Through software that will be available on its website, the Federal Tax Authority will request additional information for the purchase of foreign currency to pay tourism and travel expenses.
On May 28, 2012, General Resolution No. 3333 was published in the Official Gazette (the "Resolution"). Through the Resolution, the Argentine Federal Tax Authority ("AFIP" for its acronym in Spanish) decided to apply he purchase of foreign currency by Argentine residents (as defined by Income Tax regulations) who purchase trips abroad to the Foreign Currency Transactions Consultation System set forth by General Resolution No. 3210 (please refer to " Computerized System of Foreign Exchange Transactions", published in Marval News # 110 on October 31, 2011).
The Resolution states that Argentine residents that require the purchase of foreign currency to cover expenses for traveling abroad for health reasons, studies, conferences, commercial management, sports, cultural or scientific activities and/or tourism, must comply in advance with the information regime. However, notwithstanding some doubts in the beginning, the system is available, in practice, to be used by both travelers and/or tour operators.
To this end, those Argentine residents wishing to purchase foreign currency for such purposes must provide certain information regarding the tour package purchased, as well as the currency of payment, and the Tax Identification Number (CUIT) of the tour operator, among other information. The data must be reported through the website of the AFIP (http://www.afip.gob.ar). In addition, as stated in the Resolution, AFIP may require additional documentation or information that it deems relevant to the analysis of the request of the purchase of the foreign currency.
Thus, the software will gather relevant information in real time, and will then verify the fiscal and economic-financial situation of anyone wishing to purchase foreign currency for such purpose. At that time, AFIP will inform the amount in pesos that the Argentine resident can use to purchase foreign currency.
It should be noted that, until now, as provided by Communication "A" 5261 of the Argentine Central Bank, tour operators registered as such with the AFIP were exempted from requiring prior validation through the Foreign Currency Transactions Consultation System in those cases of purchases of foreign currency under the concept of "tourism and travel."
The new regime is in force as from May 29, 2012.
Additionally, it should be noted that notwithstanding the above mentioned, this new reporting regime for the existence of this new information regime for the purchase of foreign currency to pay for tourism and travel expenses abroad, is concurrent with the Foreign Currency Transactions Consultation System set forth by General Resolution No. 3210 for the purchase of foreign currency bills for treasury purposes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
