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  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/11/2012

Argentina - Tax credit certificate for crude oil producers 

July 11: Argentina's energy ministry (Secretaría de Energía) issued a resolution establishing a tax credit certificate program for exporters of crude oil.

Resolution No. 438/2012, published in the official gazette (Boletín Oficial) on 27 June 2012, provides that entities producing and exporting crude oil are eligible for a tax credit certificate. There is a threshold production level of an average greater than 1,300 m3 of crude oil per day. The amount of the tax credit is equal to U.S. $28 per barrel. The tax credit certificate is also available for businesses that produce an average lower than the daily average of 1,300 m3 if they export crude oil occasionally.


The resolution applies to exports of crude oil occurring on or after 3 February 2012.


Read a June 2012 report (Spanish) prepared by the KPMG member firm in Argentina: Novedades de Impuestos - 4° Semana de Junio




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