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Argentina - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The tax rate for corporations (Sociedades Anonima, SRL, Comandita) is 35%. For other partnerships, the tax is charged to each partner according to a progressive tax rate scale ranging from 9% to 35% depending on the amount of the taxable income.
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Taxe rate on long-term capital gains |
The tax rate of the long-term capital gains is 35%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends, interests and royalties are subjected to a withholding tax at the source with a maximum rate of 15%, 20% and 18% respectively, on the gross amount.
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Tax rate on branches |
In Argentina, branches are taxed at the rate of 35%.
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Income tax
Fiscal year |
The financial year begins on 1st January and ends on 31st December of each year.
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Income tax rate |
Resident individuals in Argentina are liable for income tax at progressive rates on their worldwide income. Rates range from 9 to 35 percent.
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Tax deductions or
other allowances |
There are several types of allowances or tax reductions. The amounts vary from ARS 1,200 to ARS 18,000. For example, for every child under 24 years old, couples can deduct ARS 1200 by child in the amount of their annual income.
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VAT rates
Standard rates |
VAT is applied to the delivered cost of the product or service at each change of hands, with a credit given for taxes paid at earlier stages of production. Imports are subject to the tax at the same rates that apply to similar domestic items. The general rate for VAT is 21 percent, but some services such as electricity, gas and water have a VAT rate of 27 percent.
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Reduced rates |
Cable television, long distance passenger transports (except for international journeys), videos, magazines, brochures and publications, private health insurance, and interest paid on foreign loans and domestic bank loans pay only a 10.5% VAT. Newspaper sales and bus passenger transports are exempted.
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Other important taxes
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Name of tax |
Rate |
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Tax on turnover
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This tax is levied by each province. It applies to every commercial deal (sales, rents, services, royalties, interests). The rate of this tax varies according to the regulations enforced by each provincial tax law: 3% for commercial activities, 1,5% for industrial activites and 1% for primary activities.
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Assets tax (companies)
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1% tax rate for companies' assets value higher than 200,000 $
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Wealth tax (individuals)
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0.5% on property valued up to 200,000 $, 0.75% when exceeding that amount
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Accounting
Introduction
Argentinian accounting is inspired by the american one. However, there are some differencies.
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Obligations and publications
All the argentinian commercial companies of Argentina have to produce some accounting documents:
- the accounting book,
- the assets and liabilities,
- the stock evolution,
Companies have to establish a balance sheet and a profit and loss account which have to be approved by internal or external auditors.
Certification and auditing
The control of accounts and documents of financial analysis can be made inside or outside the company. In both situations, only the Certified Public Accountants can guarantee the quality and the compliance of the accounting information.
Professionals and representative organizations
The "Federacion Argentina de Consejos Profesionales de Ciencias Economicas".
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Useful links |
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For futher informations, please contact the ADI (Agencia de Desarrollo de Inversiones).
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Export Entreprises SA ©, All rights reserved
Last modified in
January 2003
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