Argentina’s tax authority (ARCA) has announced that it eliminated the 95% advance payments of the PAIS tax (Impuesto Para una Argentina Inclusiva y Solidaria) on foreign currency purchases for imports, effective 25 November 2024.

This is outlined in General Resolution 5604/2024, which was published in the Official Gazette on 26 November 2024.

All advance payments have been removed as the PAIS tax is set to expire on 22 December 2024.

This follows after the Argentine government proposed the removal of the PAIS tax on foreign currency purchases starting 1 January 2025 when it submitted the 2025 Budget Bill to Congress. The PAIS tax went into effect on 23 December 2019 and was set to last for five years.