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PRODUCTIVE RECOVERY PROGRAMME

Law 27264

Permanent character. General Provisions.


ARTICLE 1-Institutional Recovery Program created by the Resolution of the Ministry of Labor, Employment and Social Security No. 481 dated July 10, 2002 and its modifications and additions.

ARTICLE 2-The maximum monthly fixed sum provided for in the regulations for the benefits provided by the programme will be increased by 50% (50%) in the case of Micro, Small and Medium Enterprises (MSMEs), according to the Article 1 of Law 25.300 and its supplementary rules.

ARTICLE 3-To instruct the Ministry of Labour, Employment and Social Security to take all necessary steps to ensure that access to the benefits of the Productive Recovery Program can be performed by means of a simplified procedure for Micro, Small and Medium-sized Enterprises, taking all necessary steps to ensure that access to benefits is effective quickly.


ARTICLE 4 °- Special tax treatment. The persons who fall within the category of Micro, Small and Medium-sized Enterprises, under the terms of Article 1 (1) of Law 25.300 and its accompanying rules, shall enjoy a special tax treatment, in accordance with the provisions of this Regulation. Title, in the forms and conditions laid down by the regulations.

ARTICLE 5- Presumed Minimum Gain. Exclusion. The Tax on the Presumed Minimum Profit (Title V of Law 25,063 and its modifications) shall not apply to the Micro, Small and Medium Enterprises, with effect for the fiscal years beginning on 1 January 2017.

ARTICLE 6- Benefits. Tax on Credits and Debits. The Tax on Credit and Debits in Bank Accounts and Other Operatoria, established by Article 1 of the Competitiveness Act 25.413 and its modifications, which would have been effectively entered, may be computed by one hundred percent. (100%) as a payment on account of earnings tax by firms which are considered to be 'micro' and 'small' and 50% (50%) by the manufacturing industries considered 'medium-tranche 1' in the terms of Article 1 of the law 25,300 and its accompanying rules.

( Note Infoleg : by art. 2 ° of the Decree No 409/2018 B.O. 7/5/2018 provides that the payment on account referred to in the first paragraph of this Article shall be increased to 60% (60%). Validity: from the day following that of its publication in the Official Gazette, having effect for the advances and balances of affidavit of the Tax on the Earnings and/or the Tax on the Presumed Minimum Profit or of the Special Contribution on the Capital of Cooperatives corresponding to tax periods starting from 1 January 2018, on the basis of tax credits arising from taxable events which have been refined since that date)

The calculation of the payment on account may be made in the annual affidavit of the tax on earnings or advances. The uncompensated remnant shall not be subject, under any circumstances, to compensation with other charges from the taxpayer or from requests for repayment or transfer in favour of third parties.

In the case of an earnings tax credit corresponding to the taxable persons not covered by Article 69 of the tax law, the said payment shall be attributed to each of the members, associates or unit-holders. the proportion in which they participate in the tax results of those.

However, the imputation referred to in the preceding paragraph shall only proceed, up to the amount of the increase in the tax obligation resulting from the incorporation into the individual affidavit of the profits of the entity originating in the credit.

Where the tax credit provided for in the preceding paragraphs plus the amount of the advances determined for the profit tax, calculated in accordance with the respective rules, exceeds the estimated obligation of the period for such taxes, the taxpayer may reduce in whole or in part the amount to be paid in advance, in the form, term and conditions that in this respect establishes the Federal Administration of Public Revenue, autarquica in the field of Ministry of Finance and Public Finance.

The amount of the tax computed as a profit tax credit will not be deducted for the purposes of determining this tribute.

ARTICLE 7 °-The Micro and Small Enterprises, according to the terms of Article 1 ° of the Law 25,300 and its complementary rules, may enter the balance resulting from the affidavit of the value added tax, at the due date corresponding to the second immediate month following that of its original maturity, under the conditions laid down by the Federal Administration of Public Revenue.

ARTICLE 8- Compensation and refund. In the event that the beneficiaries of this law have creditors and debtors, their compensation will be in accordance with the current regulations, taking into account the operational guidelines stipulated by the Federal Administration of Public Revenue, through the so-called "Tax Accounts" system. If such compensation is not possible, those compensation may be referred to the person concerned for repayment and for the procedure provided for by the collecting body.
Authorize the national executive branch to issue bonds of public debt, the subscription of which will be voluntary, for the purpose of the Federal Administration of Public Revenue carrying out the refund provided for in the preceding paragraph for the balances prior to the sanction of this law.

ARTICLE 9 °-To instruct the Federal Administration of Public Revenue to implement procedures aimed at simplifying the determination and income of national taxes for Micro, Small and Medium Enterprises for which it will lead to the actions necessary to develop a single-window system.

ARTICLE 10. -The National Executive Branch to implement programs aimed at compensating Micro, Small and Medium Enterprises in the border areas established by asymmetries and economic imbalances caused by competitiveness with neighbouring countries, for which it will be able to apply fiscal tools in a differential and temporary way as well as incentives for productive and tourist investments.

ARTICLE 11. -Establish that the tax benefits to the Micro, Small and Medium Enterprises granted by this law will have a differential of at least five percent (5%) and a maximum of 15% (15%) when they are developed in activities identified as belonging to a regional economy. The Ministry of Agriculture and the Ministry of Finance and Finance are instructed to establish the scope of the sectors and the benefits here.


ARTICLE 12.- System for the Promotion of Investments. Beneficiaries. Create the Investment Promotion Regime for Micro, Small and Medium Enterprises, in the terms of Article 1 of Law 25.300 and its complementary rules, that make productive investments in the terms provided for in this Title.

ARTICLE 13.- Productive Investments. Concept. For the purposes of the system set up by the preceding article, it is understood by productive investments, those carried out by capital goods or works of infrastructure, in the forms and conditions laid down by the regulations.

Investments in capital goods should, as appropriate, be aimed at the purchase, construction, manufacture, manufacture or final importation of capital goods, new or used, excluding automobiles. Such goods must also be of a quality of amortisation for the profit tax, including the acquisition of players, including females, where they are of pedigree or pure cross-breeding, as established by the regulations.

ARTICLE 14.- Exclusions from the scheme. They shall not be eligible for treatment under this scheme, who are in any of the following situations:

(a) State of bankruptcy, in respect of which the continuity of the holding has not been provided, in accordance with the provisions of Law 24,522 and its amendments;

(b) Querellated or criminally denounced in accordance with Law 24.769 and its amendments, in respect of which the corresponding tax requirement for elevation to judgment has been formulated before the exteriorization of the accession to the regime;

(c) formally denunciated, or held criminally for common offences which have connection with the non-compliance with their tax obligations or those of third parties, in respect of which the corresponding lifting tax requirement has been formulated; judgment before the date of the date of accession to the scheme;

(d) Legal persons-including cooperatives-where, as appropriate, their partners, administrators, directors, trade unions, members of the supervisory board, directors or those holding equivalent positions in the cooperatives have been formally denounced or criminally charged for common offences which have connection with the non-compliance with their tax obligations or those of third parties, in respect of which the corresponding lifting tax requirement has been formulated judgment before the exteriorization of the accession to the regime.

The occurrence of any of the circumstances referred to in the preceding points, which occurred after accession to the benefits provided for in this Title, shall be the cause of the total expiry of the tax treatment in question.

ARTICLE 15.- Term of Vigency. The provisions of this Title shall apply to productive investments between 1 July 2016 and 31 December 2018, both dates inclusive.

ARTICLE 16.- Fiscal stability. The Micro, Small and Medium Enterprises will enjoy fiscal stability during the period of validity established in the previous article.

It reaches all taxes, including direct taxes, taxes and tax contributions, which have as their taxable persons the Micro, Small and Medium Enterprises.

The Micro, Small and Medium Enterprises will not be able to increase their total tax burden, considered separately in each jurisdiction, in the national, provincial and municipal areas, provided the provinces adhere to the Title, through the dictation of a law in which they must expressly invite the municipalities of their respective jurisdictions to dictate the relevant legal norms in the same sense.

ARTICLE 17.- Time of productive investment. For the purposes of this Title, productive investments are considered to be made in the financial year or year in which they are to be made available or their implementation and their effect on the production of taxed income, in accordance with the law on income tax (t.o. 1997) and its amendments. By way of derogation, partial ratings may be requested in accordance with the mechanisms to enable regulation.

ARTICLE 18.- Expiry of the benefit. The benefits provided for in this Title shall expire when, in the tax year in which the benefit is counted, the undertaking shall reduce the level of employment in the forms and conditions laid down by the rules.

If the goods or works which gave rise to the benefit cease to be part of the assets of the undertaking, it shall not be the cause of revocation:

(a) The replacement of the good by another when the value of the goods is equal to or greater than the sale price of the replaced well or when its destruction occurs by chance or force majeure, in the forms and conditions established by the Regulation and;

(b) where one third of the useful life of the goods concerned has elapsed.

ARTICLE 19.- Consequences of the expiry. If one or more grounds for revocation are found, the tax on the profits corresponding to the payment on account of which the amount of the tax credit bonus applied or the amount of the tax credit applied, must be entered in each case. The remnant was cancelled. In both cases, the compensation interest and a fine equivalent to 100% (100%) of the charge entered in the default are to be paid.

For such purposes, the Federal Administration of Public Revenue shall issue the relevant intimation without the application of the procedure laid down in Article 26 et seq. of Law 11.683 (1998) and its amendments to the effect of which the the debt determination will be executed with the mere intimation of payment of the tax and its accessories by the said tax body without the need for other substantiation.

ARTICLE 20.- Control rules. The Federal Administration of Public Revenue will dictate the control rules it deems necessary to verify the origin of the computation of the benefits established in this Title, and may even implement the use of the (a) relief by a computerized checking account, irrespective of the category of the undertaking benefiting from Article 1 (1) of the Law 25,300 and the subject of the investment made.

ARTICLE 21.- Rules of application. In all cases, the rules of the earnings tax law, (t.o. 1997) and its amendments; of Law 11.683, (t.o. 1998) and its amendments, and of the law of value added tax, (t.o. 1997) and their amendments, will be applied in a way that is not foreseen. modifications.

ARTICLE 22.- Deadline for Regulations. The national executive branch shall regulate this law within sixty (60) days of its publication in the Official Gazette.


ARTICLE 23.- Scope of Application. Productive investments. The Micro, Small and Medium-sized Enterprises that make productive investments defined in Article 13 of this Law, shall be entitled to compute as payment on account and up to the amount of the amount of the obligation as a tax to earnings shall be determined in relation to the annual financial year or year in question, the sum resulting from the application of the following Article. The rules shall provide for the procedure to be applied by the partners of the companies or the holders of single-person undertakings which qualify as Micro, Small and Medium-sized Enterprises for the purposes of which the said payment can be taken into account in its annual obligation.

This benefit is incompatible with the sale and replacement scheme enshrined in Article 67 of the earnings tax law (t.o. 1997) and its amendments, as well as other industrial or sectoral promotion schemes, General or special disposed in other legal bodies, whether or not they are specifically designed for Micro, Small and Medium Enterprises.

ARTICLE 24.- Computable amount. Rate to be applied. The amount to be taken into account shall be the rate of 10% (10%) of the value of the productive investment or investments established in accordance with the rules of the earnings tax law (t.o. 1.997) and its modifications-made during the fiscal year or year, as appropriate, and shall not exceed the amount determined by the application of two percent (2%) on the average of the net income earned on sales, work or services, in the case of the tax year or year in question, in the case of the the investments were made and the previous one. The amount of such net income shall be calculated in accordance with the provisions of the value added tax law (t.o. 1997) and its amendments.

In the case of the micro, small and medium-sized manufacturing industries-tranche 1-in the terms of Article 1 (1) of the Law 25,300 and its supplementary rules, the percentage limit laid down in the preceding paragraph shall be increased to 3%. (3%).

ARTICLE 25.- Treatment for new companies. When Micro, Small and Medium-sized Enterprises which initiate their activities within the time limit laid down in Article 15 of this Law, carry out during the same productive investment and at the end of the fiscal year or year, as corresponds, in which those materialised determine in the income tax the respective obligation to the extent that they cannot compute in whole or in part the amount of the referred payment, calculated by the application of the ten (10%) of the value of such investments, may be charged until their exhaustion against the an obligation which, in respect of the tax years or immediate annual financial years, for such lien, shall be subject to the condition of Micro, Small and Medium-Sized Enterprises. After five (5) years of taxation or annual financial years after the year in which the payment was made, the amount still to be paid for such a concept cannot be counted in successive years or years. The balance shall in no case give rise to the beneficiary's return.

ARTICLE 26.- Net profit subject to tax. The profit deriving from the calculation of the payment to account set out in this Chapter shall be exempt from tax on profits and, for the purposes of applying the withholding tax, as a single and definitive payment established by the Article 69 of the Law on Income Tax, (t.o. 1997) and its amendments, it shall be deemed to be the benefit of the profit determined on the basis of the application of the general rules of that law.


ARTICLE 27.- The Investment Promotion Scheme. A special scheme to promote investment for Micro, Small and Medium Enterprises (SMEs), for their tax credits in value added tax which would have been incurred in productive investments, as defined by the Article 13 of this Law.

The subjects referred to in the preceding paragraph; in the opportunity to verify the date of general maturity to be set by the Federal Administration of Public Revenue for the filing of the annual affidavit of the income tax for companies covered by Article 69 of the earnings tax law (t.o. 1997) and their amendments, or to human persons and foreign nationals, as the case may be, may request that the said credit tax becomes an untransferable bonus usable for the cancellation of taxes national, including customs, under the conditions and time limits laid down by the national executive branch, provided that on the said date of expiry, the tax credits referred to or the remainder of the said balance are in favour of the first paragraph of the Article 24 of the law of value added tax, (t.o. 1997) and its amendments.

ARTICLE 28.- Tax credit bonus. Limitations. The tax credit bonus referred to in the previous article may not be used for the cancellation of taxes with exclusive destination to the financing of funds with specific affectation.

Nor can the voucher referred to to cancel debts prior to the actual incorporation of the beneficiary be used to the present law and, in no case, any balances in his favor will result in reintegration or returns by the National State.

ARTICLE 29.- Capital goods. Taxpayers ' estate. The capital goods covered by the present scheme are those which are in return for the quality of the assets which are depreciable for the profit tax.

The arrangements laid down in this Chapter shall not apply where, at the time of the application for conversion of the balance in favour, capital goods do not constitute the assets of the taxpayer, except where there has been a fortuitous case or of force majeure, such as fires, storms or other accidents or accidents, duly tested.

ARTICLE 30.- Assumption of leasing. Where capital goods are acquired by leasing, the tax credits corresponding to the fees and the purchase option may be counted only for the purposes of this scheme after the general maturity date for the scheme is verified. submission of the annual affidavit of the tax on earnings for the period in which the said option has been exercised.

ARTICLE 31.- Fiscal quota. For the purposes of the scheme contained in this Chapter, a yearly tax quota for the conversion of tax credit bonds, amounting to 5 billion pesos ($5,000,000,000), shall be established in accordance with the mechanism. to establish the national executive branch and the percentages that it has in respect of capital goods and infrastructure works.

The National Executive Branch will report quarterly to the Budget and Finance Committees of both houses of the National Congress on the distribution of the quota set out in this article.

The provisions of this Chapter shall have effect in respect of tax credits whose right to be calculated shall be generated from 1 July 2016.


ARTICLE 32.- Definition of Micro, Small and Medium Enterprises. Replace Article 1 of the Law 25.300, by the following:

Article 1: This law aims at the competitive strengthening of Micro, Small and Medium-sized Enterprises that develop productive activities in the country, by creating new instruments and updating existing ones, in order to achieve a more integrated, balanced, equitable and efficient development of the productive structure.

The implementing authority must define the characteristics of the undertakings to be considered Micro, Small and Medium-sized and, where this is justified, contemplating the specific characteristics of the various sectors and regions and on the basis of some or all of the following attributes of the same or their equivalents, busy personnel, value of the sales and value of the assets applied to the production process.

The implementing authority shall review the definition of Micro, Small and Medium Enterprises annually in order to update the parameters and specificities referred to in the definition adopted.

Enterprises which, while meeting the quantitative requirements laid down by the implementing authority, are linked or controlled by national or foreign economic enterprises or groups shall not be considered as Micro, Small and Medium Enterprises. which do not meet those requirements.

The benefits in force for Micro, Small and Medium-sized Enterprises will be extended to the associative forms exclusively formed by them, such as consortia, transitional unions of companies, cooperatives, and any other modality of association.

ARTICLE 33.- Registration of Micro, Small and Medium Enterprises. Replace Article 27 of Law 24.467, by the following:

Article 27: The implementing authority shall set up a Registry of MyPyMES Enterprises which shall have the following purposes:

a) Contar with updated information on the composition and characteristics of the various Micro, Small and Medium Enterprises sectors, which will allow the design of policies and instruments suitable for the support of these companies;

(b) to collect, register, digitize and ressave the information and documentation of companies that wish or need to credit, in front of the implementing authority or any other public or private entity, the condition of Micro, Small or Medium Enterprise in accordance with the guidelines laid down by the implementing authority;

c) Issue certificates of accreditation of the condition of Micro, Small or Medium Enterprise, at the request of the company, national, provincial and municipal authorities.

In order to simplify the operation and development of Micro, Small and Medium Enterprises as well as access to the plans, programs and benefits established by the national state, the provinces, the Autonomous City of Buenos Aires, and the municipalities of the Republic of Argentina, the implementing authority shall have the power to detail, modify and extend the purposes of the MípMES; Joint Register of Companies; joint with the public registers; the Central Bank of the Argentine Republic, the Federal Public Revenue Administration, the National Securities and Exchange Commission, and any other national and local authority or authority which is relevant for the purposes of the registration.

The said bodies and authorities shall provide the register with the information and documentation required by the implementing authority, provided that this does not result in a violation of regulatory restrictions that would eventually apply to those authorities. For this purpose, the implementing authority shall conclude agreements with the authorities concerned.

The implementing authority shall also have the power to lay down the conditions and limitations in which the information and documentation contained in the MSME Register may be consulted and used by administrative bodies. national public, financial institutions, mutual guarantee companies, guarantee funds, exchanges and securities markets duly authorised by the National Securities and Exchange Commission, a decentralised body at the level of the Secretariat of Finance Ministry of Finance and Public Finance. Access to such information by provincial, municipal or Autonomous City of Buenos Aires authorities may be agreed by signing agreements with the implementing authority, ensuring the protection of information confidential or subject to restriction by the applicable rules.

ARTICLE 34.- Registration of consultants MiPyME. Replace Article 38 of the Law 25,300, by the following:

Article 38: Create the MyPyME Consultant Registry in which professionals who wish to offer services must be registered through the use of instruments and programs of the Secretariat of Entrepreneurs and Small and Medium-sized Enterprises of the Ministry of Production. Registration shall remain open on a permanent basis for all applicants who meet the minimum professional requirements which, in general, establish the implementing authority.

The provinces and the Government of the Autonomous City of Buenos Aires will be able to adhere to the register to include all providers of technical assistance services of the network.

ARTICLE 35.- Productive Development Agencies. Replace Article 13 of Law 24.467, by the following:

Article 13: The Ministry of Production will organize a Network of Productive Development Agencies that will aim to provide assistance to the business sector throughout the national territory and coordinate actions aimed at strengthening the Institutional framework with the objective of achieving sustainable development and according to the characteristics of each region.

In the organization of the Network of Productive Development Agencies, the Ministry of Production will prioritize and prioritize the articulation and integration into the network of those agencies that are dependent on the provincial, municipal and municipal governments. already existing in the provinces. All the institutions that subscribe to the respective conventions must ensure that the network agencies comply with the requirements that the implementing authority will have in place in order to ensure a level of homogeneity in the the provision of services of all the institutions that make up the network.

The agencies that make up the network will be able to function as a window of access to all the current and future instruments and programs available to the Ministry of Production to assist the business sector, as well as all those of others. areas of the national state for which the Ministry agrees to incorporate.

The agencies will promote the articulation of public and private actors that are related to productive development and will understand, at the level of diagnosis and formulation of proposals, in all aspects related to regional development.

The Network of Productive Development Agencies organized by the Ministry of Production will seek to promote articulation, collaboration and institutional cooperation, the partnership between the public and private sectors and the co-financing of activities. between the national state, the provinces, the Autonomous City of Buenos Aires and the municipalities.

ARTICLE 36.- Article 4 ° of Law 22,317 and its amendments. Replace the second paragraph of Article 4 (2) of Law 22.317, by the following:

For the annual quota administered, for the training carried out by the Micro, Small and Medium-sized Enterprises, whatever the administrative body of that quota, the amount of the certificates referred to in Article 3 of this Law shall not be may in no case exceed 30% (30%) of the total sum of salaries and salaries in general for services rendered, corresponding to the last twelve (12) months paid to the staff employed in the business establishments and without taking into account the kind of work he does. The managing body may set different percentages, within the limit provided for in this article, according to whether it is Micro, Small or Medium Enterprises and taking into account the sector in which they perform.

ARTICLE 37.- Fonapyme. Investment Committee. Replace Article 5 of the Law 25.300, by the following:

Article 5 °: Investment Committee. The eligibility of the investments to be financed from Fonapyme resources will be carried out by an investment committee composed of as many members as established in the regulations, who will be appointed by the implementing authority. The chair of the investment committee shall be the responsibility of the Minister of Production or of the representative appointed by him, and the vice-presidency of the Secretary of Entrepreneurs and Small and Medium-sized Enterprises.

The functions and powers of the investment committee shall be established by the regulations of this law, including among other those of fixing the investment policy of the Fonapyme, establishing the terms and conditions for the granting of the financing that will provide and act as the highest authority for the approval of the undertakings in each case.

The investment committee should provide for objective mechanisms for the allocation of the Fonapyme which guarantee an equitable distribution of the financing opportunities for projects in the provinces of the national territory. The selection and approval of projects must be carried out by means of public competitions.

The Trust of the Fonapyme shall provide all the administrative and management support services required by the investment committee for the performance of its functions.

ARTICLE 38.- Fogapyme. Modification of the object. Replace Article 8 ° of the Law 25.300, by the following:

Article 8 °: Creation and object. Create the Guarantee Fund for Micro, Small and Medium-sized Enterprises (Fogapyme) with the aim of providing guarantees in support of those issuing mutual guarantee companies and offering direct guarantees, in order to improve the conditions of access to the credit of the Micro, Small and Medium-sized Enterprises and the associative forms referred to in Article 1 of this Law, to:

(a) the financial institutions approved by the Central Bank of the Argentine Republic;

b) Non-financial institutions that develop financing tools for Micro, Small and Medium Enterprises;

c) Investors of instruments issued by Micro, Small and Medium-sized Enterprises under the regime of public offering in trading exchanges and/or securities markets duly authorized by the National Securities and Exchange Commission.

It may also grant guarantees in support of those issued by the provincial or regional funds or the Autonomous City of Buenos Aires constituted by the respective governments, whatever the legal form they adopt, provided that comply with technical requirements equal to or equivalent to those of mutual guarantee companies (SGR).

The granting of guarantees by the Fogapyme will be for consideration.

ARTICLE 39.- Fogapyme. Management Committee. Replace Article 11 of the Law 25,300, by the following:

Article 11: Management Committee. The administration of Fogapyme's fiduciary assets and the eligibility of the operations to be endorsed will be in charge of an administrative committee composed of as many members as established in the regulations, which will be appointed by the implementing authority, and whose presidency shall be the responsibility of the Minister of Production or of the representative appointed by him and the Vice-Presidency of the Secretary of Entrepreneurs and Small and Medium-sized Enterprises.

ARTICLE 40.- Rate Bonification Scheme. Distribution of quota. Replace Article 33 of the Law 25,300, by the following:

Article 33: The implementing authority shall distribute the total annual amount allocated to this scheme, in instalments and in as many acts as it deems necessary and appropriate, by awarding the appropriations to the institutions. financial and non-financial that implement financing tools for Micro, Small and Medium Enterprises and offer the best conditions to applicants.

The implementing authority may allocate part of the annual quota for distribution to Micro, Small and Medium-sized Enterprises which issue instruments under the public offering regime in trading exchanges and/or securities markets duly authorised by the National Securities and Exchange Commission.

ARTICLE 41.- Rate Bonification Scheme. Adjudicators of the quota. Replace Article 34 of the Law 25,300, by the following:

Article 34: Entities may not be awarded new credit quotas until they have agreed to finance the equivalent of a percentage determined by the authority of application of the amounts allocated to them.

Credit operations intended to refinance defaulted liabilities or corresponding to loans granted on a bond basis are excluded from the benefits of this Chapter, except where such allowance comes from programmes which have been Provincial or municipal jurisdictions. The participating entities shall undertake to provide equal treatment for all enterprises, whether or not they have previously been clients of them, and shall not be able to establish as a condition for the granting of the fee allowance. recruitment of other services other than that.

ARTICLE 42.- Rate Bonification Scheme. Replace Article 3 (3) of Law 24.467, by the following:

Article 3: An interest rate subsidy scheme for Micro, Small and Medium Enterprises, which will reduce the cost of credit. The amount of such bonus will be set in the respective regulations.

A special bonus shall be given to new or operating MPyMES located in the geographical areas which have one of the following characteristics:

(a) Regions in which unemployment rates are higher than the national average;

(b) the provinces of northern Argentina within the Belgrano Plan;

(c) Regions in which levels of Geographical Gross Product (PBG) are recorded below the national average.

ARTICLE 43. -Mutual guarantee companies. Sanctioning regime. Replace Article 43 of Law 24.467, by the following:

Article 43: Non-compliance by human and legal persons of any nature with the provisions of Title II of this Law and its rules shall result in the application, jointly or individually, of the following: penalties, without prejudice to the other provisions laid down in this provision, of Law 19.550 (1984) and amendments thereto, pursuant to Article 32 of this Law and those which may be applicable to the application of criminal law:

(a) Dismissal of guarantees for the calculation of the degree of use required to access the tax relief provided for in Article 79 of Law 24.467 and its modification;

(b) Receipt;

(c) Receipt, with the obligation to publish the operative part of the resolution in the Official Gazette of the Argentine Republic and in the portals of the implementing authority, and up to two (2) national circulation newspapers at the expense of the subject Puncture;

(d) Multas applicable to the Reciprocal Guarantee Society (SGR) and/or, as if it is attributable to a specific non-compliance, to the members of the social organs of the same. The fines can be established between an amount of pesos five thousand ($5,000) to pesos twenty million ($20,000,000). The national executive branch may amend these minimum and maximum ceilings every two years (2) years;

(e) Expulsion of the protective partner or non-compliant participant, as well as the prohibition of permanent or temporary incorporation into the system by another Reciprocal Guarantee Society (SGR);

(f) Inablement, temporary or permanent, to be held as directors, administrators, members of the supervisory boards, syndicates, liquidators, managers, auditors, partners or shareholders of the entities covered by Title II of the law 24.467 and its amendment;

(g) Transitional disablement to operate as a Reciprocal Guarantee Society (SGR);

(h) Revocation of the authorisation to operate as such.

The legal consequences contained in this Article may be applied in whole or in part. For the purposes of fixing the penalties referred to above, the implementing authority shall take particular account of: the magnitude of the infringement; the profits generated or the damage caused by the infringer; the operational volume and the the risk fund of the infringer; the individual action of the members of the administrative and audit bodies. In the case of legal persons, directors, administrators, syndicates or members of the supervisory board, and, where appropriate, managers and members of the rating board, shall be jointly and severally liable for those who have been determined. individual responsibility in the commission of the sanctioned conduct.

The implementing authority shall determine the procedure for the application of the penalties provided for in this Article, ensuring the exercise of the right of defence.

Against the resolution that provides for the imposition of sanctions, it will be able to appeal to the enforcement authority, with an appeal in support of the National Chamber of Appeals in the Commercial. Both resources will have suspensory effects.

ARTICLE 44.- Implementing authority. To be designated as the implementing authority of the National Development Fund for Micro, Small and Medium Enterprises (Fonapyme), the Micro, Small and Medium Enterprises Guarantee Fund (Fogapyme), the Rate Bonus Scheme, the Mutual Guarantee Companies and the Network of Productive Development Agencies, provided for in Law 24.467 and 25.300, to the Ministry of Production, which shall be empowered to delegate such a character and its powers.


ARTICLE 45.- Negotiable Obligations Act. Persons entitled to contract loans by means of negotiable obligations. Replace Article 1 of Law 23,576 by the following:

Article 1: Companies for shares, limited liability companies, cooperatives and civil associations incorporated in the country, and branches of companies for shares incorporated abroad in the terms of the Article 118 of Law 19.550 (t.o. 1984) and its amendments, may contract borrowings by the issuance of negotiable obligations, in accordance with the provisions of this Law.

The provisions of this standard are applied, in such a way as to govern the national executive branch, to the entities of the national state, the provinces and the municipalities governed by laws 13,653 (t.o. decree 453/55), 19.550 (t.o. 1984) and its amendments (Articles 308 to 314), 20,705 and by law.

ARTICLE 46.- Negotiable Obligations Act. Guarantees. Replace Article 3 of Law 23,576 by the following:

Article 3: Can be issued with floating, special or common guarantee. The issue, the privilege of which is not limited to certain real estate, shall be considered as a floating guarantee. The provisions of Articles 327 to 333 of Law 19.550 (t.o. 1.984) and their amendments shall apply. The guarantees are constituted by the manifestations that the issuer makes in the resolutions that have the issue and must register, when appropriate according to its type, in the relevant records.

Registration in such registers shall be accredited to the comptroller's body prior to the commencement of the placement period. The mortgage shall be constituted and cancelled, by unilateral declaration of the broadcaster when a fiduciary is not present in the terms of Article 13 of this measure, and does not require acceptance by the creditors. The cancellation will only proceed if an average accounting certification of the total redemption or redemption of the guaranteed negotiable obligations, or the unanimous agreement of the obligationists. In the case of negotiable bonds with public offering, the compliance of the National Securities and Exchange Commission is also required.

They may be equally guaranteed or guaranteed by any other means, including Reciprocal Guarantee (SGR) or Guarantee Funds. They may also be guaranteed by financial institutions covered by the respective law.

ARTICLE 47.- Negotiable Obligations Act. Title requirements. Replace Article 7 of Law 23,576 by the following:

Article 7 °: Titles must contain:

(a) the name and address of the broadcaster, date and place of incorporation, duration and details of their registration in the Public Registry of Trade or relevant bodies, as appropriate;

(b) the serial number and the order number of each title, and the nominal value it represents;

(c) the amount of the borrowing and currency in which it is issued;

(d) the nature of the guarantee;

(e) the conversion conditions where appropriate;

(f) the terms of depreciation;

(g) the formula for updating the capital, where applicable; interest rate and time of payment;

h) Name and surname or denomination of the subscriber, if they are nominative.

They must be signed in accordance with Article 212 of Law 19,550 (t.o. 1984) and their amendments or Article 26 of Law 20.337, in the case of companies by shares or cooperatives, respectively, and by the legal representative and a member of the administrative body designated for that purpose, in the case of civil associations or branches of companies incorporated abroad, or, in the case of limited liability companies, by a manager and the liquidist, if it exists. In the case of written obligations, the data referred to in points (a) and (h) of this Article shall be entered in the proof of opening and the balance sheet.

ARTICLE 48.- Negotiable Obligations Act. Authorisation for the issue. Replace Article 9 ° of Law 23,576 by the following:

Article 9 °: In companies by shares, limited liability companies and cooperatives, the issuance of negotiable obligations does not require authorization of the statutes and may be decided by ordinary assembly.

In the case of convertible bonds in shares, the issue is the responsibility of the extraordinary assembly, except in the companies authorized to the public offering of its shares, which can decide it in all cases by ordinary assembly.

In civil associations, the issue requires express authorization of the statutes and must be resolved by the assembly.

They may be delegated to the administrative body:

(a) in the case of simple obligations: the determination of all or some of its conditions of issuance within the authorized amount, including time, price, form and conditions of payment;

(b) in the case of convertible debentures: the fixing of the time of the issue; the price of the placement; form and conditions of payment; interest rate and conversion value, indicating the guidelines and limits to the effect.

The delegated powers must be exercised within two (2) years of the assembly. Upon this end, the assembly resolution shall be without effect in respect of the amount not issued.


ARTICLE 49.- Law of Insurance Entities. Replace point (c) of Article 35 of Law 20.091 and its amendment, by the following:

(c) Negotiable obligations that have an authorized public offering issued by companies for shares, limited liability companies, cooperatives or civil associations and in debentures, in both cases with special or floating guarantee in the first place (a) the extent to which assets are located in the country or with the guarantee of Reciprocal Guarantee Companies (RGS) or guarantee funds.

ARTICLE 50. -Instruct the Superintendency of Insurance of the Nation, a decentralized agency under the Ministry of Finance and Public Finance, to establish mandatory minimums in instruments for financing working capital Micro, Small and Medium-sized enterprises (tranche 1), such as deferred payment cheques endorsed by mutual guarantee companies established by law 24,667 authorized for public listing, guaranteed promissory notes issued for trading on the market values in accordance with the provisions of Commission General Resolution 643/2015 National Securities, common funds of investment SMEs authorised by the National Securities and Exchange Commission, and others to be determined by the implementing authority.


ARTICLE 51.- Letter of change and I will pay. Payment currency. Replace Article 44 of Decree Law 5,965 of 19 July 1963, by the following:

Article 44: If the letter of exchange is payable in currency that has no course at the place of payment, the amount may be paid in the currency of this country to the change of the day of maturity. If the debtor is delayed, the bearer may, at his or her choice, require that the amount be paid to the change of the day of the payment or the day of the payment.

The value of the foreign currency is determined by the uses of the place of payment. However, the bookseller may arrange for the sum to be paid to be calculated according to the course of the change indicated in the letter.

The preceding rules do not apply in the event that the bookseller has provided that the payment is to be made in a given currency (cash payment clause in foreign currency).

If the quantity has been indicated in a currency which has the same denomination but different value in the country where the letter was delivered and in that of the payment, the indication is presumed to refer to the currency of the place of payment.

The preceding rules do not apply for when the promissory notes are offered on the securities markets, in which case the exchange rate applicable will be applied, the foreign exchange rate of the Banco de la Nación Argentina will be applied, autarquica in the field of the Ministry of Finance and Public Finance, at the close of the day before the maturity of each quota or the maturity of the promissory note.

ARTICLE 52.- I'll pay. Requirements. Replace Article 101 of Decree Law 5.965/63 by the following:

Article 101: The voucher or payment must contain:

(a) the "to the order" clause or the title of the title shall be inserted in the text of the title and expressed in the language used for its drafting;

b) The pure and simple promise of paying a certain sum;

(c) the time limit for payment;

(d) the indication of the place of payment;

(e) the name of the person to whom the payment is to be made, except in the case of a promissory note issued for trading on the securities markets, in which case this requirement shall not be required;

(f) Indication of the place and the date on which the voucher or payment has been signed;

g) The signature of which you created the title (subscriber).

For the purposes of the negotiation of promissory notes on the securities markets in accordance with Article 2 (2) of Law 26,831, the instrument may provide for a system of amortisation for the payment of capital with successive maturities. The non-payment of one or more capital shares entitles the holder/creditor to give up all the time limits and to require payment of the total amount of the title. The promissory notes issued under these conditions shall not be liable for the nullity provided for in the last paragraph of Article 35 of this decree.

ARTICLE 53.- I'll pay. Rules of application. Replace Article 103 of Decree Law 5.965/63, by the following:

Article 103: They are applicable to the voucher or payable, as soon as they are not incompatible with the nature of this title, the provisions of the letter of change relating to the endorsement (Articles 12 to 21); due (Articles 35 to 39); to the payment (Articles 40 to 45); to the resources for non-payment and to the protest (Articles 46 to 54 and 56 to 73); to the payment for intervention (Articles 74 and 78 to 82); to the copies (Articles 86 and 87), to the alterations (Article 88); to the prescription (Articles 96 and 97); (iii) the calculation of the terms and the prohibition of the agreement of grace periods. (Articles 98 to 100). They are also applicable to the voucher or pay the provisions laid down for the letter of exchange payable at the address of a third party or in another place other than the domicile of the twirl (Articles 4 and 29); (Article 5); differences in the indication of the sum to be paid (Article 6); for the purposes of the signatures set out in the conditions laid down in Article 7; the signatures of persons who invoke the representation of other persons without being entitled for that act or which they act by exceeding their powers (Article 8 °) and the letter of change in white (Article 11). They are also applicable to the voucher or the provisions relating to the endorsement (Articles 32 to 34), if the endorsement, in the case provided for in the last paragraph of Article 33, does not indicate by which of the obligated it is granted, is considered to have been for ensure the subscriber of the title. They shall also apply to the voucher or pay the provisions relating to cancellation of the letter of exchange (Articles 89 to 95).

The provisions referred to in the preceding paragraph shall be applicable to the payment of the price to be traded on the securities markets, as soon as they are not incompatible with the nature of this title and the particularities of their negotiations, as well as the conditions under which they may be negotiated. The following are detailed:

(a) They must incorporate the "without protest" clause, which will have an effect on the non-compliance with any of the quotas;

(b) They must incorporate the clause "for trading in securities markets";

(c) The payment of the fees shall be recorded in the summary of account issued by the collective deposit agent against the principal accounts administered in the course of his duties;

(d) The implementing authority shall determine the obligations of the collective depot agents in relation to the validation of the information inserted in the payment, as well as the verification of compliance with the formal aspects of the payment. In no case shall the agent of collective deposit be obliged to pay or be considered a foreign exchange agent;

(e) The promissory note issued in the terms of this decree shall be negotiable on the securities markets in accordance with their respective regulations, which shall provide for a system of concurrency of offers with priority price-time;

(f) the primary offer and secondary negotiation of the promissory notes shall not be deemed to be a public offer within the meaning of Article 2 ° and consistent with Law 26,831 and shall not require prior authorization;

(g) The deposit of the promissory note with the conditions provided for in this Article shall have the legal form and effects provided for in Article 41 of Law 20,643. The deposit of the promissory note does not transfer the property or its use to the collective warehouse agent; it must be retained and guarded by the agent, carrying out the operations and accounting records resulting from its negotiation;

(h) The address of the collective deposit agent shall be the place of payment of the payment. Securities trading will only generate an exchange obligation between the subscriber/issuer and that investor who has rights to the promissory note.

ARTICLE 54- I'll pay stock. Implementing authority. The National Securities and Exchange Commission is the implementing authority of the trading scheme for promissory notes on the securities markets provided for in Decree Law 5.965/63, which is the subject of the relevant regulation and the supervision of the trading of promissory notes on stock markets.

ARTICLE 55.- I'll Pay Stock. Stamp duty. I invited the provinces and the Autonomous City of Buenos Aires to exempt from the application of the stamp duty to the promissory notes issued for the negotiation in securities markets.


ARTICLE 56. -Create the Council for Monitoring and Competitiveness for Micro, Small and Medium Enterprises (MiPyMES) with public-private participation in the field of the Secretariat of Entrepreneurs and Small and Medium Enterprises of the Ministry of Production. The one that will have the following functions:

(a) Monitor the development of the credit allocation to MSMEs in accordance with the provisions laid down in this Law;

(b) Monitoring of external trade and its impact on production and employment of MyPyMES;

c) Analysis and follow-up of the role, position and evolution of the MSMEs in the value chains.

ARTICLE 57. -Instruct the Ministry of Science, Technology and Productive Innovation to perform all actions aimed at minimizing costs, in order to facilitate access for Micro, Small and Medium Enterprises to the plans and programs of technological innovation aimed at solving productivity asymmetries.

ARTICLE 58. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE THIRTEEN DAYS OF JULY OF THE YEAR TWO THOUSAND SIXTEEN.


MARTA G. MICHELETTI. -PATRICIA GIMENEZ. -Eugenio Inchausti. -Juan P. Tunessi.