by the companies covered by article 49 (b) of the Vocabulary Tax Act 20,628 (t. 1997) and its modifications will free the tax period from which the release of the partners who have been taxpayers for that fiscal period is imposed, in proportion to the taxable matter that is attributable to them, in accordance with their participation in the same period.

ARTICLE 48. - Human persons and indivisous successions that make the voluntary and exceptional declaration may, with the same, release the tax obligations of single-person enterprises or exploitations, of which they are or have been holders or of which they are or have been holders by whom the declarant has made his declaration under article 38 of this law.

ARTICLE 49. — Invite the provinces, the Autonomous City of Buenos Aires and the municipalities to adhere to the regime of voluntary and exceptional declarations, taking measures to free the local taxes and fees that the declarers have failed to enter their respective jurisdictions.

ARTICLE 50. - Subjects who make the voluntary and exceptional declaration provided for in article 36 of this Act and those by whom the taxpayer made such a declaration in accordance with article 38 of this Act shall not be obliged to provide to the Federal Public Income Administration additional information to that contained in the declaration referred to in respect of the property and possessions subject to it, without prejudice to the compliance of the provisions of the Act 25,246 and to the provisions of the Public Administration.

At the time of the voluntary and exceptional declaration, the declarant may not take into account in his favour the effects of the prescription from the entry of the property to the estate.

ARTICLE 51. — The levy created by this Title shall be governed by the provisions of law 11.683 (t. 1998) and its amendments.

The production of the levy set out in article 41 will be directed to the National Social Security Administration (ANSES) a decentralized agency within the Ministry of Labour, Employment and Social Security (MTEySS), to attend to the National Historical Reparation Programme for Retired and Pensioned, and should not be considered for the purposes of the calculation of mobility provided for by law.

PART II

Exceptional regularization of tax, social security and customs duties

ARTICLE 52. - Taxpayers and taxpayers and social security resources whose application, perception and control is carried out by the Federal Public Income Administration may be accepted by the obligations expired as at 31 May 2016, including, or committed breaches related to such obligations with the exception of contributions and contributions to the system of social exemptions and quotas for the risk regime of work, to the regime for the regularization of taxes, and penalties.

The obligations of the Cooperative Education and Promotion Fund established by law 23,427 and its modifications, as well as additional charges for export or import taxes, the liquidations of the aforementioned taxes covered by the procedure for offences under the provisions of law 22,415 and their modifications and the amounts related to export stimulus should be re-promoted in the same manner;

The provision in the preceding paragraph may be made between the first calendar month after the publication of the regulation in the Official Gazette until 31 March 2017, including.

(Note Infoleg: by art. 1st of the General Resolution No. 3920/2016 of the AFIP B.O. 29/07/2016 it is stated that the accommodation may be formulated between August 1, 2016 and March 31, 2017, both inclusive)

ARTICLE 53. — Those obligations that are undergoing administrative discussion or subject to administrative or judicial proceedings are included in the previous article at the date of publication of the present law in the Official Gazette, while the respondent is unconditionally bound by the regularized obligations and, if any, desist and waive any action and law, including the repetition, by assuming payment of the coasts and capsidic expenses.

The search and/or, where appropriate, withdrawal may be complete or partial and shall proceed at any stage or administrative or judicial instance, as appropriate.

Also included in the previous article are those obligations with respect to which the powers of the Federal Public Income Administration have been prescribed to determine and demand them, and on which tax criminal complaint has been made or, where appropriate, economic criminal charges against taxpayers or those responsible.

ARTICLE 54. — The accommodation to the present regime will result in the suspension of current tax and customs proceedings and the interruption of the course of the criminal statute of limitations, even if the criminal complaint had not been made at that time or whatever stage of the proceedings in which the case is found, provided that the case does not have a final judgement.

The total cancellation of the debt under the conditions provided for in the present regime — whether or not paid by plan — will result in the extinction of the criminal proceedings, insofar as there is no firm sentence to the date of cancellation. In the case of customs offences, the total cancellation will result in the termination of customs criminal proceedings (in the terms of articles 930 and 932 of the Customs Code), to the extent that there is no firm sentence to the date of acceptance.

The expiry of the scheme of payment facilities shall entail the resumption of the tax or customs criminal proceedings, as appropriate, or shall enable the promotion by the Federal Public Income Administration of the relevant criminal complaint, in cases where the withdrawal has been made prior to its filing. It will also matter the beginning of the computation of the tax and/or customs criminal statute.

ARTICLE 55. — It is established, with general scope, for individuals who are in the exceptional regularization regime provided for in this Title and while complying with the payments provided for in the previous Article, the waiver and/or condonation:

(a) The fines and other penalties provided for in Act No. 11,683 (t. 1998) and their amendments, Act No. 17,250 and its amendments, Act No. 22,161 and amendments thereto, and Act No. 22,415 and amendments thereto, which are not firm as to the date of acceptance of the regularization regime provided for in this Title;

(b) Of the 100 per cent (10 per cent) of the compensatory and/or punitive interests provided for in articles 37 and 52 of the law 11.683 (t. 1998) and their changes in the capital owed and attached to the regularization regime for the personal contribution provided for in article 10 (c) of the law 24,241 and its modifications, of the self-employed persons covered by article 2 (b) of the aforementioned law;

(c) Of the compensatory and/or punitive interests provided for in articles 37, 52 and 168 of the law 11.683 (t. 1998) and their modifications, the residual and/or punitive interests on fines and customs taxes (including the amounts that in terms of export stimuli should be repaid to the national fisco) in the amount that for the total interest is set to exceed the percentage of each case:

1. Fiscal period 2015 and monthly obligations expired as at 31 May 2016: ten percent (10%) of the capital owed.

2. Fiscal periods 2013 and 2014: twenty-five percent (25%) of the owed capital.

3. Fiscal periods 2011 and 2012: fifty percent (50%) of the owed capital.

4. Fiscal periods 2010 and above: seventy-five percent (75%) of the owed capital.

The provisions of the preceding paragraph shall apply in respect of the above-mentioned concepts that have not been paid or fulfilled prior to the date of entry into force of the present law and are subject to tax, customs and social security resources that have expired or for offences committed as at 31 May 2016.

ARTICLE 56. — The benefit of the release of fines and other penalties for formal infractions committed until 31 May 2016, which are not firm or paid, shall operate when, prior to the date on which the deadline for the application of this regime is complete or the corresponding formal obligation is fulfilled.

If the administrative summary provided for in article 70 of Act No. 11,683 (t. 1998) and its amendments have been made, the benefit shall operate when the act or omission attributed has been corrected prior to the expiration of the time limit for the placement of the present regime.

When the transgressive formal duty is not, by its nature, capable of being fulfilled after the commission of the offence, the penalty shall be condoned of office, provided that the fault has been committed before 31 May 2016, inclusive.

Fines and other sanctions, corresponding to substantial obligations accrued as at 31 May 2016, shall be condoned in full law, provided that they are not firm to the date of entry into force of this law and the principal obligation has been cancelled to that date.

The recital and/or punitive interests corresponding to the capital cancelled prior to the entry into force of this law shall also be condoned.

The release of fines and penalties shall also be of relevance to the decrease in the registration of the taxpayer of the Public Registry of Employers with Labour Sanctions (REPSAL) under Act No. 26,940.

ARTICLE 57. — The benefit set out in article 55 shall proceed if the subjects comply, in respect of capital, with firm fines and uncondoned interests, with some of the following conditions:

(a) Cancellation by cash payment, up to the date of receipt of the present regime, a 15 per cent reduction of the consolidated debt being applied in these cases;

(b) Total cancellation by any of the schemes of payment facilities provided by the Federal Public Income Administration, which shall comply with the following conditions:

1. An account payment equivalent to 5 percent (5%) of the debt. Due to the resulting debt balance, up to sixty (60) monthly contributions, with an interest in financing the one eats five percent (1.5%) monthly.

2. The Micro and Small Businesses, as provided by the Secretariat of Entrepreneurs and Small and Medium-sized Enterprises, may choose the plan set out in paragraph 1 of this paragraph or to enter an account equivalent to ten percent (10%) of the debt and, due to the resulting debt balance, up to ninety (90) monthly contributions, with an interest of financing equivalent to the average passive rate of the Bank of the Argentine Nation.

3. Median Companies and large taxpayers may choose, by the plan indicated in numeral 1 of this paragraph, or by entering an account equivalent to fifteen percent (15%) of the debt and the resulting debt balance, up to ninety (90) monthly contributions, with an interest of financing equivalent to the average passive rate of the Bank of the Argentine Nation subject to a one-size-five percent (1.5%) monthly flat.

4. In the case of taxpayers who at the date of entry into force of this law are reached by declarations of state of emergency and/or agricultural disaster, in accordance with the provisions of Law 26.509, the plan of payment facilities will be up to 90 (90) monthly contributions, with an interest of one percent (1%) per month.

The taxpayer may choose to early cancel the payment plan in the form and under the conditions provided by the Federal Public Income Administration.

ARTICLE 58. — A scheme for the regularization of debts for employers ' contributions to provincial states and the Autonomous City of Buenos Aires, which currently maintain debts with the Federal Public Income Administration (AFIP), is initiated or not, for a period of ninety (90) monthly contributions, setting an interest rate calculated on the basis of the Average Intervention Rate of the Bank of the Argentine Nation and establishing the period of 31 December 2016. To access the benefit, they must pay an account for the equivalent of ten percent (10%) of the debt.

Alternatively to the plan set out in the preceding paragraph, the Federal Public Income Administration may offer the Provincial States and the Autonomous City of Buenos Aires a similar treatment to that provided for the National Universities by Decree 1571 of 1 November 2010. It will be an inexorable condition of its granting that the jurisdiction that accepts to accept the treatment agrees with the Federal Public Income Administration the financing of the expenses that it incurs the collection of the co-participable national taxes.

The Federal Public Income Administration shall establish the modalities, timelines and other conditions for the placement of such alternative treatment. The quotas of the plans for payment facilities that are issued will be removed from the federal tax sharing together with the cancellation of current forecast obligations.

ARTICLE 59. — In the case of debts in judicial execution, credited to the regime, sign the court ruling which formalizes the filing of tax claims and once the debt is fully regulated as provided for in article 57 (a) or (b), the Federal Public Income Administration may request the judge to file the proceedings.

In the event that the application for accession is cancelled, or the rejection of the scheme of facilities is declared for any reason, the aforementioned Federal Administration will continue with the actions intended to collect the debt in question, in accordance with the current regulations. If the expiry of the facility plan occurs, a new execution will begin due to the balance owed by the plan.

ARTICLE 60. — Retention and perception agents shall be released from fines and from any other penalty that is not firm to the date of entry into force of this law, when they are outside and pay — in the terms of Article 57 (a) or (b), the amount that they have omitted to retain or receive, or the amount that, having been retained or received, would not have entered, after the deadline for doing so.

If these are unpracticed retentions or unrealized perceptions, the retention or perception agents that are not found in any of the exclusion situations provided for in Title VII, of Book II of this Law, shall be exempt from liability if the passive subject of such obligations regulates his situation in the terms of this regime or has previously done so.

With regard to retention and perception agents, they shall govern the same suspensive and extinct conditions of criminal proceedings as provided for in article 54 for taxpayers in general, as well as the same grounds of exclusion as provided in general terms.

ARTICLE 61. — The tax obligations expired as at 31 May 2016 may be regulated by the present regime, including in schemes of payment facilities for which the corresponding period expires at the date of entry into force of this Act.

The schemes of payment facilities that are in force at the date of entry into force of this Act may also be reformulated, excluding those by which the extinction of criminal proceedings has been requested, on the basis of article 16 of Act No. 24,769 and its amendments, applying the exemptions and/or condonations set out in article 55 to the interests of the jurisdiction, to the extent that they have not been cancelled to the date.

ARTICLE 62. — The amounts which, prior to the date of entry into force of this Act, were not subject to reinstatement or repetition, had been entered into the form of recital and/or punitive interests and fines, as well as the interests provided for in article 168 of Act No. 11.683 (t. 1998) and its amendments, for the obligations covered by this regime.

PART III

Benefits for taxpayers

ARTICLE 63. — Taxpayers who have complied with their tax obligations for the two (2) immediate fiscal periods prior to the fiscal period 2016, and who meet the requirements of Article 66, shall enjoy exemption from the personal property tax for the fiscal periods 2016, 2017 and 2018, including. This benefit includes those responsible substitutes provided for in the article without an aggregate number following article 25 and article 26 of Title VI of the Personal Property Tax Act, 23,966 (t. 1997), and its amendments.

Advances of Personal Property Tax, fiscal period 2016, which have been paid to date of benefit, may be returned or compensated as provided by the regulation.

Taxpayers who have complied with their tax obligations for the two (2) immediate tax periods prior to the fiscal period 2016, which meet the requirements of article 66, and who have not been met for the benefit provided for in the first and second paragraph of this article, shall be exempt from the income tax applicable to the first supplementary annual salary assessment for the fiscal period 2016.

ARTICLE 64. — The deadline for benefiting from the preceding article will be extended until 31 March 2017, including.

ARTICLE 65. — The benefit established in this Title is excluded from those subjects relating to which the acceptance is verified to the voluntary and exceptional system of declaration of possession of national, foreign currency and other goods in the country and abroad provided for in Title I of Book II of this Order.

ARTICLE 66. - Taxpayers who aspire to the benefit of Article 63 shall also comply with the following conditions:

(a) Not having acceded, in the two (2) immediate fiscal periods prior to the 2016 fiscal period, to the voluntary externalization regime or to the regularization of tax obligations established by law 26,860, or to the particular payment plans granted by the Federal Public Income Administration in the use of the powers delegated in article 32 of Law 11.683 (t. 1998) and its amendments;

(b) Do not possess debts on condition of being executed by the Federal Public Income Administration, have been executed fiscally or convicted, with firm conviction, for fines for tax fraud in the two (2) immediate fiscal periods prior to the fiscal period 2016.

PART IV

Modification of personal property tax

ARTICLE 67. - Default of section 21 (i) of Title VI of the Personal Property Tax Act, 23,966 (t. 1997) and its amendments.

ARTICLE 68. - Replace the first paragraph of article 22 (g) of Title VI of the Personal Property Tax Act 23,966 (t. 1997) and its amendments, with the following text:

(g) Personal and household objects, excluding those set out in subparagraph (e): for their cost value. The amount to be appropriated for the assets covered in this subparagraph shall not be less than that resulting from the application of five per cent (5%) of the sum of the total value of the encumbered property located in the country and the value of the property located abroad without deducting from the calculation base the amount provided for in article 24 of this Act.

ARTICLE 69. — Incorporate as article 24 of Title VI of the Personal Property Tax Act, 23,966 (T. 1997), and its amendments, the following:

Article 24: The encumbered assets shall not be reached by the taxation tax, except those covered by the article without any number incorporated after article 25 of this law, belonging to the subjects specified in article 17, subparagraph (a), when their overall value determined in accordance with the rules of this law is:

(a) For the fiscal period 2016, equal to or less than eight hundred thousand ($ 800,000);

(b) For the fiscal period 2017, equal to or less than nine hundred and fifty thousand ($ 950.000);

(c) From the fiscal period 2018 and following, equal to or less than pesos a million fifty thousand ($ 1,050,000).

ARTICLE 70. - Replace section 25 of Title VI of the Personal Property Tax Act, 23.966, (t. 1997), and its amendments, with the following:

Article 25: The tax to be entered by the taxpayers specified in article 17 (a) shall arise from the application, on the total value of the assets subject to the tax — except those covered by the article without a number incorporated after article 25 of this law — on the amount exceeding the amount set out in article 24, the amounts set out below for each case:

(a) For fiscal period 2016, seventy-five cents per cent (0.75%);

(b) For the fiscal period 2017, fifty centes per cent (0.50 per cent);

(c) From the fiscal period 2018 and following, twenty-five hundred per cent (0.25%).

The subjects of this tax may calculate as payment to account the amounts actually paid abroad by tax similar to the present which they consider as an imponible basis the assets or goods in a global manner. This provision may be computed only to the increase in the tax obligation arising from the incorporation of goods permanently located abroad.

ARTICLE 71. — Replace, in the first paragraph of the article with no number incorporated after section 25 of Title VI of the Personal Property Tax Act, 23,966 (t. 1997), and its modifications, the expression “of fifty cents per cent (0.50 per cent)” by the expression “of twenty-five hundred (0.25 per cent)”.

ARTICLE 72. — Replace the first paragraph of Article 26 of Title VI of the Personal Property Tax Act 23,966 (T. 1997) and its amendments, with the following:

The taxpayers of the presumed minimum gain tax, indivisous successions settled in the country and any other person of visible or ideal existence domiciled in the country that has the condominium, possession, use, enjoyment, provision, deposit, possession, custody, administration or custody of property subject to the tax that belongs to the subjects referred to in article 17, subparagraph (b), shall enter as a single and definitive payment on the value of the present year.

- By 2016, seventy-five hundred percent (0.75%).

- By 2017, 50 cents per cent (0.50 per cent).

- From 2018 to next, twenty-five hundred percent (0.25%).

PART V

Modification of income tax and derogation of the presumed minimum profit tax

ARTICLE 73. - Replace article 137 (c) of Law 20,628 on Gain Tax, (t. 1997) and its amendments, with the following:

(c) Exclusion in the last paragraph in fine of subparagraph (v) with respect to updates that constitute foreign source gains does not cover the exchange differences to which this Title attributes the same source.

ARTICLE 74. - Replace the fourth paragraph of article 154 of Act No. 20,628 on income tax (t. 1997) and its amendments, with the following:

For the purposes of the updates provided for in the preceding paragraphs, if the current costs or investments should be computed in Argentine currency, they shall be converted to the currency of the country in which the goods were located, placed or used economically, to the seller exchange rate considered in article 158, corresponding to the date of disposal of the goods referred to in articles 152 and 153.

ARTICLE 75. - Default of the sixth paragraph of article 90 of Act No. 20,628 on income tax (t. 1997) and its amendments.

ARTICLE 76. — Deploy Title V of Law 25.063, of the tax on the presumed minimum profit, for the exercises beginning on 1 January 2019.

PART VI

Bicameral Commission for Tax Reform

ARTICLE 77. — Believe, in the field of national legislative power, the “Bicameral Commission for Tax Reform.” The same will consist of fifteen (15) deputies and fifteen (15) senators, elected by their respective bodies respecting the plurality and proportionality in the composition of the different political blocs and ensuring the inclusion of them when they are made up of five (5) or more legislators.

ARTICLE 78. — The Commission will aim to analyse and evaluate the proposals for reform of the national tax system that will develop and forward the national executive branch, aimed at:

(a) To strengthen the equity of tax pressure;

(b) To deepen its progressivity;

(c) Simplify its structure and administration;

(d) Strengthen federal complementarity and coordination;

(e) To promote the gradual establishment of reforms, giving greater predictability to the State ' s action on the subject in terms of reducing the degree of uncertainty of the taxpayer.

The Bicameral Commission will have a budget that will be charged to the annual budget of both Chambers.

The national executive branch will forward the reform projects to the national tax system within three hundred and sixty-five (365) days from the constitution of the commission.

ARTICLE 79. — The Commission shall submit a final report to both Houses, detailing the actions and proposing a legislative implementation plan for the reforms that it recommends in order to the objectives of its creation.

ARTICLE 80. — The Commission is empowered to apply to the national executive branch, through the Chief of Staff of Ministers and/or the Minister of Finance and Public Finance, and to competent regulatory and/or control agencies for any information that contributes to the achievement of their objectives.

It may also implement the necessary mechanisms to ensure the participation of universities, academies, social organizations, and request the collaboration and advice of persons, institutions and specialized agencies in the subject of treatment.

PART VII

General provisions

ARTICLE 81. — None of the provisions of Book II of this Law shall release the subjects referred to in Article 20 of Law 25,246 and their amendments to the obligations imposed by existing legislation to prevent the laundering of assets and the financing of terrorism.

ARTICLE 82. — The following public functions are excluded from the provisions of Title I of Book II, which, including 1 January 2010, and the validity of this Act:

(a) President and Vice-President of the Nation, Governor, Deputy Governor, Chief or Deputy Head of Government of the Autonomous City of Buenos Aires or municipal mayor;

(b) Senator or national, provincial or Autonomous City of Buenos Aires, or municipal councillor, or Mercosur Parliamentarian;

(c) Judge of the National, Provincial, Municipal or Autonomous City of Buenos Aires;

(d) Judge of the national, provincial, municipal or Autonomous City of Buenos Aires;

(e) Ombudsman or deputy of the National, Provincial, Municipal or Autonomous City Ombudsman;

(f) Chief of Cabinet of Ministers, Minister, Secretary or Undersecretary of the National, Provincial, Municipal or Autonomous City of Buenos Aires;

(g) Federal, provincial, municipal or Autonomous City of Buenos Aires;

(h) General Syndicate of the Nation, Assistant General Syndicate of the General Assembly, President or Auditor General of the General Audit, Senior Authority of the Regulatory Entities and the other bodies that integrate the control systems of the national, provincial, municipal or Autonomous City of Buenos Aires, and the members of administrative judicial bodies at the three levels of governments;

(i) Member of the Council of the Magistracy or jury of trial;

(j) Ambassador, consul or senior official on permanent official mission abroad;

(k) Staff in the activity of the armed forces, of the Argentine Federal Police, of the Air Security Police, of the National Gendarmerie, of the Argentine Naval Prefecture or of the Federal Prison Service, with a hierarchy of no less than colonel or equivalent, personnel of the provincial, municipal or Autonomous City of Buenos Aires with category not less than that of Commissioner, or lower-level staff, by the Commissioner;

(l) Rector, dean or secretary of national, provincial, municipal or Autonomous City universities of Buenos Aires;

(m) Officer or employee with category or function not less than that of director or equivalent, serving in the national, provincial, municipal or the Autonomous City of Buenos Aires, centralized or decentralized, the autocarchic entities, the banks and financial entities of the official system, the social works administered by the State, the State companies, the State companies or personnel with a similar category or function, and in other parts of the public sector;

(n) Collaborating staff of federal, provincial, municipal or Autonomous City of Buenos Aires, with category or function not less than that of director or equivalent;

(o) Staff of the agencies referred to in subparagraph (h) of this article, not less than that of director or equivalent;

(p) Staff member or public employee responsible for providing administrative qualifications for the exercise of any activity, as well as any public official or employee responsible for controlling the operation of such activities or for exercising any other control under a police authority;

(q) A staff member who is a member of the privatized public service control agencies, with a category not less than that of director;

(r) Staff serving in the national, provincial, municipal or Autonomous City of Buenos Aires, with category not less than that of director;

(s) Staff serving in the Judiciary or in the national, provincial, municipal or Autonomous City of Buenos Aires, with category not less than secretary or equivalent;

(t) Staff member or public employee who integrates tenders, purchases or receipt of goods, or participates in the making of tenders or purchases at any of the three levels of government;

(u) Public officials whose function is to administer public or private property, or to control or control public revenues irrespective of their nature;

(v) Director or administrator of entities subject to external control of the Congress of the Nation, in accordance with article 120 of Law 24.156;

(w) Staff of intelligence agencies, without distinction of degrees, be their permanent or transitory journal status.

ARTICLE 83. — The provisions of Title I of Book II are excluded from spouses, parents and children emancipated from subjects under Article 82 (a) to (w).

ARTICLE 84. — They are excluded from the provisions of Titles I and II of Book II of this Law, with the exceptions to be made, which are in any of the following situations at the date of publication of this Law in the Official Gazette:

(a) Declared in a state of bankruptcy, in respect of which the continuity of exploitation has not been provided, in accordance with the provisions of Acts 24,522 and its amendments or 25,284 and their modifications, as long as the effects of such declaration remain;

(b) Any person convicted of any of the offences provided for in the Acts 23,771 or 24,769 and their amendments, for which a final judgement has been rendered prior to the entry into force of this Act, provided that the sentence is not complied with;

(c) Persons convicted of ordinary offences, who have connection with the breach of their tax obligations or those of third parties, for which a final judgement has been rendered prior to the date of entry into force of this law, provided that the conviction is not complied with;

(d) The legal persons in which, as appropriate, their members, administrators, directors, trustees, members of the monitoring council, advisers or those holding equivalent positions in the same, have been convicted on the basis of laws 23,771 or 24,769 and their amendments, or for common crimes that have connection with the breach of their tax obligations or those of third parties, for which the final judgement has been rendered prior to the date of entry into force is not

(e) Those who were prosecuted, even if they were not firm, for the following offences:

1. Against the financial and economic order provided for in articles 303, 306, 307, 309, 310, 311 and 312 of the Criminal Code.

2. Enumerated in article 6 of Act No. 25,246, except subparagraph (j).

3. Staph and other defrauds provided for in articles 172, 173 and 174 of the Criminal Code.

4. Usure provided for in article 175 bis of the Criminal Code.

5. Depleted and other punishable debtors provided for in articles 176, 177, 178 and 179 of the Criminal Code.

6. Against the public faith provided for in articles 282, 283 and 287 of the Criminal Code.

7. Forgery of official marks, passwords or signatures provided for in article 289 of the Criminal Code and forgery of trademarks provided for in article 31 of Act 22.362.

8. Coverage in acquiring, receiving or concealing money, things or effects arising from an offence under article 277, paragraph 1 (c), of the Criminal Code.

9. Homicide for remuneration or promise, sexual exploitation and extortionary abduction established in article 80, paragraph 3, articles 127 and 170 of the Criminal Code, respectively.

Any person who, on the date of the voluntary and exceptional declaration and/or accession to the regime of regularization of exception, has a criminal proceeding for the offences enumerated in subparagraph (e), may, on a conditional basis, accede to the regime of fiscal honesty. The processing car that is delivered at a later date will result in the automatic loss of all the benefits granted by Titles I and II of Book II of this Law.

ARTICLE 85. - Subjects specified in Article 36 of this Law that do not make the voluntary and exceptional declaration provided for in Title I of Book II shall submit an affidavit to confirm data, in the terms, forms and conditions established by the Federal Public Income Administration, indicating that the totality of the property and possessions that they possess are those externalized in the affidavits of the tax on the profits of the personal property or, in their case, of the final December 2015 tax.

Those who submit the affidavit of confirmation of data indicated in the preceding paragraph shall enjoy the benefits provided for in article 46 of the present Act, for any property or possession which they possess — whether or not they hold in their assets — prior to the last fiscal year closed as at 31 December 2015 and have not declared it. They shall also enjoy the benefits provided for in Title III of book II of this rule.

In the event that the Federal Public Income Administration detects any property or possession that corresponds to the aforementioned subjects, during the last fiscal year closed as at 31 December 2015, which had not been included in affidavit of data confirmation, it shall deprive the declarant subject of the benefits set out in the preceding paragraph.

For the purposes set out in this article, the Federal Public Income Administration retains all the powers conferred upon it by law 11.683 (t. 1998) and its amendments.

ARTICLE 86. — The Federal Public Income Administration shall be exempt from making a criminal complaint in respect of the offences provided for in Acts 23,771 and 24,769 and its amendments, as appropriate, as well as the Central Bank of the Argentine Republic to substantiate the foreign criminal sums and/or to make a criminal complaint in respect of the offences provided for in Act No. 19,359 (t. 1995) and their modifications — except as provided for in article 1 (b)

Without prejudice to the provisions of the preceding paragraph, the Federal Public Income Administration shall be obliged to comply with the obligations set out in Act No. 25,246 and its amendments, including the obligation to provide the Financial Information Unit under the Ministry of Justice and Human Rights with all the information required by the latter without the possibility of opposing the fiscal secret provided for in Article 101 of Law 11.683 (T. 1998) and its amendments.

ARTICLE 87. — The obligation to keep secret established in article 22 of Law 25,246 includes the reservation of the identity of the reporting subjects and reported throughout the analysis process by the Information Unit. Financial disclosure and prohibition of disclosure of the source of information in compliance with the obligations set out in articles 13, paragraph 3 and 19 of Act No. 25,246.

The voluntary and exceptional declaration submitted by a taxpayer as well as all the information and documentation it provides, the consultations it undertakes and the contents of each and every procedure leading to the realization of that declaration, are reached by the fiscal secret and regulated by the provisions of article 101 of Law 11.683 (T. 1998) and its amendments.

Judges, officials, judicial or administrative employees. Federal Public Income, they are obliged to keep the most absolute secret of everything that comes to their knowledge in the performance of their functions without being able to communicate it to any person, even at the request of the person concerned, except their hierarchical superiors. The same obligation shall exist for any third party in respect of any documentation or information in any way related to the voluntary and exceptional declarations regulated by this law which are submitted by any contributor.

Judges, officials, judicial or dependent employees of the Federal Public Income Administration, the deputies of Title I of Book II of the present and third parties who disclose or reproduce documentation or information in any way related to the voluntary and exceptional declarations regulated by this Act shall incur the penalty provided for in Article 157 of the Criminal Code.

Journalists and social communicators, as well as the media and their legal officials, for reasons of public interest will be exempt from the above.

ARTICLE 88. — There will be no limitation within the framework of this regime to the current capacity of the State to exchange information, report, analyse, investigate and punish any conduct that may fit in articles 303 and 306 of the Criminal Code.

The Financial Information Unit may, at its discretion, communicate information to other public entities with intelligence or research powers.

ARTICLE 89. - Subjects who regulate obligations under the regime established in Title I of Book II of this Law may concurrently access the benefits set out in Title II of Book II of this Law.

ARTICLE 90. — The Register of Foreign Interactive Entities created by the Federal Public Income Administration.

Taxpayers who hold more than fifty percent (50%) of the shares or shares of the capital, directors, managers, securities, members of the control bodies or those who hold similar charges in companies, trusts, foundations or any other foreign entity that obtains a passive income of more than fifty percent (50%) of their gross income during the calendar year, will be obliged to inform the foreign entity that they are passive.

The Federal Public Income Administration shall regulate the manner, time and conditions in which taxpayers shall comply with the duty of information imposed by this article.

ARTICLE 91. — The Bureau for the Coordination of the Fiscal Sincerence System will be established to collaborate in the proper implementation and implementation of the Code, advising the adoption of the necessary measures to do so.

The table will consist of:

The Ministry of Finance and Public Finance Ministry's Ministry of Finance, which will preside over it and decide to convene its meetings.

- Federal Public Income Administration. The Central Bank of the Argentine Republic.

- The Financial Information Unit. The National Securities Commission.

ARTICLE 92. — Amend Law 25,246 and its amendments, as follows:

(a) Replace, in article 5 of Law 25,246 and its amendments, the expression “in jurisdiction of the Ministry of Justice and Human Rights of the Nation”, with the following expression: “in jurisdiction of the Ministry of Finance and Public Finance of the Nation”;

(b) Replace in the first paragraph of Article 9 of Law 25,246 and its amendments, the term “on the proposal of the Ministry of Justice and Human Rights”, with the following expression: “on the proposal of the Ministry of Finance and Public Finance of the Nation”;

(c) Replace in article 9, paragraph (a), of Act No. 25,246 and its amendments, the term " within the Ministry of Justice and Human Rights " with the following expression: " within the Ministry of Finance and Public Finance " ;

(d) Replace in article 9, paragraph (f), of Act No. 25,246 and its amendments, the term “presenting the Ministry of Justice and Human Rights” with the following expression: “presenting the Ministry of Finance and Public Finance”;

(e) Replace in article 9 (g) of Law 25,246 and its amendments, the term “the Ministry of Justice and Human Rights shall raise” by the following expression: “the Ministry of Finance and Public Finance shall raise”;

(f) Replace article 27 (a) of law 25,246 and its amendments, with the following: “(a) Contributions determined in the General Budget of Expenditures and Resource Calculation of the National Administration within those assigned to the Ministry of Finance and Public Finance of the Nation.”

ARTICLE 93. — The Federal Public Income Administration shall regulate the regime provided for in Book II of this Law, within thirty (30) days from the entry into force of the Act and shall issue the supplementary rules necessary for the purposes of its application.

ARTICLE 94. — National Executive Power shall regulate Titles IV and V of Book II of this Law and shall dictate the complementary rules necessary for its implementation.

ARTICLE 95. - The provisions of Book I of this Law shall be declared in public order.

ARTICLE 96. - The provisions of this Act shall enter into force from the day after the date of publication in the Official Gazette.

ARTICLE 97. - Contact the national executive branch.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE VETH DAYS OF THE JUNE YEAR DOS MIL DIECISEIS.

— REGISTRATION BAJO N° 27260 —

MARTA G. MICHETTI. — EMILIO MONZÓ. — Eugenio Inchausti. — Juan P. Tunessi.

(Note Infoleg: by art. 1 Joint Resolution No. 1/2017 of the National Social Security Administration and the Secretariat for Institutional Coordination and Monitoring B.O. 2/6/2017 it is established that the beneficiaries of non-conTRIBTIVE PENSIONS by INVALIDEZ who have 65 (sixty to five) years or more, granted under Act No. 13.478, will be transferred to the regime of the UNIVERSAL PENSION for the highest attainment of Article 2760. And Article 2 of the same rule states that the procedures for applications of non-conTRIBTIVE PENSIONS by INVALIDEZ of persons of 65 (sixty to five) years or more, provided for in Law No. 13,478, which are not yet completed, as well as those that begin after the dictation of the present, will be reconducted for the purpose of the initiation of the application of the PENSION.

Annex I









Annex II

Agreed NATION-PROVINCIA OF SANTIAGO

PURPOSE:

Resolve the existing differences between the Nation, the Provinces and the Autonomous City of Buenos Aires, regarding the validity and effects of article 76 of the National Law No. 26.078 which provides for the extension of the Agreement between the National Government and the Provincial Governments of 12 August 1992, ratified by Law No. 24.130 and to have a plan for the gradual elimination of the detraction of 15% of the shareable tax mass there pacified.

By the way,

THE NATIONAL STATE, REPRESENTATED BY THE MINISTER OF INTERIOR, ARTWORKS PUBLIC AND VIEW OF THE NATION AND THE PROVISION OF SANTIAGO OF THE STERO, REPRESENTATED BY THE GOVERNING LORD.

ACUERDAN:

Article 1: Reduce the detraction of the 15 percentage points of the mass of co-participable resources, for national forecast obligations and other operating expenses that are necessary, by the National Social Security Administration (ANSES), established in the Federal Agreement of 12 August 1992, signed between the National State and the Provinces, ratified by Act No. 24.130, which was ultimately extended by art. 76 of Act No. 26,078, at the rate of THREE (3) percentage points per calendar year, as a result of which detraction will be as follows:

Year 2016: DOCE PUNTOS PORCENTUALES.

Year 2017: NEW PORCENTUALES.

Year 2018: SEIS PUNTOS PORCENTUALES.

Year 2019: THREE PORCENTUALES.

Year 2020 and successive: CERO PUNTOS PORCENTUALES.

Article 2: The National State may apply up to a CINCUENTA BY CIENTO (50%) of the additional amounts that per year corresponds to the Province of Santiago del Estero, as agreed in the previous article, to compensate for the credits that in respect of that province ostentatious in its favour; making it clear that it should be a necessary provision. If in the year 2020, the Province of Santiago del Estero had outstanding debts with the Nation that could be compensated with the credits available to this province for federal tax sharing, including specific allocations and special regimes, the compensation may not affect more than one third of the income generated in favour of the Province of Santiago del Estero, for the cessation of the detraction of the WHOLE PUNTOS PUNTOS.

Article 3: The Nation will generate the necessary instruments and instruct the Sustainability Guarantee Fund to grant the Province of Santiago del Estero a free availability loan with partial and successive disbursements and cancellations (hereinafter the PRÉSTAMO), in the terms and conditions resulting from this article.

MONTH: It will be equivalent to six (6) percentage points in 2016, of the fifteen (15) percentage points of the mass of co-participable resources that would have corresponded to the Province of Santiago del Estero, if the detraction of 15 per cent was not applied to national forecast obligations and other operating expenses that are necessary, by the National Administration of Social Security (ANSES), established in the Federal Agreement of 24th August. 76 of Law No. 26.078; and, for each of the periods 2017, 2018 and 2019, an amount equivalent to three (3) percentage points calculated in the form previously set. For the purpose of determining each disbursement, the national collection projection provided for in the Annual Budget Law and the corresponding increase or reduction under the actual collection as at 31 December of each year will be taken, respectively, increase or reduce the disbursement of the following year.

PLAZO: The amount of each disbursement will be canceled to the CUATRO (4) years, so that:

The capital of the 2016 disbursement will be cancelled by 2020.

The capital of the 2017 disbursement will be cancelled in 2021.

The disbursement capital of 2018 will be cancelled in 2022.

The capital of the disbursement of the year 2019 will be cancelled in 2023.

INTERESES: Interests will not be capitalized and will accrue from the day of each disbursement, will be paid semi-annually and will be calculated with the BADLAR rate, less the necessary subsidy given by the National Treasury so that the resulting net rate reaches fifteen percent (15%) per year expired for 2016 and 2017, and 12% per year expired for 2018 and 2019.

GARANTIA: The PRÉSTAMO shall consist of each of its disbursements, the interests and other accessories, which shall be guaranteed to the creditor of the PRÉSTAM through the relevant assignment of shareable resources corresponding to the Province of Santiago del Estero for any purpose. The assignment must be notified to the ARGENTINA NATION BANCO prior to each disbursement, without which the same cannot be effected.

Article 4: The subscription of the present does not imply in any way the recognition or not of the constitutional validity of article 76 of Law 26.078, nor does it imply the renunciation of administrative and/or judicial claims that the Province of Santiago del Estero has made or effect, with respect to the detractions covered by this Agreement.

Article 5: The Nation subscribes to the present ad referendum of the Congress of the Nation, and the Province of Santiago del Estero ad referendum of the Provincial Legislature and/or to comply with the legal procedure established in its Constitution for the ratification of such agreements. In the same vein, the Province of Santiago del Estero undertakes to immediately refer the present agreement to its respective Legislature.

Article 6: The Parties undertake to subscribe to all supplementary documentation and/or instruments, such as minutes, agreement minutes, conventions, etc., which are necessary for the implementation of this agreement.

Article 7: The terms of this agreement shall enter into force from 1 January 2016.

In the Autonomous City of Buenos Aires, on the 26th day of the month of May 2016, after reading and ratification, sign the intervening DOS (2) copies of the same tenor and to the same effect.