Tax Laws 20631, 23966 And 25063 - Modifications - - Full Text Of The Norm

Original Language Title: IMPUESTOS LEYES 20631, 23966 Y 25063 - MODIFICACIONES - - Texto completo de la norma

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IMPESTS Law 25.360 Amend Titles IV and V of Law 25.063, Tax on the Interests Paid and the Financial Cost of the Indebtedness and its modifications, and Tax on the Minimum Worship and its amendments, respectively; the Law on Attached Value Tax, text ordered in 1997 and its amendments; and Law 23.966, Title

Sanctioned: November 15, 2000.

Enacted: December 6, 2000.

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

ARTICLE 1 Amend Title IV of Law 25.063, of Tax on the Interests Paid and the Financial Cost of the Indebtedness and its amendments, as follows:

(a) Replace the liquota set out in article 5 for the impossible facts provided for in article 1 (a) and (b), which shall be TEN BY SCIENTO (10 per cent) from 1 January 2001 and until 30 June 2001, both inclusive dates and the OCHO per SCIENTO (8 per cent) from 1 July 2001, inclusive.

The tax resulting from the application of the rates set above may not exceed the amount resulting from the application of . in proportion to the time as appropriate UN the UNO WITH CENTIS CENTES (1.50%) and the UNO WITH VEINTE CENTESIMOS por CIENTO (1.20%), respectively, on the amount of the debt generated by the interest.

(b) Incorporate as Article 9:

"Article 9: The tax of this law entered in each fiscal period may be computed . with the limitations set out in this article como as payment of the tax on profits resulting from its final settlement.

If the computation permitted in the preceding paragraph could not be made or only partially, the remaining balance shall have the character of payment on account of the tax on the presumed minimum profit that in its final settlement results after the computation of the tax on profits set out in article 13 of Title V of Law 25.063 and its modifications.

If the computation provided for in the preceding paragraphs arises an un absorbed surplus, the same shall not generate a balance in favour of the taxpayer, nor shall it be liable to return or compensation.

For the purposes of this article, the calculation of the account payment provided for in the same shall be only when the amount of the debts originated in the credit operations provided for in Article 1(a) of this Title, at the end of the immediate period prior to the one that is settled, does not exceed the amount of QUINIENTOS MILOS ($ 500,000) and up to a maximum amount equivalent to the tax that would be applied by

(c) Incorporate as article 11, the following:

"Article 11: Provide the national executive branch with a view to decreasing the rates of this tax, or to leave it without a temporary effect, when advised by the country ' s economic situation, and for the corresponding deletion or limitation of the waiver established by the sub-paragraph (h) of Article 20, of the Gain Tax Act, 1997 and its amendments.

The authority established in the preceding paragraph may be exercised only after a favourable technical report by the Ministry of Economy, through which the respective decree shall be issued. When the causes underlying the measure have disappeared, the national executive branch may terminate the measure, following a report of the ministry indicated in the preceding paragraph. "

ARTICLE 2 Amend Title V of Law 25.063, of Minimum Wage Tax and its amendments, replacing the last paragraph of Article 13 of Chapter II of its text with the following:

"If, on the contrary, as a result of the inadequacy of the tax on the profitable as payment on the account of this tax, the income of the tax of this law shall be granted, provided that it is verified in any of the TEN (10) following exercises an excess of the tax on the un absorbed profits, computing as payment on the account of this last tax, in the period in which such amount actually occurs, the tax "

"Respect of those periods in which according to the law 11.683, text ordered in 1998 and its modifications, the actions and powers of the Fisco were prescribed to determine and demand the income of the tax, the Federal Public Income Administration, autarchical entity within the Ministry of Economy, is entitled to verify the amount of the payment to account referred to in the previous paragraph and, if any, to amend it by applying the rules of the law."

ARTICLE 3 Amend the Attached Value Tax Act, which was ordained in 1997 and its amendments, incorporating the following article 24:

"Article... Tax credits originating in the purchase, construction, manufacture, processing or final import of capital goods which, after the passage of DOCE (12) fiscal periods, counted from that in which their computation resulted, shall constitute the balance in favour of those responsible, referred to in the first paragraph of the preceding article, shall be credited to them against other taxes by the Federal Public Income Administration, entity in respect of the aforementioned economics, Due to the remaining balance resulting from the accreditation, the withdrawal may be requested in accordance with the procedure and under the conditions provided by the national executive branch.

The regime established in the preceding paragraph shall not apply when, at the time of the request for accreditation or return, as appropriate, capital assets do not integrate taxpayers ' assets, except where they have used fortuitous or force majeure, such as fires, storms or other accidents or sinisters, duly tested.

Capital assets covered by the present regime are those that review the quality of tangible or immovable property for the income tax.

The accreditation provided for in this article may not be made against obligations arising from the substitute or solidarity liability of third-party debt contributors, or their performance as retention or perception agents.

Nor will the reference to tax credits be applicable solely for the financing of funds with specific impact.

Where capital assets are acquired in the terms and conditions established by law 25,248, tax credits for the canons and the purchase option may only be computed for the purposes of this regime, after DOCE (12) fiscal periods have passed from the one in which the above option has been exercised.

For the purpose of this article, the value-added tax on the purchase, construction, manufacture, processing and/or final import of capital goods shall be charged against tax debits after the other tax credits related to the encumbered activity have been computed.

Accreditation or return provided for in this article may not be made when such tax credits have been financed by the law of 24,402 and may not be applied to the latter when the above-mentioned accreditation or return has been requested. "

ARTICLE 4 Amend Act No. 23.966, Title VI, of Personal Property Tax, which was ordained in 1997 and its amendments, as part of article 21 (g), of its text, as follows:

(g) The actions issued by anonymous companies and in comandita, incorporated in the country, that collide in bags or markets of the Argentine Republic, until the sum of CIEN MIL PESOS ($ 100,000) assessed under the rules of this law, provided that the amount invested has integrated the taxpayer's assets during the entire fiscal period that is liquidated. "

ARTICLE 5° The provisions of this Act shall enter into force on the day of its publication in the Official Gazette and shall have effect:

(a) What is set out in article 1 (a): for the impossible facts that are perfected at the dates specified in article 1 (a).

(b) Article 1 (b): for the periods beginning on 1 January 2001, inclusive.

(c) Article 1 (c): from the entry into force of this Act.

(d) The provisions of Article 2: from the entry into force of Title V of Law 25.063, of Minimum Wage Tax and its amendments.

(e) Article 3: For final acquisitions or imports of capital assets, as from 1 November 2000, inclusive.

(f) The provisions of article 4: for existing assets beginning on 31 December 2001, inclusive.

ARTICLE 6 Contact the national executive branch.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO THE FIFTH DAYS OF THE MONTH OF NOVEMBER OF THE YEAR DOS MIL

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RAFAEL PASCUAL . MARIO A. LOSADA. . Guillermo Aramburu . Juan C. Oyarzun.