BUDGET

Regulations for advances for national taxes subject to distribution

DECRETO

N° 1357

Bs. As., 3/5/74

VISTO article 15 of the General Budget Act of the National Administration for the year 1974, which authorizes the Executive Power to grant the provinces, Municipality of the City of Buenos Aires, and the National Territory of the Tierra del Fuego, Antarctica and South Atlantic Islands, advances on the basis of local participations in national taxes, subject to distribution in order to secure funds for such territorial jurisdictions,

CONSIDERING: That article 15 of Act No. 20,659 also provides that the granting of such advances shall be subject to the rules which the Executive Power may give;

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION:

Article 1 The advances that the executive branch agrees to the provinces, City of Buenos Aires, and National Territory of the Land of Fire, Antarctica and South Atlantic Islands, on account of the production of national taxes subject to distribution, shall be promoted through the Ministry of the State of Finance, and shall be subject to the following rules;

(a) Advances of funds shall be granted in the account of the estimated current year production, and never considering future periods;

(b) The amount to be awarded shall in no case exceed the amount of the calculations made by the respective technical sectors of the Treasury Secretariat on the probable participation in the reference taxes, deducted from the effects that may exist (payment of financial services to the Nation; guarantees for the faithful fulfilment of obligations with local and/or foreign financial entities; cancellation of debts with national entities; and others);

(c) The advances shall be cancelled within the period in which they are granted, by means of retentions on the production of the same taxes, to which end the Ministry of Finance shall give the necessary instructions for the Bank of the Argentine Nation, in its role as agent of distribution of the taxes collected, to make them effective;

(d) Beneficiary territorial jurisdictions shall waive in favour of the Nation, the necessary part of their participation in national taxes subject to distribution, in order to cancel advances in accordance with the mechanism established in point (c); and

(e) Interest shall not be charged for advances made under this regime.

Art. 2o Communicate, publish, give to the National Directorate of the Official Register, and pass to the Court of Accounts and the General Accounts of the Nation for its knowledge and effects.

PERON.

José B. Gelbard.