On 16 August 2022, Argentine tax authority (AFIP) published General Resolution No. 5248/2022, requiring a one-time tax payment for certain large companies that benefitted from deducting losses due to the coronavirus pandemic and ongoing Russia-Ukraine conflict.
The income tax prepayment is payable by taxpayers who: (i) for tax year 2021 or 2022, as the case may be, have paid income taxes of at least US$100 million, in which case the income tax prepayment is 25% of assessed income tax; or (ii) have a taxable income of at least US$300 million for the year 2021 or 2022, without taking into account the deduction of tax losses from prior years, in which case the amount of the prepayment Income tax is 15% of the income taxable income. The payment of the advance income tax payment must be made in three equal and consecutive installments.
