Employees

Decree 560/89

Exhaust an emergency tax to be applied on certain financial assets. Exceptions.

Bs. As; 28/8/89

VISTO The deep social economic disruption that the nation is experiencing , exposed in the Message with which the NATIONAL EXECUTIVE PODER accompanied the bill that puts into effect the state's emergency police power in order to overcome the situation of collective danger resulting from this social economic crisis , and

CONSIDERING:

That it is the decision of this NATIONAL EXECUTIVE PODER to promote the creation of a tax, for the only time, on certain financial assets, specified in the bill that will, separately, also be sent to the HONORABLE CONGRESS OF NATION for its sanction.

That the need for the application of such a tribute is based on the situation of economic emergency in which the Nation is present, attentive to the requirements of the NATIONAL TESORO to balance its accounts, as an indispensable condition of the economic stability in which the National Government is committed.

That it is necessary and urgent to dictate the rules that will preserve the scope and effectiveness of the measures that the NATIONAL EXECUTIVE POWER will propose to the HONORABLE CONGRRESS OF NATION regarding the tax that is only promoted.

That the present measure is carried out in the context of the situation of economic emergency and supported by the doctrine of the regulations of necessity and urgency and in accordance with the powers conferred by article 86 (1) of the National Constitution.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1.- A one-time emergency tax will be applied on the existing financial assets as at 9 July 1989 as follows:

(a) National currency deposits made in institutions subject to the legal regime of financial entities - Act No. 21.526 and its amendments - with an adjustment clause.

(b) External Bonuses of the ARGENTINA REPUBLIC.

(c) Public titles issued by the National State in currency of legal course, with contributions in the country ' s stock exchanges and markets and authorized internal circulation.

(d) Adjustable letters of the National Treasury and certificates of participation in Public Titles of the portfolio of the BANCO CENTRAL DE LA REPUBLICA ARGENTINA, with quote in the country's stock exchanges and securities markets, in circulation. The Adjustable Bonuses issued by the ARGENTINA REPUBLIC CENTRAL BANCO are not reached by this tax, according to their Communications "A" 1.188 and "A" 1 243 and the Participation Certificates provided by their Communications "A" 1.390 and "A" 1.392.

The financial assets for which, prior to the date of the issuance of the present decree, there has been total cancellation unless such assets have been reached by the restructuring of the debt provided for in Decree No. 377, of 27 July 1989.

Art. 2°- The established tax shall be borne by the perceptors of the amounts of the first total or partial cancellation, of capital, adjustment or interest, corresponding to the encumbered assets, which occur after the date of the dictation of this decree, including any reason that originates it: financial service, total or partial amortization, debt restructuring, or another.

To this end, they shall act as agents of retention or perception, the financial entities referred to in subparagraph (a) of the previous article, or in their case the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, to the cancellation of the above-mentioned concepts, who shall be responsible for the taxation.

Art. 3. The taxable basis for the settlement of the tribute will be:

(a) Assets referred to in article 1 (a) and (d): the amount of the imposition with more adjustments and/or interest to the expiration date referred to in the preceding article.

(b) In the case of assets referred to in Article 1 (b) and (c): the updated residual nominal value used for the calculation of the income included.

Art. 4°- When the amount of the tax has been determined in foreign currency, for the purpose of its entry to the Fisco it must become a legal currency for the application of the type of exchange purchaser of the BANCO of the ARGENTINA NATION in force at the end of the immediate business day prior to that of its income.

Art. 5°- The licuum of the gravel will be from the CUATRO per SCIENT (4%).

Art. 6°- The assets in the possession of the General TESORIA of the NATION and the CENTRAL BANCO of the ARGENTINA REPUBLIC are exempted from this tax.

Art. 7°- The IMPOSTITIVE GENERAL DIRECTION shall dictate the complementary rules necessary for the application of this tax.

Art. 8°- This emergency tax shall be governed by the provisions of Act No. 11.683 (as amended in 1978) and its application, perception and control shall be carried out by the IMPOSTITIVE GENERAL DIRECTION.

Art. 9°- Note the HONORABLE CONGRESS OF NATION.

Art. 10°- The provisions of this decree shall enter into force from the date of publication, including.

Art. 11 Communicate, publish, give to the NATIONAL DIRECTION OF THE OFFICIAL REGISTRATION and archvese. MENEM - Néstor M. Rapanelli.