Banking and Financial Institutions and Tax Law Departments Report Decree No. 301/2021: Regulation of Tax on Credits and Debits 

Through Decree No. 301/2021, published in the Official Gazette on May 8th, 2021 (the “Decree”), the National Executive Power provided certain modifications to the Tax on Credits and Debits in Argentine Bank Accounts and Other Operations (the “Tax”), established by Competitiveness Law No 25,413 and its amendments (the “CL”).

In this sense, the scope of the Tax was extended to payment accounts managed by Payment Service Providers (“PSP”), which are owned by legal persons. Thus, now the tax treatment of these payment accounts is equated with the accounts that are opened in financial entities.

It must be noted that “payment accounts” are understood to be those defined by the Argentine Central Bank (the “ACB”) in its Communication “A” 6885 of January 30th, 2020, and its amending and complementary regulations.

Among the most important measures, we can find the obligation of the PSPs or the companies dedicated to the electronic payment and/or collection service on behalf of third parties, to act as withholding and collection agents of the Tax when movements of funds in payment accounts take place, being the holders of these accounts the ones who bear the Tax.

Furthermore, for the movements of funds in payment accounts, the general tax rate (0.6%) is applied to both credits and debits. On the other hand, when cash withdrawals take place, the debits made in the payment accounts will be subjected to the double rate provided in the third paragraph of the first article of the LCD. This double rate does not apply when the payment accounts are owned by human or legal persons that have certified his/its condition of Micro or Small Business.

Finally, the analysed rule provides that the amounts liquidated and collected by the Tax collection agents may be computed by payment account holders as a general tax credit or as a credit for the Special Contribution on the Capital of Cooperatives.

The Decree also established tax exemptions for:

  1. Transfers of funds made by any means, except by checks, destined to other bank accounts owned by the transferor. This exemption will not apply when the accounts belong to more than one legal person, even if they are registered under the ownership of theirs proxies or their agents.
  2. Transfers of funds between accounts -including payment accounts- owned by the same person.
  3. Payment accounts opened or supplied by PSPs or companies dedicated to the electronic payment and/or collection service on behalf of third parties, used exclusively through mobile devices and/or any other electronic device, whose holders are human persons. The transfers made by the PSPs regulated by the ACB rules in order to develop their businesses are also exempted.
  4. Debits and credits made in accounts -including payment accounts- whose holders are registered in the Simplified Regime for Small Taxpayers.
  5. The current bank accounts used by the PSPs to maintain deposits or comply with the ACR regulatory provisions, and the movements of funds destined to comply with the rules established by the Decree.

It is important to point out that these measures will take effect as of August 1st, 2021 (included).

Please, do not hesitate to contact us should you require any further information on this matter.


Pablo J. Torretta
Daniel Levi
Santiago L. Montezanti


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