Argentina has published Decree 301/2021 of 7 May 2021, which amends the scope of the Tax on Credits and Debits in Bank Accounts and Other Operations established by Law 25.413 of 24 March 2021. The primary purpose of Decree 301/2021 is to provide equal treatment for transactions made through the traditional banking system and payment transactions made through payment accounts on online platforms, which have become much more prevalent, especially due to the isolation measures introduced for COVID-19. Some key points include:
- Payment service providers providing electronic collection and payment services to third parties through online payment accounts are required to collect the tax from their clients and remit it to the tax authority;
- Payment service providers subject to the collection obligations include those listed in a registry established by the Central Bank;
- The applicable rate is 0.6% (same as for bank accounts); and
- Certain exemptions are provided, including for:
- transfers between accounts opened in the name of the same owner;
- payments accounts opened or supplied by PSPs that are owned by natural persons; and
- credits and debits to accounts owned by small taxpayers under the simplified regime.
Decree 301/2021 entered into force on 8 May 2021 and will take effect for taxable events from 1 August 2021.