Creation Of Instruments. General Provisions.

Original Language Title: Creación de Instrumentos. Disposiciones Generales.

Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/10302218/20160703

EXTERIORIZATION volunteer holding foreign currency in EXTERNALISATION volunteer of the holding of foreign currency in the country and abroad 26.860 law creation of instruments. General provisions. Passed: May 29 2013 promulgated: 31 May 2013 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. they attest to the force of law: title I of the creation of instruments article 1 ° - authorize the Ministry of economy and finance to issue "bonus Argentine's savings for the economic development (BAADE)", recordable or carrier, and the "note of savings to the development economic". Both instruments shall be denominated in U.S. dollars and will have other financial conditions to be determined at the time of its broadcast. Funds originating from the emission to be will be exclusively destined to the financing of public investment in strategic, such as infrastructure and hydrocarbons sectors.
The Central Bank of the Republic of Argentina article 2 ° - authorized to issue the "certificate of deposit for investment (CEDIN)", in US dollars, which will be nominative and endorsable, constitute by itself an ideal medium for cancellation of obligations for sums of money in U.S. dollars and financial conditions will be established by regulations of the Central Bank of the Republic of Argentina. The subscription of the referred certificate must be dealt before an entity covered by the regime of the law 21,526 and its amendments, which will receive funds by account and order of the Central Bank of the Republic Argentina, and must enter them in the account designated by the Monetary Authority, within twenty-four (24) hours of received them. This certificate of deposit for investment (CEDIN) will be cancelled in the same currency of issuance, by the Central Bank of the Republic of Argentina or institution indicating this, before the presentation thereof by the holder or his transferee, being subject cancellation to prior accreditation of the buying and selling of land, warehouses, premises, offices, garages, lots, parcels and homes already built or the construction of new housing units and/or renovation of real estate , in the conditions that established the Central Bank of the Republic of Argentina in its regulatory https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09.
TITLE voluntary II Exteriorization of the holding of foreign currency in the country and abroad article 3 ° - natural persons, the undivided and the subjects covered by article 49 of the law of tax earnings, text ordered in 1997 and its amendments, registered or not, can externalize voluntarily the possession of foreign currency in the country and abroad under the conditions laid down in this title. Concerned acting out includes the holding of foreign currency in the country and abroad on April 30, 2013, inclusive. You can also merge the holding of foreign currency in the country and abroad resulting from the existing goods produced from April 30, 2013.
Article 4° - the externalisation of the holding of foreign currency, referred to in article 3 of this law, shall be carried out: to) in the case of possession of foreign currency in the country: by your deposit in entities covered by the rule of law 21,526 and its amendments, within a period of three (3) calendar months, counting from the immediate following month of the date of publication in the Official Gazette of the regulation that to the respect handed down the Federal Administration of public revenues and in the manner to be determined; (b) in the case of possession of foreign currency abroad: with its transfer to the country through entities covered by the regime of the law 21,526 and its amendments, within the period prescribed in the preceding paragraph. In the case of natural persons or undivided, for the purposes of this article apply normalization, even when foreign exchange, which is intended to externalize is annotated, registered or deposited in the name of the spouse of the taxpayer or of his ascendants or descendants in the first degree of consanguinity or affinity.
Article 5 ° - the amount expressed in pesos of the foreign currency that they exteriorize shall not be subject to excise any.
Article 6 °-is understood in them provisions of this title it currency foreign that is finds deposited in institutions banking or financial of the foreign subject to the supervision of them banks central u agencies equivalent of their respective countries, or in others entities that consolidate their States accounting with them States accounting of a bank local authorized to operate in the Republic Argentina.
Article 7 ° - the enjoyment of the benefits provided for in this law, shall be subject to the amount of foreign currency - including funds originating from the realization of assets referred to in the second paragraph of article 3 - which is exteriorize, is affecting the acquisition of any of the financial instruments mentioned in the title I.
Article 8 ° - subjects indicated in article 3 that express holdings of foreign currency in the manner provided in subparagraph (b)) item 4 °, must apply for listed entities in article 6 ° in which are deposited the same, the extension of a certificate stating: https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09 to) identification of the entity from the outside; (b) surname and names or name and address of the holder of the deposit; (c) amount of the deposit in foreign currency; (d) place and date of its incorporation. (Receiving financial institutions of holdings of foreign currency according to the provisions of subparagraph (b)) item 4 °, must extend a certificate stating: to) names and surname or name and address of the holder; (b) identification of the entity from the outside; (c) amount of transfer expressed in foreign currency; (d) place and date of the transfer.
Article 9 ° - subjects that carry out the externalisation, subject to the provisions of this title, shall not be required to report to the Federal Administration of public revenues, without prejudice to compliance with the law 25246 and other obligations that apply, date of purchase of holdings and origin of the funds which were acquired, and shall be entitled to the following benefits ((: a) are not subject to the provisions of paragraph f) of article 18 of the law 11.683, text ordered in 1998 and its amendments, with respect to exteriorizadas holdings; ((b) be released from all action civil, commercial and criminal tax - based on 23.771 law and its amendments, during its term, and 24.769 law and its modifications administrative, criminal Exchange - ready Law 19.359 (t.o. 1995) its amending laws and regulations, except that in the case of the so-called referred to in subparagraph (b)) 1 ° of the law - and professional article is relinquished , those responsible for violations resulting regularized under the regime of this law and which have origin in those. Covered by this situation managers members and societies of people managers, directors, managers, trustees and members of the boards of surveillance of public limited companies and limited partnerships for actions and charges equivalent in cooperatives, trusts and mutual funds, and professional certification of their respective balance sheets. This benefit does not reach to the actions that they could exercise the individuals who have been harmed by such transgressions; (c) are exempt from the payment of the taxes that would have omitted to declare, in accordance with the following provisions: 1. exemption from the payment of taxes on earnings, to the transfer of real estate from individuals and undivided and on credits and debits in bank accounts and other operative, with respect to the amount of the net taxable income of the tax that corresponds , the equivalent amount in pesos of the holding of foreign currency which is exteriorize. 2. immunity of the internal revenue and value added. The released amount of operations shall be obtained by multiplying the value in pesos of the holdings of exteriorizadas, by the coefficient resulting from dividing the total amount of operations declared - or in case of non-filing affidavit - for the amount of the gross profit, for the fiscal period that is intended to release. 3 exemption from taxes minimum presumed income and on the personal goods and from the special levy on the Capital of cooperatives, with respect to the tax caused by the increase of the assets tax, of assets subject to tax or capital tax, as appropriate, by an amount equivalent in pesos to exteriorizadas holdings. 4. exemption from the income tax by net assets not declared, in its equivalent in pesos, obtained abroad, corresponding to holdings which are shocked. Shall also be exempt from tax credits and debits in bank accounts and other operative, taxable events originating from the transfer of foreign exchange that is https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09 exteriorize, as well as also which could correspond to your deposit and extraction of the respective bank accounts, provided for in articles 4 and 7 of this law.

ARTICLE 10. (-The externalisation by the companies included in subparagraph (b)) of article 49 of the income tax Act, text ordered in 1997 and its amendments, will release earnings tax corresponding to the partners, in proportion to the taxable income that is attributable, in accordance with their participation in the same. Individuals and undivided carried out the externalisation referred to in this title, may release the same tax obligations of companies or one-person operations, which are or have been holders.
ARTICLE 11. (-Liberation established in subparagraph (c)) item 9 ° not may apply to withholdings or perceptions practiced and not entered.
ARTICLE 12. -For the purposes of this title shall be deemed the value of price of the foreign currency exchange rate corresponding buyer of the Argentina nation Bank, existing at the date of the respective externalisation.
ARTICLE 13. -It will be required, for the enjoyment of the benefits that gives the mind that taxpayers have complied with the presentation and payment, to May 31, 2013, of the obligations of the tax income, minimum presumed income and the tax on personal assets corresponding to the fiscal years ending up to December 31, 2012 including. Failure to comply with the provisions above, will have the character of resolutory condition. The economic differences that the taxpayer should express on the occasion of the reception to the present regime must be given in the affidavits for the 2013 fiscal period.
Title III General provisions article 14. -None of the provisions of this Act shall release financial institutions or forced others, be they financial institutions, notaries, accountants, Trustees, auditors, directors or other obligations related to the legislation aimed at the prevention of operations of money laundering, financing of terrorism or other crimes provided for in no tax laws, except for connection of the figure of tax evasion or involvement in the tax evasion. The sums of money from of behaviors that can be framed in the terms of article 6 of law 25246 relating to the crime of money-laundering and financing of terrorism are excluded from the scope of this law. Natural or legal persons wishing to access the benefits of the present regime should formalize the presentation of an affidavit on the matter. This is without prejudice of any other measure that is necessary for the purpose of corroborating the ends of viability for the foster care to the present. In the cases referred to in paragraph j), article 1 point 6th law 25246 (crimes of the law criminal tax), the exclusion will be coming to the extent that is accused.
ARTICLE 15. (- They are excluded from the provisions of this law, those who are in any of the following situations: https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09 to) declared bankrupt, respect of which not is has had continuity of exploitation, in accordance with laws 19.551 and its modifications, 24.522 and its modifications, or 25.284, as appropriate; (b) alleges or alleged criminally by the former Dirección General Impositiva then Treasury of the former Ministry of economy and production, or by the Federal Administration of public revenues, based on 23.771 and laws and their amendments or 24.769, their modifications, as appropriate, for which is has rendered judgment prior to the entry into force of this law; (c) formally denounced or acquitted of criminal charges filed for common crimes, having connection with the failure to comply with their tax obligations or those of third parties, for which is has rendered judgment prior to the date of entry into force of the present law; d) defendants for crimes related to operations of laundering money or financing of terrorism, their spouses and siblings in the second degree of consanguinity or affinity up or down; (e) legal persons - including cooperatives - in which, as appropriate, its partners, managers, directors, trustees and members of the Board of Trustees, advisors or those equivalent positions in them, have been formally denounced or acquitted of charges filed criminal based in 23.771 laws and their amendments or 24.769 and its modifications or for ordinary criminal offences that have connection with the failure to comply with their tax obligations or those of third parties respect of which it has been issued explains succinctly firm prior to the date of entry into force of this Act; (f) those who exercise or have exercised public servants, their spouses and relatives in the second degree of consanguinity or affinity ascending or descending in reference exclusively to the title II, in any of the powers of the national Government, provincial, municipal, or of the autonomous city of Buenos Aires. Also, them subject that is avail to the regime established by the present law, must previously give to the promotion of any procedure judicial or administrative with relationship to them provisions of the Decree 1043 of date 30 of April of 2003, or for claim with late tax the application of procedures of update of any nature. Those who at the date of entry into force of the present law had already promoted such processes should desist from actions and rights invoked therein. In the case of the resignation the previous paragraph, the payment of the costs and expenses limits refers to which they imposed in the order caused, giving the Treasury collection of fines.
ARTICLE 16. (-The Federal Administration of public income will be dispensed of formulating criminal complaint with respect to the offences in laws 23.771 and its modifications and 24.769 and its modifications, as appropriate, as well as the Central Bank of the Republic Argentina substantiate the criminal Exchange summaries and/or formulate criminal complaint over the offences provided for in the Law 19.359 (t.o. 1995) and its amendments - except that in the case of the so-called referred to in subparagraph (b)) of the article 1 of This law-, insofar as the individuals concerned adhere to the regime laid down in title II of this law.
ARTICLE 17. -Suspended in General for a period of one (1) year course of the prescription of the action to determine or demand payment of taxes whose application, perception and control is in charge of the Federal public revenue administration and to apply penalties with respect to them, as well as the expiration of the instance in the tax execution or judicial appeals trials.
https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09 article 18. -The Federal Administration of public revenues shall regulate the title II of this Act and shall adopt the complementary norms that are necessary for your application.
ARTICLE 19. -The Central Bank of the Republic of Argentina will be the enforcement authority with respect to investment certificates of deposit and shall issue the relevant regulations and complementary standards, including the procedure to be followed in the event of loss or theft.
ARTICLE 20. -Empowered the national executive power to extend the time limits laid down in the present regime.
ARTICLE 21. -The provisions of this law are of ordre public, and will take effect the day of its publication in the Official Gazette.
ARTICLE 22. -Communicate to the national executive power.
GIVEN IN THE ASSEMBLY HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, THE TWENTY-NINTH DAY OF MAY TWO THOUSAND THIRTEEN YEAR DAY.
-REGISTERED UNDER NO. 26,860 - BEATRIZ ROJKES DE ALPEROVICH. -JULIAN A. DOMINGUEZ. -Gervasio Bozzano. -John H. Estrada.

Date of publication: 03/06/2013 https://www.boletinoficial.gob.ar/pdf/linkQR/NWo0cnNRNitONEpycmZ0RFhoUThyQT09