On 13 December 2023, Argentina’s tax authority (AFIP) declared that it had increased the tax on foreign currency purchases (PAIS tax) from 7.5% to 17.5%.
This tax rate is applied to the purchase of foreign currency for the payment of import operations of merchandise and transportation services associated with foreign trade. This includes foreign currency purchases for freight services abroad, transportation services for import or export goods, and the import operations of goods. The tax rate for the payment on account of foreign currency purchases for imported goods has risen from 7.125% to 16.625% under Decree No. 29/2023 and General Resolution 5464/2023.
