IMPESTS Decree 2737/90 Regulation of Law 23.760

Bs. As., 28/12/90

VISTO Articles 58 to 67 of Act No.23.760, and

CONSIDERING

It is necessary to proceed with the dictation of the relevant regulatory rules.

Therefore,

THE PRESIDENT OF THE ARGENTINA NATION

RIGHT:

Article 1.- The fiscal period for the determination and payment of the tax shall be the calendar month, and the liquidation to that effect shall have the character of affidavit.

Art. 2.- For the purpose of determining the taxable base of the levy, only the net accounting results that, in accordance with the provisions of the Law on the Tax on Livestock (as ordered in 1986) can be considered as an Argentine source.

Art. 3.- For the determination of the taxable base of the tax, in each fiscal period, to the net accounting result of each calendar month prior to the Tax on Gains, the following concepts will be added:

(a) The accrued amounts, in the fiscal period that is liquidated, in terms of salaries and any other retribution made in favour of staff in relation to dependency.

(b) Social contributions accrued in the fiscal period that is liquidated, which are by the employer and which correspond to the salaries and remuneration of the previous subparagraph.

(c) Retributions accrued in the fiscal period to be liquidated, which correspond to temporary staff, after deduction from the agency commissions.

In order to determine the net accounting result of each calendar month, to the net accounting result accumulated at the end of each fiscal period arising from the trade balance, the net accounting result accumulated at the end of the previous fiscal period shall be detracted or added, respectively, to the month that it is liquidated.

Without prejudice to the above, the first fiscal period for each commercial period shall not detract any amount from accumulated net accounting results.

Art. 4.- Accounting adjustments that affect previous business periods should be included in the taxable base of the month in which they are registered, duly reexpressed.

Art. 5.- For the purposes of the provisions of the second paragraph of article 61 of the Act, the BANCO CENTRAL DE LA REPUBLIC ARGENTINA shall communicate to the MINISTERIO DE ECONOMIA, within the three (3) days of the decrees, the modifications to be introduced as from 1 January 1990 in the rules governing the making of the accounting states, which is authorized to provide the appropriate tax adjustments. In case of not being issued within the TREINTA (30) days of the respective communication by the BANCO CENTRAL OF THE ARGENTINA REPUBLIC, the modified rules will be firm for the determination of the respective taxable base. The MINISTERY OF ECONOMY will annually submit a report with the modifications in order to comply with article 64 of the law.

Art. 6.- The reexpression referred to in Articles 3° and 4° shall be effected using the variation operated in the General Level - INDEC Price Index - between the month in which the respective accrual of the concepts referred to and the fiscal period in which the liquidation of the tax is carried out.

Art. 7.- Contact, post, give to the National Directorate of the Official Register and archvese. MENEM - Antonio E. González.