EARNINGS TAX LAW

Law 27346

Amendment.

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

TITLE I

EARNINGS TAX LAW

Article 1-Amend the Law on Income Tax, the text ordered in 1997 and its amendments as follows: 1.-Incorporate as point (z) of Article 20, the following: z) The difference between the value of overtime and the value of the (a) ordinary hours, collected by employees in relation to the dependence on services rendered on holidays, indeft and during the weekends, calculated in accordance with the relevant labour law. 2.-Replace Article 23 of the Law on Income Tax, which was ordered in 1997 and its amendments, by the following text: Article 23: Persons of visible existence shall have the right to deduct from their net income: (a) non-taxable profits, the sum of fifty-one thousand nine hundred and sixty-seven ($51,967), provided that the persons indicated are resident in the country. b) In the case of family charges, provided that the persons indicated are resident in the country, are in charge of the taxpayer and do not have in the year net income of more than fifty-one thousand nine hundred and sixty-seven ($51,967), either their origin and whether or not they are subject to the tax: 1. These forty-eight thousand four hundred and forty-seven ($48,447) for the spouse. 2. Those twenty-four thousand four hundred and thirty-two ($24,432) for each son, daughter, stepson or stepdaughter under eighteen (18) years or incapacitated for work. The deduction of this item may only be made by the nearest relative who has taxable profits. (c) In the case of a special deduction, up to the sum of weights fifty-one thousand nine hundred and sixty-seven ($51,967), in the case of net gains covered by Article 49, provided that they work personally in the business or in the net earnings included in Article 79. It is an essential condition for the calculation of the deduction referred to in the preceding paragraph, in relation to the respective income and activity, the payment of the contributions which, as self-employed workers, must be carried out by the Integrated Pre-Social-Argentine System (SIPA) or the corresponding replacement retirement funds. The amount provided for in this subsection will be raised by three-comma eight (3, 8) times when it comes to earnings

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referred to in points (a), (b) and (c) of Article 79. The rules shall lay down the procedure to be followed when obtaining gains not included in this paragraph. By way of derogation from the preceding subparagraph, the increase provided for in that subparagraph shall not apply in the case of remuneration referred to in Article 79 (c), originating in special pre-viewing schemes which, in function of the position performed by the beneficiary, grant a differential treatment of the pension, the mobility of benefits, as well as the age and number of years of service to obtain the retirement benefit. Exclude from this definition the differential arrangements laid down by virtue of criminal or unhealthy activities, the determinants of old age or premature exhaustion and the schemes corresponding to the teaching, scientific and technological activities and the withdrawal of the armed and security forces. The Federal Administration of Public Revenue, an autarqual entity in the field of the Ministry of Finance and Public Finance, shall determine the method of calculating the deductions provided for in this Article in respect of the income established in (a), (b) and (c) of Article 79, for the purpose of the retention of the supplementary annual salary by 12 (12) and to add the twelfth part of that emoluments to the remuneration of each month of the year. In the case of employees in relation of dependency working and retired persons living in the provinces and, where appropriate, party, referred to in Article 1 of Law 23.272 and their modifications, the personal deductions can be increase by twenty-two percent (22%). In respect of the income referred to in Article 79 (c) of this Article, the deductions provided for in points (a) and (c) of this Article shall be replaced by a specific deduction equal to six (6) times the sum of the assets guaranteed minima, as defined in Article 125 of Law 24.241 and its amendments and additions, provided that the latter sum is higher than the sum of the above deductions. The provisions of the preceding paragraph shall not apply in respect of those persons who receive and/or obtain revenue of a different nature from the intended ones. Nor will that deduction be the case for those who are obliged to tax the personal property tax, provided that this obligation does not arise exclusively from the holding of a single house. The amounts provided for in this Article shall be adjusted annually, from the fiscal year 2018, inclusive, by the coefficient arising from the annual variation of the Average Taxable Remuneration of Stable Workers (RIPTE), corresponding to the month of October of the year preceding the adjustment in respect of the same month of the previous year. 3.-Incorporate following the last paragraph of Article 69, the following: However, the income derived from the exploitation of gambling in casinos (roulette, point and banking, blackjack, poker and/or any other authorized game) and the making bets through electronic gaming machines and/or automated betting machines (immediate resolution or not) and/or through digital platforms will be taxed at forty-one point fifty percent (41.50%). The above mentioned aliquot will be applicable for both human and legal persons. The Federal Administration of Public Revenue, an autarqual entity within the Ministry of Finance and Public Finance, will establish the operating conditions for the application of this aliquot and for the appropriation of expenditure incurred with the the purpose of obtaining, maintaining and maintaining taxable profits referred to in the preceding paragraph, in accordance with the provisions of the first paragraph of Article 80 of this Law. 4.-Replace the name of Chapter IV of Title II by the following: CHAPTER IV-EARNINGS OF THE FOURTH CATEGORY-INCOME FROM PERSONAL WORK IN RELATION TO DEPENDENCY AND OTHER INCOME. 5.-Substitute points (a) and (c) of the Article 79, for the following:

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a) The performance of national, provincial, municipal, and Autonomous City public offices, without exception, including the elective office of the Executive and Legislative Powers. In the case of the Magistrates, Officials and Employees of the Judicial Branch of the Nation and the provinces and the Public Ministry of the Nation when their appointment had occurred from the year 2017, including. (c) pensions, pensions, withdrawals or allowances of any kind as soon as they have their origin in the personal work and to the extent that they have been subject to the payment of the tax, and of the members of the cooperative societies. 6.-Substitute the last paragraph of Article 79, for the following purposes: Compensation shall also be considered to be the compensation in money and in kind and the viatics to be paid as an advance or reimbursement of expenses, by commissions of the service performed outside the headquarters where the tasks are provided, which are perceived by the exercise of the activities included in this article. However, the deduction provided for in Article 82 (e) of this law shall apply, in the amount to be fixed by the Federal Administration of Public Revenue, an autarchic entity in the field of the Ministry of Finance and Public Finance, on the the basis of, among other parameters, the activity developed, the geographical area and the arrangements for the provision of services, which may not exceed the equivalent of 40% (40%) of the non-taxable profit set out in point (a) Article 23 of this Law. In respect of long distance transport activities, the deduction referred to in the preceding paragraph may not exceed the amount of the non-taxable profit set out in Article 23 (a) of this Law. The sums paid to the teaching staff for additional teaching materials exceeding 40% (40%) of the non-taxable income provided for in Article 23 (a) of this Regulation shall also be considered to be profits of this category. the present law. For such purposes the Federal Administration of Public Revenue shall establish the conditions under which the calculation of this deduction shall be made effective. 7.-Article 81 (1) (i), the following: (i) 40% (40%) of the sums paid by the taxpayer, or of the deceased in the case of the following, in the case of rental of immovable property for his or her home a room, and up to the limit of the sum provided for in Article 23 (a) of this law, provided that the taxpayer or the deceased does not hold any property, whatever the proportion. The Federal Administration of Public Revenue, an autarqual entity in the field of the Ministry of Finance and Public Finance, will establish the conditions under which the calculation of this deduction will be made effective. 8.-Substitute the first paragraph of Article 90, by the following: Article 90: Persons of visible existence and the inheritance of the same-as long as there is no valid declaration of heirs or will that meets the same purpose- shall pay on net profits subject to tax the sums resulting from the following scale:

Net gain

rateable

accumulated

Will Pay $More the% Over the $Surplus

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The amounts provided for in this article shall be adjusted annually, from the fiscal year 2018, inclusive, by the

Coefficient arising from the annual variation of the Average taxable remuneration of employees

Stable (RIPTE), corresponding to the month of October of the year preceding the adjustment for the same month

of the previous year.

9.-The following shall be incorporated in the last paragraph of Article 90:

Where the determination of net income corresponds to overtime obtained by workers in relation to

(a) the amounts resulting from such a concept, not including those referred to in Article 20 (z);

shall not be computed for the purpose of modifying the scale set out in the first subparagraph,

emoluments will be taxed by applying the corresponding marginal aliquot, prior to incorporating the overtime.

The Federal Administration of Public Revenue will determine the modalities of liquidation

corresponding to that indicated in the preceding paragraph.

10.-Substitute the seventh paragraph of Article 18, by the following:

The differences in taxes resulting from adjustments and their respective interests shall be taken into account in the balance sheet

the tax on the financial year in which they are payable by the Fiscus or on which they are paid,

according to the method to be used for the allocation of expenditure.

TITLE II

Over $A $

0 20,000 0 5 0

20,000 40,000 1,000 9 20,000

40,000 60,000 2,800 12 40,000

60,000 80,000 5,200 15 60,000

80,000 120,000 8,200 19 80,000

120,000 160,000 15,800 23 120,000

160,000 240,000 25,000 27 160,000

240,000 320,000 46,600 31 240,000

320,000 onwards 71,400 35 320,000

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SIMPLIFIED SCHEME FOR SMALL CONTRIBUTORS

ARTICLE 2-Amend the Annex to Law 24,977, its amendments and additions, as follows: 1. Substitute Article 2 (a), by the following text: (a) Hones obtained in the twelve (12) months immediate calendar, prior to the date of accession, gross proceeds from the activities to be included in the present regime, less than or equal to the sum of seven hundred thousand pesos ($ 700,000), or, if it is a sale of movable things, that having exceeded that sum and up to that of pesos one million fifty thousand ($1,050,000) satisfy the requirement of minimum number of staff provided, for each case, in the third paragraph of the article 8 °; 2. Substitute Article 8 ° by the following: Article 8: The following categories of (a) taxpayers in accordance with the annual gross receipts (corresponding to the activities referred to in the first paragraph of Article 2), the physical quantities and the amount of rent accrued annually, as follows:

To the extent that the maximum parameters of the area affected by the activity and of the

Annual consumption of electricity, as well as of the accrued rent provided for Category I,

taxpayers with gross income of up to 1.5 million pesos ($1,050,000) annually will be able to

CATEGORY

GROSS RECEIPTS

AREA CONCERNED

ELECTRICAL ENERGY CONSUMED (ANNUAL)

AMOUNTS OF RENT ACCRUED

Up To $84,000 Up To 30 m2 Up To 3,330 KW Up To $31,500

B Up To $126,000 Up To 45 m2 Up To 5,000 KW Up To $31,500

C Up To $168,000 Up To 60 m2 Up To 6,700 KW Up To $63,000

D Up To $252,000 Up To 85 m2 Up To 10,000 KW Up To $63,000

E Up To $336,000 Up To 110 m2 Up To 13,000 KW Up To $78,500

F Up To $420,000 Up To 150 m2 Up To 16,500 KW Up To $78,750

G Up To $504,000 Up To 200 m2 Up To 20,000 KW Up To $94,500

H Up To $700,000 Up To 200 m2 Up To 20,000 KW Up To $126,000

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remain attached to this scheme, provided that such revenue comes exclusively from

sale of movable property.

In such a situation they shall be in the category corresponding to them-as indicated in the following

table-according to the minimum number of workers in relation to the dependency they hold and

provided that the gross receipts do not exceed the amounts that are established for each case:

3. Set new values for the monthly integrated tax provided for in the first paragraph of Article 11

of the Annex to Law 24,977, its amendments and additions, in the amounts which, for each category,

are listed below:

CATEGORY

MINIMUM NUMBER OF EMPLOYEES

ANNUAL GROSS RECEIPTS

I 1 $822,500

J 2 $945,000

K 3 $1,050,000

CATEGORY

LOCATIONS AND/OR SERVICE BENEFITS

SALE OF THINGS FURNITURE

At $68 $68

B $131 $131

C $224 $207

D $368 $340

E $700 $543

F $963 $709

G $1,225 $884

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4. Set new values for the parameters provided for in Articles 31 and 32 of the Annex to Law 24,977,

their modifications and additions, as appropriate, for each case, as follows:

(a) the second paragraph of Article 31: weights four thousand ($4,000).

(b) the second paragraph of Article 31: weights ninety-six thousand ($96,000).

c) First paragraph of article 32: weights twenty thousand ($20,000).

5. Set new value for the fixed pre-retirement contribution to the Integrated System of Social Security

Argentina (SIPA), as provided for in the first paragraph of Article 39 of the Annex to Law 24,977,

modifications and complementary, in the sum of three hundred pesos ($300), for Category A),

increasing by 10% (10%) in successive categories in respect of the amount

corresponding to the lower immediate category.

6. Set new value for the parameters referred to in the second and fourth paragraphs of Article 47 of the

Annex of Law 24,977, its modifications and complementary, in the sum of weights seventy-two thousand ($

72,000.).

7. Set new values for the parameters referred to in points (a) and (b) of the first paragraph of the Article

53 of the decree 1 of 4 January 2010, in the sum of pesos one hundred and ninety two thousand ($192,000) and pesos

Two hundred and eighty-eight thousand ($288,000), respectively.

8. Substitute Article 52 by the following:

Article 52: The maximum amounts of invoicing, the amounts of accrued rent and the amounts of the

integrated tax to be entered, corresponding to each category of small taxpayer, as well as

fixed pre-vision contributions, will be increased annually in the month of September in the proportion of

the last two (2) increases in the rate of mobility of pre-viewing benefits, provided for in the

Article 32 of Law 24.241 and its amendments and additional rules.

ARTICLE 3-Where the application of the parameters laid down in points (e), (f) and (k) of Article 20 of the Annex to Law 24,977, its amendments and additions, does not give rise to the full exclusion provided for in that rule, they may be applied by the Federal Administration of Public Revenue to proceed to the recategorization of trade, in the terms provided for in Article 26 (c) of the said Annex, according to the indices determined, with general scope, by the mentioned Federal Administration. The national executive branch will readjust the annex of law 24,977, its modifications and complementary, in order to receive the changes linked to the mention of the categories, as a consequence of the reinstatement of the category 'A'.

H $2,800 $2,170

I $3,500

J $4,113

K $4,725

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ARTICLE 4 °-Small taxpayers who have been excluded from the full right of the Simplified Regime for Small Contributors, by application of the existing parameters prior to the date of validity of this law, during the 12 (12) months immediately preceding that date, they may reattach to it, for this only time, without having to wait for the time limit laid down in Article 19 of the Annex to Law 24,977, their amendments and supplementary, in the a measure in which they meet the subjective and objective requirements laid down in that Annex. The Federal Administration of Public Revenue shall establish the modalities, deadlines and conditions for such accession.

TITLE III

OTHER TAXES

CHAPTER I

SPECIFIC TAX ON THE PLACING OF BETS

Article 5 °-Approve as 'specific tax on the placing of bets' the following text: Article 1: Establishment in the entire territory of the Nation a tax that serious the making of bets through electronic machines Games of chance and/or automated betting (immediate or non-resolution) enabled and/or authorized to the implementing authority, on the expense, understanding the value of each bet, whatever means it takes place (tokens, coins, notes, etc.). Article 2: For the purposes of the application of the tax of this law, persons and legal persons who exploit this type of machines, in any form, instrumentation or modality in the territory, are considered to be subject to the tax. (a) Argentina, being obliged to enable and/or authorize the enforcement authority. In all cases, the processing of the taxable facts provided for in Article 1 ° shall be set up at the time of its execution, in accordance with such an act of commitment. Article 3: The tax resulting from the application of the provisions of this Law shall be settled and paid fortnightly on the basis of the affidavit made in the terms governing the Federal Administration of Public Revenue, an autarquical entity in the Ministry of Finance and Public Finance. Article 4 °: The tax will be determined by applying the aliquot of zero with seventy-five percent (0.75%) on the respective tax base, equivalent to the value of each bet. Article 5 °: The charge established by this Chapter shall be governed by the provisions of Law 11.683, the text ordered in 1998 and its amendments and its application, perception and supervision shall be the responsibility of the Federal Revenue Administration. Public, an autarqual entity in the field of the Ministry of Finance and Public Finance, which is empowered to issue the necessary additional rules. Article 6 °: The national executive branch may increase by up to fifty percent (50%) the tax provided for in this law, or reduce it or leave it without a transitional effect, taking into account among other parameters the type of activity and the zone geographical, prior to the technical report based on the areas with competence in the field.

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CHAPTER II

INDIRECT TAX ON BETS ON-LINE

Article 6-Approve as 'Indirect tax on online betting', the following text: Article 1: Establish a tax in the entire territory of the Nation that will seriously tax the bets made in the country through any type of platform digital games-gambling and/or bets developed and/or exploited through the use of the Internet-, with the use of the location of the server used for the provision of the entertainment service. Article 2 °: For the purposes of the application of the tax of this law are considered to be subject of the charge to those subjects who carry out the bets referred to the previous article, from the country, owing the intermediary that allows the payment of the value of each bet, enter the tribute in his/her character as agent of perception. Article 3: The tax resulting from the application of the provisions of this Law shall be settled and paid fortnightly on the basis of the affidavit made in the terms governing the Federal Administration of Public Revenue, an autarquical entity in the Ministry of Finance and Public Finance. Article 4 °: The improvement of the taxable facts provided for in Article 1 ° shall be configured at the time the payment is made or, if applicable, at the due date for payment by the credit card administrator. and/or purchase, whichever is earlier. Article 5 °: The tax to enter will arise from the application of the aliquot of two percent (2%) on the gross value of each bet. Article 6 °: For the purposes of complying with the verification and audit of the subjects linked to the exploitation of gambling and/or bets developed through any type of digital platform, the competent authorities shall communicate to the Directorate National of the Registry of Internet Domains, in the field of the Technical Secretariat of the Legal and Technical Secretariat of the Presidency of the Nation, to the Central Bank of the Argentine Republic, to the Federal Administration of Public Revenue, autarquica in the field of the Ministry of Finance and Public Finance, and the other agencies with competence in the field, the sites, means of payment and authorized operators, for the purpose of the same to adopt the relevant measures in the respective area. Article 7: The charge established by Article 1 ° shall be governed by the provisions of Law 11.683, the text ordered in 1998 and its amendments and its application, perception and supervision shall be the responsibility of the Federal Revenue Administration. Public, an autarqual entity in the field of the Ministry of Finance and Public Finance, which is empowered to issue the necessary additional rules. Article 8 °: The national executive branch may increase by up to fifty percent (50%) the tax provided for in this law, or decrease it or leave it without a transiently, prior technical report based on the areas with competence in the material.

CHAPTER III

EXTRAORDINARY TAX ON SPECULATIVE FINANCIAL TRANSACTIONS "FUTURE DOLLAR"

ARTICLE 7 °-Approve as ' Extraordinary Tax on Speculative Financial Transactions

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(Future Dollar) ', the following text: Article 1: Establishment of an' Extraordinary Tax on Speculative Financial Operations (Future Dollar) ' applicable for the only time to the legal, human and inheritance persons who have obtained earnings from operations for the purchase and sale of futures contracts on underlying foreign currency, which have not been covered by the coverage in respect of a particular foreign trade or financial transaction, denominated in currency foreign. (a) For legal persons: the profits earned in the tax years in progress at the date of entry into force of the present; b) For human persons and (i) the following: the income obtained in the fiscal year 2016. Article 2: The tax to be entered by the taxpayers indicated in the previous article will be used to apply the rate of 15% (15%) on the profits derived from 'positive price differences' for transactions of purchase and sale of futures contracts on underlying foreign currency, not being able to be deductible. Article 3: The tax to be entered will be included and liquidated, in a complementary manner, in the affidavit of the tax to the profits of the respective tax period. Article 4 °: The present charge shall not be deductible for the settlement of the income tax and shall not be computed as payment on behalf of the same. Article 5: For the cases not provided for in the preceding articles, the provisions of the Law on Income Tax, the text ordered in 1997 and its amendments and its regulatory decree, are not applicable. the tax exemptions-objective and subjective-provided for in that law. Article 6: The tax established by the present law shall be governed by the provisions of Law 11.683, the text ordered in 1998 and its amendments, and its application, perception and supervision shall be the responsibility of the Federal Revenue Administration. Public, an autarqual entity in the field of the Ministry of Finance and Public Finance, which is empowered to issue the necessary additional rules.

CHAPTER IV

VALUE ADDED TAX. FOREIGN SUBJECTS PERFORMING IN THE COUNTRY. SUBSTITUTE OFFICER

Article 8 °-Amend the Law on Value Added Tax, text ordered in 1997 and its amendments as follows: 1.-Incorporate as (h) to Article 4 ° the following: (h) Be locatarios, borrowers, representatives or intermediaries of foreign subjects who perform locations or benefits taxed in the country, in their capacity as substitute persons. 2.-Incorporate as an article without an aggregate number following the article 4 °, the following: Article ....-They shall be held liable for the purposes of this law, for the locations and/or benefits taxed, the residents or domiciled in the country which are the locatees and/or borrowers of resident or resident subjects abroad and who carry out such operations as intermediaries or on behalf of such subjects from outside, provided that they are carried out in their own name, regardless of the form of payment and the fact that the subject of the outside receives the payment by such operations in the country or abroad.

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The national, provincial and municipal governments, and the Government of the Autonomous City of Buenos Aires, its autarquical and decentralized entities, are included. (b) The subjects included in points (d), (f), (g) and (m) of Article 20 of the Law on Income Tax, which was ordered in 1997 and amended. (c) Administrators, agents, proxies and other intermediaries of any kind. The substitute officers must determine and enter the tax that falls on the operation, to which end they must register with the Federal Administration of Public Revenue, an autarquic entity in the field of the Ministry of Finance and Finance. Public, in the cases, forms and conditions established by that body. The national executive branch will be able to arrange in which cases it is not appropriate to assume the mentioned condition. In cases where it is impossible to retain the charge, the charge shall be borne by the substitute. The tax entered in accordance with the provisions of this Article shall have, for the substitute responsible, the nature of the tax credit by enabling it to be counted in accordance with Articles 12, 13 and the first paragraph of Article 24, of reciprocate. The Executive Branch is empowered to have the regulatory standards it deems relevant for the purpose of establishing the manner in which the national, provincial, municipal or government of the Autonomous City of Buenos Aires liquidate e the levy, as a substitute liability.

TITLE IV

GENERAL PROVISIONS

ARTICLE 9 °-Thirty-three percent (33%) of the resources provided for in point (c) of the first paragraph of Article 104 of the Law on Income Tax, which was ordered in 1997 and its amendments, will be distributed directly to the whole According to the indices provided for in the Law of Federal Participation of Taxes, Law 23,548 and its modifications, with the necessary adjustments resulting from the incorporation of the province of Tierra del Fuego, Antarctica and Islands of the Atlantic South and the Government of the Autonomous City of Buenos Aires, in the same month in which they are integrated, with effect to from 1 January 2017 to 31 December 2017 inclusive.

ARTICLE 10. -Incorporate as Article 301a to the Penal Code, the following article: Article 30a: It shall be repressed with imprisonment of three (3) to six (6) years which shall be exploited, administered, operated or in any way organised, by itself or through third parties, any mode or system for the collection of games of chance without the relevant authorisation being issued by the competent court.

ARTICLE 11. -Article 4 (2) of Law No 26,731 and other supplementary rules.

ARTICLE 12. -The provisions of this law shall enter into force on the basis of their publication in the Official Gazette and shall take effect: (a) Title I: From fiscal year 2017, including, with the exception of paragraphs 3 and 10, shall have effects for the fiscal years in progress at the date of entry into force of the present day.

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(b) Title II: From the first day of the month following that of its publication in the Official Gazette. (c) Title III, Chapter I and Chapter II: From 1 January 2017, inclusive. (d) Title III, Chapter III: In the case of legal persons: the profits earned in the fiscal years in progress at the date of entry into force of the present day. For the case of human persons and individual inheritance: the profits obtained in the fiscal year 2016. (e) Title III, Chapter IV: For taxable events which are perfected from the first day of the month following that of their publication in the Official Gazette.

ARTICLE 13. -Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TWENTY-TWO DAYS OF THE MONTH OF DECEMBER OF THE YEAR TWO THOUSAND SIXTEEN.

-REGISTERED UNDER NO 27346-

MARTA G. MICHELETTI. -EMILIO MONZO. -Eugenio Inchausti. -Juan P. Tunessi.

Date of publication: 27/12/2016

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