On 3 April 2017, Executive Branch's Decree 223/2017 (the decree), introducing new exemptions from tax on debits and credits in bank accounts, was published in the Official Gazette.
Law 25,413 (the law) had established a tax on debits and credits in bank accounts. Decree 380/2001 implementing regulation of the law had established a number of exemptions following authorization granted to the executive branch under the law.
The decree adds to the listed exemptions the bank accounts used by:
- The fiduciary fund established by Decree 286/1995, ratified by Law 24,623
- The federal fiduciary fund established by Law 24,855
- The trust (fideicomiso) established by Decree 924/1997
In all cases, the exemptions are related to funds administered by federal government agencies for the purpose of financing infrastructure projects and assisting provinces.
The decree became effective from 3 April 2017.
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