On 22 December 2023, the Argentine government issued Decree No. 72/2023 concerning the Bonds for the Reconstruction for a Free Argentina or Bonos para la Reconstruccion de una Argentina Libre (BOPREAL).
The Argentine Central Bank will issue BOPREAL to Argentine entities with cross-border debts for imported goods. Starting 12 December 2023, these entities can use BOPREAL as a medium for payment at its technical value to settle tax (income tax or value-added tax) and customs obligations, including interest and fines. However, BOPREALs cannot be used for Social Security taxes, tax on credits/debits, or special taxes.
The BOPREAL subscription in Argentine Pesos is subject to Impuesto PAIS or a tax on certain purchases of foreign currency purchases. The tax rate is 0% for subscriptions made until 31 January 2024 and will be based on the import rate for subscriptions made from 1 February 2024 onwards.
These measures went into force on 22 December 2023.
