On 10 December 2023, the recently elected Government took power and has announced a series of structural economic and tax measures, including a significant simplification and reduction in applicable taxes.

One of the measures announced has been the devaluation of the official dollar to $800, with a provisional increase in the PAIS tax on imports and withholdings on non-agricultural exports. The Minister of Economy stated that once the emergency is over, export duties will be eliminated.

On the other hand, the National Executive Branch set the rate of the Impuesto PAÍS Tax at 17.5%, which is applied to the purchase of foreign currency for the payment of import operations of merchandise and transportation services associated with foreign trade.

For its part, the Federal Administration of Public Revenues (AFIP) increased the rate used to calculate the payment on account that importers of non-luxury goods must make at the time of officializing the import destination to 16.625%, previously set at 7.125%.

The AFIP states on its website that these measures tend to encourage national investment, stimulate production and the carrying out of economic activities in the country, guaranteeing a sustainable fiscal path. They were established by Decree Decreto N° 29/2023 and General Resolution Resolución General 5464/2023.

For its part, General Resolution Resolución General 5463/2023 unified and reduced to 30% the rate of the collection regime on account of Income and Personal Property taxes (régimen de percepción a cuenta de los impuestos a las Ganancias y sobre los Bienes Personales), which is applied to some of the operations covered by the PAIS Tax, replacing those in force until now, which were 100% plus another 25%.