Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/2/2012

Argentina - Repeal of tax benefits relating to hydrocarbons 

August 2:   Because recent government policy provides that self-sufficiency regarding hydrocarbons is of “national interest” in Argentina, certain tax and customs benefits previously allowed with respect to the production and export of oil and gas are no longer available.

Decreto 1277/2012 (Spanish), published in the official gazette (Boletín Oficial) on 27 July 2012, controls activities of exploration, exploitation, industrialization, transport and commercialization of hydrocarbons.


Decreto 751/2012 (Spanish), published 16 May 2012 removed tax and customs benefits as previously provided by Ley 19,640 for activities relating to the production and export of oil, gas, and certain mineral resources.


Thus, the new hydrocarbon framework applies for taxable events (income generated and gains realized) as of the first business day following the publication of Decree 751 n the official gazette (i.e., 17 May 2012).

KPMG observation

Based on the framework for hydrocarbons, taxpayers involved in the oil and gas sector may want to consider how the federal and provincial governments may implement the new rules and how to address the tax implications of the new provisions.



For more information, contact a KPMG tax professional in Argentina:


Rodolfo Canese

+54 11 4316 5869


Violeta Lagos

+54 11 4891 5619


Mariel Vazquez

+ 54 11 4316 4668




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