On 23 August 2022, the Argentine Ministry of Economy published Resolution 559/2022, which provides new rates for late tax payments and reimbursement interest. The latest repeals Resolution 598/2019, which established rules for setting interest rates quarterly based on the nominal interest rate for 180-day fixed-term deposits in pesos of the National Bank of Argentina. Fixed interest rates are provided for under Resolution 559/2022, which are no longer adjusted to the national bank rate.
The new rates are as bellow:
- General late payment interest rate is set to 5.91% per month (0.83% per month if in USD);
- The punitive interest rate for late payment is set at 7.37% per month, applicable in cases where the collection of outstanding tax burden has been referred to the courts for enforcement (1.0% per month if in USD); and
- 3.84% per month (0.20% per month if in USD) for the return, refund, or compensation of taxes by the Treasury.
The new rates are applicable from 1 September 2022.
