Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/11508026/20161027
PROGRAM OF RECOVERY PRODUCTION PROGRAM OF RECOVERY PRODUCTIVE law 27264 permanently. Provisions General.
The Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. sanction with force of law: character permanent of the program of recovery productive ARTICLE 1 °-Institute is the program of recovery productive that outside created by the resolution of the Ministry of work, employment and safety Social N ° 481 of date 10 of July of 2002 and its amended and complementary.
ARTICLE 2 - the lump sum monthly maximum provided for in the regulation for the benefits provided by the program will rise in a fifty percent (50%) cases that in the case of Micro, small and medium-sized enterprises (MSMEs), under the terms of article 1 of the 25.300 law and its complementary norms.
ARTICLE 3 ° - instructed the Ministry of labour, employment and Social Security to perform all actions necessary to make access to the benefits of the productive recovery program can be done by process simplified for Micro, small and medium-sized enterprises, taking all necessary measures to ensure access to the benefits becomes effective promptly.
TITLE II tax special treatment for the strengthening of Micro, small and medium-sized enterprises ARTICLE 4 - special tax treatment. Subjects who fit into the category of Micro, small and medium-sized enterprises, under the terms of article 1 ° 25.300 law and its complementary norms, shall enjoy a special tax treatment, according to provisions in this title, in the forms and conditions that set the rules.
ARTICLE 5 °-gain minimum alleged. Exclusion. Not you will be applicable to them Micro, small and medium-sized companies the tax to it gain minimum alleged (title V of the law 25.063 and their modifications), with effect for them exercises tax that is start from the day 1 ° of January of 2017.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 ITEM 6 °-benefits. Tax credits and debits. Tax credits and debits in bank accounts and other operative, established by article 1 of law 25.413 competitiveness and its amendments, which would have effectively been entered, can be computed in a one hundred per cent (100%) as payment on account of tax on earnings by companies that are considered "micro" and "small" and in fifty percent (50%) for manufacturing industries considered "medium - section 1-" in the terms of article 1 ° 25.300 law and its complementary norms. The computation of the payment may be in the annual sworn declaration of tax profits or their advances. The uncompensated remnant may not be object, under any circumstances, of compensation with other charges in charge of the taxpayer or of requests for reinstatement or transfer in favour of third parties. As regards credit income tax corresponding to subjects not covered in article 69 of the law of such a tax, referral payment to account be attributed to each of the partners, associated or participants, in the same proportion that involves tax results of those. However, the allegation referred to in the preceding paragraph, only shall be maintained until the amount of the increase of the tax liability produced by incorporating the individual sworn statement of earnings of the entity that originates the loan. When the credit of tax planned in them paragraphs previous more the amount of them advances certain for the tax to them profits, calculated according to them standards respective, exceed it obligation estimated of the period for such taxes, the taxpayer may reduce total or partially the amount to pay in concept of advance, in the form, term and conditions that to the respect set the Administration Federal of income public , autonomous entity in the field of the Ministry of finance and public finance. The amount of the tax computed as credit of the tax to them profits not will be deducted to them effects of the determination of this tribute.
ARTICLE 7 °-them Micro and small companies, according to them terms of the article 1 ° of the law 25,300 and their standards complementary, may enter the balance resulting of it statement sworn of the tax to the value added, in the date of maturity corresponding to the second month immediate following to the of its expiration original, in them conditions that set it administration Federal of income public.
ARTICLE 8 - compensation and return. Where beneficiaries of this law have existence of creditor and debtor balances, your compensation will adjust current regulations, taking into account the operational guidelines set forth by the Federal Administration of public revenues, through the system of 'Tax accounts'. The aforementioned compensation be not possible, those may be return, to request of the person concerned and attentive to the procedure providing the collector body for this purpose. The national executive power, authorized to issue bonds of public debt, whose subscription is voluntary, for the purposes of the Federal Administration of public revenues carry out the refund referred to in the preceding paragraph for existing balances prior to the enactment of this law.
ARTICLE 9 ° - instruct the Federal Administration of public revenues to implement procedures to simplify definition and membership of national taxes to the Micro, small and medium-sized enterprises for which carry out the actions necessary to develop a single window system.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 ARTICLE 10. -Authorize the National Executive to implement programmes designed to compensate to Micro, small and medium-sized enterprises in the border areas this established by asymmetries and economic imbalances caused by reasons of competitiveness with neighbouring countries, which may be in differential and temporarily fiscal tools as well as incentives to the productive and tourist investments.
ARTICLE 11. -Establish that tax benefits for Micro, small and medium-sized enterprises granted this law will have a differential of as at least five per cent (5%) and as a maximum fifteen percent (15%) when they occur in activities identified as belonging to a regional economy. Is instructs to the Ministry of agro-industry and to the Ministry of Hacienda and finance to establish the scope of the sectors and of them benefits here referred.
TITLE III CHAPTER I General provisions ARTICLE 12 investment promotion. -Investment promotion regime. Beneficiaries. Create the investment promotion regime for Micro, small and medium-sized enterprises, under the terms of article 1 of law 25.300 and its complementary rules, carrying out productive investment in the terms provided for in this title.
ARTICLE 13. -Productive investments. Concept. For the purposes of the regime created by the preceding article, it refers to productive investments, which are made by capital goods and infrastructure works, in the forms and conditions that set the rules. Investments in capital goods must be aimed, as appropriate, purchase, construction, manufacturing, processing or final importation of capital, new or used goods, excluding automobiles. Such property must also take the quality of callable for the income tax, including the acquisitions of players, being included females, when they were of pedigree or pure by crosses, according to regulations established it.
ARTICLE 14. -Exclusions from the regime. Not be entitled to the treatment provided by the present regime, who are staying in any of the following situations: to) declared bankrupt, the respect of which is has not arranged continuity of exploitation, in accordance with 24.522 law and its modifications; (b) acquitted of charges filed or reported criminal proceedings based on 24.769 law and its amendments, for which is has made corresponding fiscal requirement of lift to trial before the exteriorization of the accession to the regime; (c) formally denounced, or acquitted of criminal charges filed for common crimes that have connection with the failure to comply with their tax obligations or those of third parties, for which is has made corresponding fiscal requirement of lift to trial before the exteriorization of the accession to the regime;
(d) them people legal-included them cooperative-in which, according to appropriate, their partners, administrators, directors, Trustees, members of Council of surveillance, counselors or who occupy charges equivalent in them same, have been reported formally or alleges criminally by crimes common that have connection with the breach of their obligations tax or them of third, to whose respect is has formulated the corresponding requirement fiscal of lifting to trial before the externalisation of the accession to the regime. The occurrence of any of the circumstances mentioned in previous paragraphs, produced later for membership of the benefits set out in this title, shall be causal total revocation of the tax treatment of that is.
ARTICLE 15. -Term of validity. The provisions of this title shall apply to productive investment carried out between 1 ° of July from 2016 and December 31, 2018, both dates inclusive.
ARTICLE 16. -Stability tax. Them Micro, small and medium-sized companies will enjoy of stability tax during the term of validity established in the article earlier. It reaches to all taxes, understanding as such direct taxes, and tax contributions, which are taxable to the Micro, small and medium-sized enterprises. Micro, small and medium enterprises not will see increased their total tax burden, considered separately in each particular jurisdiction, at national, provincial and municipal levels, provided the provinces adhere to this title, through the dictation of a law in which should expressly invite to municipalities in their respective jurisdictions to enact the relevant legal standards similarly.
ARTICLE 17. -Time of productive investment. To them effects of it established in the present title, them investment productive is considered made in the year fiscal or exercise annual in which is check your enabling or its put underway and its affectation to it production of income taxed, in accordance with the law of tax to them profits (t.o. 1997) and their modifications. By way of exception you can obtain partial qualifications in accordance with the mechanisms enabling regulation for this purpose.
ARTICLE 18. -Expiry of the benefit. The benefits established in this title will expire when, in the fiscal year in which the benefit is computed, and the next, the company reduced the level of employment, in the forms and conditions that set the rules. If the goods or works that gave rise to the benefit stopped integrate the assets of the undertaking will not be causal expiration: a) the replacement of the good on the other when the latter value was equal to or greater than the selling price of the replaced property or event of their destruction by unforeseen circumstances or force majeure, in the forms and conditions that set the rules and; (b) when one-third of the useful life of the asset has elapsed which concerned.
ARTICLE 19. -Consequences of revocation. Recorded one or more grounds for revocation shall, as appropriate in each case, enter the income tax corresponding to the payment account whose computer was inadmissible or enter the amount of the applied tax credit bond, canceling the remaining. In both cases to be paid interest compensatory and a fine equivalent to one hundred percent (100%) of assessment entered on default.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 to such effects it administration Federal of income public will issue the relevant summons without should apply is the procedure established by the article 26 and following of the law 11.683 (t.o. 1998) and their modifications, to whose effect the determination of it debt will be enforceable with it simple summons of payment of the tax and their accessories from the cited body fiscal without need of another conduct.
ARTICLE 20. -Control regulations. The Federal Administration of public revenues will dictate the rules of control deemed necessary to verify the origin of the computation of the benefits set out in this title, and can even implement the use of the franchise through a current account computed, regardless of the category of the beneficiary undertaking included in article 1 of the law 25.300 and the object of the investment made.
ARTICLE 21. -Regulation of supplementary application. In all matters not provided for, the tax law rules apply supplementary earnings, (t.o. 1997) and its modifications; 11.683, (t.o. 1998) law and its amendments, and the tax law to value added, (t.o. 1997) and its amendments.
ARTICLE 22. -Period of regulation. The national executive power shall regulate this law within sixty (60) days of its publication in the Official Gazette.
CHAPTER II payment on account in the productive investment ARTICLE 23 income tax. -Scope of application. Productive investment. The Micro, small and medium-sized companies that carry out productive investment defined in article 13 of this law, shall be entitled to compute as payment on account and up to the concurrence of the amount of the obligation that tax income is determined in relation to the fiscal year or the fiscal year concerned, the amount resulting from application of the following article. The regulation will have the procedure to be applied to members of societies or the owners of proprietorships that qualify as Micro, small and medium-sized enterprises to referral payment account can compute their annual obligation. Said benefit is incompatible with the regime of sale and replacement consecrated by the article 67 of the law of tax to them profits (t.o. 1997) and its modifications, as thus also, with others regimes of promotion industrial or sectoral, General or special willing in others bodies legal, are or not designed expressly for them Micro, small and medium-sized companies.
ARTICLE 24. -Amount computable. Rate to apply. The amount of computable as payment on account will arise to apply the rate of ten percent (10%) of the value of the productive investment - established pursuant to the rules of the law on tax on earnings, (t.o. 1997) and its modifications - the year Prosecutor or year, as applicable, and shall not exceed the amount determined by applying the two per cent (2%) over the average of net revenues earned in concept of sales, benefits or locations of work or of services, according to is concerned, corresponding to the year fiscal or exercise annual in which is performed them investments and the former. The amount of such income net is calculated with arrangement to them provisions of the law of tax to the value added, (t.o. 1997) and its modifications.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 in the case of manufacturing industries Micro small & medium - section 1 - under the terms of article 1 of law 25.300 and its complementary standards, the percentage limit laid down in the previous paragraph will increase to three percent (3%).
ARTICLE 25. -Treatment for new companies. When Micro, small and medium businesses that initiate its activities within the period laid down in article 15 of this law, made during the same productive investments and at the end of the fiscal year or fiscal year, as appropriate, in which those materialized income tax according to the determined the respective obligation to such extent that can not compute total or partially the amount of the payment referred calculated through the application of ten percent (10%) of the value of such investments, failing it until their exhaustion against the obligation that such charge liquidated in fiscal years or immediate following the indicated annual exercises, always that they used for their condition of Micro, small and medium-sized enterprises. After five (5) fiscal years or annual exercises subsequent to the one in which the payment originated, the amount still remaining by such a concept not may counted in years or subsequent exercises. The balance in no event will result in return in favour of the beneficiary.
ARTICLE 26. -Net income subject to tax. The benefit resulting from the calculation of the payment to the account established in this chapter shall be exempt from pay tax on earnings and, for the purposes of the application of the retention purposes only and definitive payment established by the article added without number next to article 69 of the law of tax gains, (t.o. 1997) and its amendments offence, that the referred benefit integrates profit determined on the basis of the application of the General rules of the Act.
CHAPTER III bonus tax credit for investments in capital goods and infrastructure works
ARTICLE 27. -Regime of promotion to the investment. Establish a special regime of investment promotion for the Micro, small and medium-sized enterprises, by their tax credits in the tax to the added value that had been caused in productive investments, according to the definition of article 13 of this law. The subject that is concerns the paragraph above; in opportunity of check is it date of expiration general that set it administration Federal of income public for the presentation of it statement sworn annual of the tax to them profits corresponding to them societies covered in the article 69 of the law of tax to them earnings, (t.o. 1997) and their modifications, or to them people human and successions undivided, according to corresponds they may request that the mentioned tax credits to become a usable non-transferable bond for cancellation of national taxes, including customs, in the conditions and terms that set the national executive power, provided that this expiration date, the referred tax credit or its remnants integrates the balance in favour of the first paragraph of article 24 of the law on value added tax (t.o. 1997) and its amendments.
ARTICLE 28. -Bonus of credit tax. Limitations. The bonus tax credit referred to in the preceding article may not be used for cancellation of charges with exclusive destination to the financing of funds with specific involvement. The referral bonus can not be used to cancel debts prior to the effective incorporation of the recipient https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 the regime of this law and, in any case, any balances in your favor will result in refunds or returns the national State.
ARTICLE 29. -Goods of capital. Heritage of taxpayers. The capital goods covered by this scheme are those which are the quality of depreciable assets for the income tax. Not will be of application the regime established in the present chapter when, to the time of the request of conversion of the balance to please, them goods of capital not integrate the heritage of them contributing, except when any mediated case incidental or of force greater, such as fire, storms u others accidents or claims, properly tested.
ARTICLE 30. -Leasing course. When the capital goods acquired by leasing, tax credits corresponding to the canons and the purchase option, only may be calculated for the purposes of this regime after verifying the general date for the presentation of the annual sworn declaration of the income tax for the period in which the aforementioned option is exercised.
ARTICLE 31. -Fiscal capacity. For the purposes of the regime contained in the present chapter, established an annual fiscal quota to the conversion of bonds of tax credit, that will rise to weights five thousand million ($5,000,000,000) to be assigned according to the mechanism that establishes the national executive power and the percentage that it has with regard to capital goods and infrastructure works. The national executive power shall report quarterly commissions of budget and finance, both houses of the National Congress on the distribution of the quota laid down in this article. The provisions of the present chapter shall have effects with regard to them credits tax whose right to computation is generate from the day 1 ° of July of 2016.
TITLE IV reforms of law 24.467 and 25,300 ARTICLE 32. -Definition of Micro, small and medium-sized enterprises. Replace article 1 of law 25.300, by the following: article 1: this law aims at the competitive strengthening of Micro, small and medium enterprises that develop productive activities in the country, through the creation of new instruments and the updating of those in force, with the aim of achieving a more integrated development, balanced, equitable and efficient productive structure. The enforcement authority must define the characteristics of the companies to be considered Micro, small and medium-sized, contemplating, when so justifies, the specificities of different sectors and regions and based on some, some or all the following attributes of the same or their equivalents, employed personnel, sales value and asset values applied to the production process. Enforcement authority shall annually review the definition of Micro, small and medium-sized enterprises in order to update the parameters and specifications referred to in the definition adopted. They will be not considered Micro, small and medium-sized enterprises the companies that still meet the quantitative requirements set by the implementing authority, are linked or controlled by https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 companies or national economic groups or foreigners who do not meet these requirements. The current benefits for Micro, small and medium enterprises will be extensive associative forms formed exclusively by them, such as consortia, transitional companies, cooperative unions, and any other form of Association.
ARTICLE 33. -Registration of Micro, small and medium-sized companies. Replace article 27 of law 24467, by the following: article 27: the enforcement authority will create a registry of companies MSMEs which will have the purposes that are set out below: to) have updated information on the composition and characteristics of the various sectors of Micro, small and medium-sized enterprises, enabling the design of policies and instruments for the support of these companies; (b) collect, record, digitize and preserve information and documentation for companies that want or need to prove, against the authority of the application or any other entity, public or private, the condition of Micro, small or medium-sized enterprises according to the guidelines established by the enforcement authority; (c) issue certificates of accreditation of the condition of Micro, small or medium-sized enterprises, at the request of the company, of national, provincial and municipal authorities. To simplify the operation and development of them Micro, small and medium-sized companies as well as the access to them plans, programs and benefits that sets the State national, them provinces, it city autonomous of Buenos Aires, and them municipalities of the Republic Argentina, the authority of application will have them faculties of detail, modify and expand them purposes of the registration of companies MSMEs; articulate with those records public; the Central Bank of the Republic Argentina, the Federal Administration of public revenues, the National Commission for securities, and any other body or authority, both national and local, that is appropriate to comply with the purposes of the registration. Them cited agencies and authorities must provide to the register the information and documentation that the authority of application requires, whenever this not is in a violation of restrictions policy that eventually were applicable to such authorities. To those effects, the authority of application shall sign agreements with the authorities corresponding. Also, the authority of application will have it Faculty of establish them conditions and limitations in that it information and documentation included in the record of companies MSMEs may be consulted and used by agencies of the Administration public national, entities financial, societies of warranty reciprocal, funds of warranty, bags of trade and markets of values duly authorized by the Commission national of values , organism decentralized in the scope of the Secretary of Finance of the Ministry of Hacienda and finance public. Access to such information by part of provincial, municipal authorities or of the autonomous city of Buenos Aires may agree through the signing of agreements with the authority application, ensuring the receipt of the information confidential or subject to restriction by the applicable legislation.
ARTICLE 34. -Registration of consultants MSMEs. Replace article 38 of law 25.300, by the following: article 38: create the MSMEs consultants register in which will be registered professionals who wish to provide services through the use of instruments and programmes of the Secretariat of entrepreneurs and small and medium enterprise of the Ministry of production. Entry in the register will remain open on a permanent basis for all those applicants who meet the minimum professional requirements which, in General, set the enforcement authority. The provinces and the Government of the autonomous city of Buenos Aires may adhere to the registry for https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 include all providers of technical assistance from the network.
ARTICLE 35. -Productive development agencies. Replace article 13 of the law 24467, by the following: article 13: the Ministry of production will organize a network of agencies of productive development which purpose is to provide assistance to the business sector throughout the national territory and coordinate actions aimed at the strengthening of the institutional framework in order to achieve sustainable development and according to the characteristics of each region. In the Organization of the network of agencies of development productive, the Ministry of production will favor and prioritize it joint e integration to the network of those agencies dependent of them Governments provincial, municipal and centers business already existing in the provinces. All institutions that subscribe to the respective agreements should ensure that network agencies meet requirements to appropriately disposed the implementing authority in order to ensure a level of homogeneity in the provision of services of all the institutions that make up the network. The agencies that make up the network may function as a point of access to all instruments and current and future programs which is available the Ministry of production to assist the business sector, as well as also those in other areas of the State sector the Ministry agreed to incorporate. Them agencies will promote the articulation of them actors public and private that is related with the development productive and will understand, at the level of diagnosis and formulation of proposed, in all them aspects linked to the development regional. The network of agencies of development productive organized by the Ministry of production will seek foster the articulation, collaboration and cooperation institutional, the association between the sector public and the private and the co-financing of activities between the State national, them provinces, the city autonomous of Buenos Aires and them municipalities.
ARTICLE 36. -Article 4 of law 22.317 and its modifications. Replace the second paragraph of article 4 of law 22.317, with the following: for the annual quota administered, aimed at training carried out by Micro, small and medium enterprises, either is the Manager body of this quota, the amount of the certificates referred to in article 3 of this law may not in any case exceed thirty percent (30%) of the total amount of salaries and wages in general for services rendered corresponding to the last twelve (12) month paid to the personnel employed in business establishments and regardless of the kind of work he carried out. He agency administrator may establish different percentages, within the limit intended in this article, according to if is is of Micro, small or medium-sized companies and taking in consideration the sector in which is play.
ARTICLE 37. -Fonapyme. Committee of investments. Replace article 5 of law 25.300, by the following: article 5: Investment Committee. The eligibility of the investments to be financed with resources from the Fonapyme will be in charge of a Committee on investments composed of as many members as set forth in the regulations, who shall be appointed by the enforcement authority. The Chair of the Investment Committee will be in charge of the Lord Minister of production or of the representative designated by him, and the Vice President in charge of the Secretary Mr entrepreneurs and small and medium-sized enterprises.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 the functions and responsibilities of the Investment Committee shall be established by the regulation of this law, including among others the fix the investment policy of the Fonapyme, establish the terms and conditions for the granting of financing that provides and act as authority for the approval of projects in each case. The Investment Committee shall provide for objective allocation of the Fonapyme mechanisms that ensure a fair distribution of opportunities for financing projects in the provinces of the country. The selection and approval of projects should be made through public tenders. The trustee of the Fonapyme shall provide all administrative support and Services Management Committee of investments required for the performance of their duties.
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) in order to grant guarantees in support of which emit the reciprocal guarantee companies and provide direct guarantees, in order to improve the conditions of access to credit for Micro, small and medium-sized enterprises and associative forms contained in article 1 of this law (, a: to) financial institutions authorized by the Central Bank of the Argentina Republic; (b) non-financial entities that develop tools of financing to Micro, small and medium-sized enterprises; (c) investors of instruments issued by Micro, small and medium-sized enterprises under the regime of public offering on stock exchanges or stock markets duly authorized by the National Securities Commission. Also it may grant guarantees in support of which issued provincial or regional or funds of the autonomous city of Buenos Aires constituted by the respective Governments, regardless of the legal form they take, provided that they comply with technical requirements equal or equivalent to the reciprocal guarantee (SGR) societies. The granting of guarantees by the Fogapyme will be a consideration.
ARTICLE 39. -Fogapyme. Management Committee. Replace is the article 11 of the law 25.300, by the following: article 11: Committee of management. It administration of the Heritage Trust of the Fogapyme and it eligibility of them operations to endorse will be to charge of a Committee of Administration compound by so many members as is set in the regulation, which will be designated by the authority of application, and whose presidency will be to charge of the Mr Minister of production or of the representative that this designate and it Vice President to charge of the Mr Secretary of entrepreneurs and of it small and medium company.
ARTICLE 40. -Regime of bonus of rates. Distribution of the quota. Replace article 33 of law 25.300, by the following: article 33: the implementing authority shall distribute the annual amount assigned to the present regime, in fractional form and in as many acts as it deems necessary and appropriate, awarding the quotas of credits to financial and non-financial entities which implement financing tools for Micro Small and medium-sized enterprises and to offer the best conditions to applicants.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 0 the enforcement authority may assign part of the annual quota for distribution to Micro, small and medium-sized enterprises emitting instruments under the regime of public offering on stock exchanges or stock markets duly authorized by the National Securities Commission.
ARTICLE 41. -Regime of bonus rates. Bidders of the quota. Replace article 34 of law 25.300, by the following: article 34: entities will not be awarding of new credit until such quotas had agreed financing by the equivalent to a percentage determined by the authority for the application of the amounts that were assigned to them. Credit transactions to refinance liabilities in arrears are excluded from the benefits of this chapter or that apply to loans with discounted rates, except where that bonus comes from programs involved by provincial or municipal jurisdictions. Participating entities must commit themselves to provide equal treatment for all companies, have been or not previously out of them, and may not set as a condition for the granting of the bonus rate the hiring of other services outside that.
ARTICLE 42. -Regime of bonus rates. Replace article 3 of law 24467, by the following: article 3: instituting a bonus interest rate regime for Micro, small and medium enterprises, to lower the cost of credit. The amount of such bonus shall be established in the respective regulations. Favour with a special bonus to new SMEs or operation located in geographic areas that meet any of the following characteristics: a) regions in which are recorded unemployment rates higher than the national average; (b) the provinces of northern Argentina within the Belgrano Plan; (c) regions in which register levels of geographic gross product (GDP) below the national average.
ARTICLE 43. -Reciprocal guarantee companies. Sanctioning regime. Replace article 43 of law 24467, by the following: article 43: failure to honor human and legal persons of any nature of the provisions of title II of this Act and its regulations will result in the application, together or individually, as the following penalties, without prejudice to the other prescribed in this standard (Law 19.550 (t.o. 1984) and its amendments, pursuant to article 32 of this law and which may be applicable by criminal legislation: to) rejection of guarantees of the computation of the degrees of utilization that is required to access the tax relief provided for in article 79 of law 24467 and its modification; (b) a warning; (c) warning, with obligation of publish it part operative of the resolution in the Bulletin official of the Republic Argentina and in them portals of the authority of application, and until in two (2) daily of circulation national to coast of the subject punished; (d) fines applicable to the society of warranty reciprocal (SGR) and/or, according to if outside attributable a breach specific, to them members of those organs social of the same. The fines may establish is between an amount of weights five thousand ($ 5,000) to weights twenty million ($ 20,000,000). The power Executive national may modify such stops minimum and maximum every two (2) years; (e) Expulsion of the partner protective or participant defaulting, as thus also, the prohibition of incorporate is, https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 1 in form permanent or transient, to the system by another society of guarantee reciprocal (SGR); (f) disqualification, temporary or permanent, to serve as directors, managers, members of the boards of surveillance, Trustees, liquidators, managers, auditors, partners or shareholders of the covered entities in title II of law 24467 and its modification; (g) temporary disqualification to operate as a society of mutual guarantee (SGR); (h) revocation of the authorization to operate as such. The legal implications contained in this article may be applied in total or partially. For the purposes of fixing before concerned sanctions enforcement authority shall especially take into account: the magnitude of the violation; the benefits generated or the damage caused by the offender; the operating volume and background risk of the offender; the individual performance of members of the organs of administration and supervision. For them people legal will respond jointly and severally them directors, administrators, trustees or members of the Council of surveillance and, in his case, managers e members of the Council of qualification, with regard to who is has determined liability individual in the Commission of them behaviors sanctioned. The authority of application will determine the procedure corresponding to them effects of the application of the sanctions planned in the present article, guaranteeing the exercise of the right of defence. Against the resolution that has the imposition of sanctions may resource of revocation before the authority of application, with appeal in subsidy by before the camera national of appeals in it commercial. Both resources will have effects suspension.
ARTICLE 44. -Authority of application. Designated as the authority for implementation of the National Development Fund for Micro, small and medium-sized enterprises (Fonapyme), from the guarantee fund for Micro, small and medium-sized enterprises (Fogapyme), of the regime of bonus rates, the system of reciprocal guarantee companies, and productive development agencies network, Act 24467 and 25.300, the Ministry of production , who will be empowered to delegate such character and their competencies.
TITLE V funding for the Micro, small and medium-sized companies CHAPTER I modifications to the law of obligations negotiable ARTICLE 45. -Law of obligations negotiable. Subject enabled to contract loans through obligations negotiable. Replace article 1 ° of the law 23.576, by the following: article 1: societies by shares, limited liability companies, cooperatives and civil associations in the country, and branches of societies by shares formed overseas under the terms of article 118 of the Law 19.550 (t.o. 1984) and its amendments, may contract loans through the issuance of corporate bonds in accordance with the provisions of this law. Apply the provisions of this standard, in way that regulates the national executive power, to the entities of the national State, the provinces and municipalities governed by laws 13.653 (t.o. Decree 55/453), 19.550 (t.o. 1984) and its amendments (articles 308 to 314), 20.705 and by laws conventions.
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 2 ARTICLE 46. -Negotiable obligations law. Warranties. Replace article 3 of law 23.576, by the following: article 3: can be issued with floating, special or common warranty. Emission whose privilege is not limited to certain immovable property, shall be deemed made with floating guarantee. It shall apply the provisions of articles 327 to 333 of the Law 19.550 (1.984 t.o.) and its amendments. Warranties are constituted by the demonstrations that the transmitter perform in resolutions that have emission and must register, where appropriate according to its type, in the relevant records. Enrollment in those records must be accredited to the Comptroller agency prior to the beginning of the period of placement. The mortgage shall constitute and be cancelled, by unilateral declaration of the broadcaster when not if a trust under the terms of article 13 of this measure, and does not require acceptance by creditors. The cancellation will only proceed if accounting certification about the repayment or total bailout of negotiable obligations guaranteed or unanimous agreement of the debenture holders. In the case of negotiable debentures public offering, requires in addition the conformity of the National Securities Commission. Can be equally guaranteed or guaranteed by any other medium, including societies of warranty reciprocal (SGR) or funds of guarantee. Can also be guaranteed by entities financial included in the law respective.
ARTICLE 47. -Law of obligations negotiable. Requirements of the title. (Replace is the article 7 ° of the law 23.576, by the following: article 7 °: them titles should contain: to) the denomination and domicile of it CA, date and place of Constitution, duration and them data of your registration in the record public of trade u agencies corresponding, in it relevant; (b) the number of series and of order of each title, and the value rating that represents; (c) the amount of the loan and currency in that it emits; (d) the nature of the guarantee; (e) the conditions of conversion in your case; (f) the terms of repayment; (g) the formula of update of the capital, in their case; type and time of payment of interest; (h) name and surname or name of the Subscriber, if are nominative. Must be signed of conformity with the article 212 of the Law 19.550 (t.o. 1984) and their modifications or the article 26 of the law 20.337, trying to is of societies by shares or cooperative, respectively, and by the representative legal and a member of the organ of Administration appointed to the effect, if is is of associations civil or branches of societies constituted in the foreign , or, it is is of societies of responsibility limited, by a Manager and the trustee, if exists. ((When is try of obligations scriptural, the data indicated in them interjections to) and h) of this article, must transcribe is in them proofs of opening and records of balance.
ARTICLE 48. -Law of obligations negotiable. Authorization for the broadcast. Replace article 9 of law 23.576, by the following: article 9: in societies by shares, cooperatives and limited liability companies, the issuance of corporate bonds does not require approval of the statutes and can be decided by ordinary Assembly. In the case of bonds convertible into shares, issuing is the responsibility of the extraordinary Assembly, except in societies authorized to the public offering of its shares, which may https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 3 decide in all cases by ordinary Assembly. In civil associations, the issuance requires express approval of the statutes and should resolve it the Assembly. They can delegate to the Board of Directors: to) whether it's simple obligations: the determination of some or all of their conditions of emission within the authorized amount, including time, price, form and conditions of payment; (b) whether it's convertible bonds: setting the time of the broadcast; price of placement; form and payment terms; rate of interest and value of conversion, indicating the guidelines and limits on the effect. Delegated powers must be exercised within two (2) years of celebrated the Assembly. Expiration of this term, the Assembly resolution shall be without effect with respect to the amount not issued.
CHAPTER II modifications to the law on institutions of insurance and its control
ARTICLE 49. -Law of entities of insurance. Replace subparagraph (c)) of article 35 of the law 20.091 and his amendment, by the following: c) negotiable obligations that have authorized public offering issued by company stock, limited liability companies, cooperatives or associations civil and in debentures, in both cases with special or warranty floating in first degree collateral located in the country or with societies of mutual guarantee (SGR) or guarantee funds guarantee.
ARTICLE 50. -Instruct is to the Superintendence of safe of the nation, body decentralized dependent of the Ministry of Hacienda and finance public, to establish minimum mandatory in instruments of financing of capital of work destined to companies Micro, small and medium-stretch 1-, such as checks of payment deferred backed by societies of warranty reciprocal created by it law 24.467 authorized for your quote public , promissory notes backed issued for its negotiation in markets of values of conformity with it established in the resolution General 643 / 2015 of the Commission national of values, funds common of investment SME authorized by the Commission national of values, and others that determine the authority of application.
CHAPTER III amendments to the letter of Exchange and promissory note ARTICLE 51 law decree. -Letter for change and promissory note. Currency of payment. Replace article 44 of Decree-Law 5.965 dated July 19, 1963, by the following: article 44: If the Bill of exchange payable in currency which has no course in the place of payment, the amount can be paid in the currency of this country to the change of the expiration date. If the debtor is found in delay, the carrier can, to your choice, demand that the amount you is paid to the change of the day of the expiration or of the day of the payment. The value of the foreign currency is determined by the place of payment applications. However, the liberating can have that the sum to pay is is calculated according to the course of the change that indicate in the letter. Them rules preceding not is applied in the case that the liberating has arranged that the payment should make is in a currency determined (clause of payment effective in currency foreign).
https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 4 If the amount had been indicated in a currency which has same name but different values in the country where the letter was left and the payment, presumed that the indication refers to the currency of the place of payment. The above rules do not apply for when the notes are provided in the securities markets, in which case do not indicate the applicable rate of Exchange, seller of the Bank of the Argentina nation, autonomous entity in the field of the Ministry of finance and public finance, shall apply the exchange rate quotation at the close of the day before the expiration of each share or upon expiration of the promissory note.
ARTICLE 52. -Promissory note. Requirements. Replace article 101 of Decree Law 5.965/63 by the following: article 101: voucher or promissory note must contain: to) the clause "to order" or the name of the title inserted in the text of the same and expressed in the language used for its drafting; b) promise to simply pay a fixed amount; (c) the term of payment; (d) the indication of the place of payment; (e) the name of the to which or whose order must payment is made, except that in the case of a promissory note issued for trading in securities markets, in which case this requirement will not be enforceable; (f) indication of the place and the date on which the voucher or the promissory note have been signed; (g) the signature of which has created the title (subscriber). For the purposes of trading in promissory notes in stock markets in accordance with the provisions of article 2 of the Law 26.831, the instrument may provide for a system of depreciation for the payment of the capital with successive maturities in installments. The lack of one or more payment of capital empowers the fork/creditor to give up all deadlines and to require payment of the full amount of the title. Promissory notes issued under these conditions not there will be a nullity provided for in the last paragraph of article 35 of the present Decree-law.
ARTICLE 53. -Promissory note. Rules of supplementary application. Replace article 103 of Decree Law 5.965/63, by the following: article 103: apply to voucher or promissory note, insofar as they are not incompatible with the nature of this title, the provisions of the Bill of exchange concerning the endorsement (articles 12 to 21); the expiration (articles 35 to 39); to the payment (articles 40 to 45); to those resources by lack of payment and to the protest (articles 46 to 54 and 56 to 73); to the payment by intervention (articles 74 and 78 to 82); to those copies (articles 86 and 87), to the alterations (article 88); to the prescription (articles 96 and 97); to the holidays; to the computation of terms and ban agreed periods of grace. (articles 98 to 100). They are equally applicable to the ticket or pay provisions to the Bill of exchange payable to the home of a third party or anywhere else other than the home of the rotated (articles 4 and 29); concerning clause of interests (article 5 °); the differences in the indication of the amount to be paid (section 6 °); for the purposes of the firms placed under the conditions provided for by article 7; to the signatures of people who call upon the representation of others without being empowered to act or that are exceeding their powers (article 8) and the Bill of Exchange in white (article 11). They are equally applicable to the ticket or pay the provisions relating to the guarantee (articles 32-34), if the guarantee, in the case provided for by article 33, last paragraph, does not indicate by which of the bound is given, it is considered that it has been to ensure the Subscriber to the title. Apply to the ticket or pay the provisions relating to the cancellation of the Bill of Exchange (articles 89 to 95). They are applicable to the Bill of Exchange to be traded on stock markets the provisions cited in the https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 5 preceding paragraph insofar as they are not incompatible with the nature of this title and the particularities of their negotiation, as well as the conditions described below: to) should incorporate the clause "no protest", which will take effect with respect to the breach of any of the fees; (b) shall incorporate the clause "for its bargaining in markets of values"; (c) of them payments of the fees will be constancy in the overview of has that issue the agent of deposit collective against them accounts consigner managed in the frame of their functions; (d) the authority of application will determine them obligations of them agents of deposit collective in relation to the validation of the information inserts in the promissory notes, as well as the verification of the compliance of them aspects formal of the same. In any case the agent of deposit collective will be bound to the payment or will be considered forced exchange rate; (e) the promissory notes issued in them terms of the present Decree Law will be negotiable in them markets of values according to their respective regulations, which should provide for a system of concurrency of offers with priority precio-tiempo; (f) the offer primary and the negotiation secondary of them promissory notes not is considered offer public comprised in the article 2 ° and concordant of the Law 26.831 and not require authorization prior; (g) the deposit of the promissory notes with them conditions provided for in this article will have the mode and effects legal planned in the article 41 of the law 20.643. The deposit of the promissory notes not transferred to the agent of deposit collective it property or its use; should this keep it and guard it, making them operations and registrations accounting that derived of its negotiation; (h) the address for service of the agent's deposit collective will be the place of the payment of the promissory notes. The negotiation stock only will generate obligation exchange between the Subscriber / emitter and one inverter that has rights on the promissory notes.
ARTICLE 54. -Promissory note market. Enforcement authority. The National Securities Commission is the authority for implementing the system of trading in promissory notes in stock markets provided for in Decree-Law 5.965/63, having in charge the dictation of the corresponding regulation and supervision of trading in promissory notes in the stock markets.
ARTICLE 55. -Promissory note market. Tax stamps. Invited to the provinces and the autonomous city of Buenos Aires to exempt from the application of the tax stamps to promissory notes issued to the negotiation in securities markets.
TITLE VI other provisions ARTICLE 56. -Created the monitoring and competitiveness Council for Micro, small and medium enterprises (MSMEs) with public-private partnerships in the field of the Ministry of entrepreneurship and small and medium enterprise of the Ministry of production. El_que will have the following functions: to) monitor the evolution of the allocation of credit to MSMEs in accordance with the provisions laid down in the present law; (b) monitoring of trade and its impact on production and employment SMEs; (c) analysis and monitoring of the role, the position and the evolution of MSMEs in the value chains.
ARTICLE 57. -Instruct is to the Ministry of science, technology and innovation productive to make all them actions aimed to minimize them costs, to them purposes of facilitate the access for them Micro, small and medium-sized companies to them plans and programs of innovation technological intended to resolve asymmetries of productivity.
ARTICLE 58. -Communicate to the national executive power.
GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, THIRTEEN DAYS OF THE MONTH OF JULY OF THE YEAR TWO THOUSAND SIXTEEN.
-REGISTERED UNDER NO. 27264 - MARTA G. MICHETTI. -PATRICIA GIMENEZ. -Eugenio Inchausti. -John p. Tunessi.
Publication date: 08-01-2016 https://www.boletinoficial.gob.ar/pdf/linkQR/ZTB0QkRkUDRQWTFycmZ0RFhoUThyQT09 7
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