Business Law Firm in Buenos Aires, Argentina

Canosa Abogados

Montevideo 711, Piso 4º
Buenos Aires
Argentina

Phone+54 (11) 5252-2462
Fax +54 (11) 5252-2463

Articles Published by Canosa Abogados

 Stamp Tax on Transactions by Electronic Means in Buenos Aires

On January 1, 2015, Law No. 5493 entered into force, introducing amendments to the Tax Code of the Autonomous City of Buenos Aires (“TC”) concerning the Stamp Tax.

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 Landmark Case Confirms the Tax Exemption to the Internal Reorganization of an Economic Group in Argentina

On September 7th, 2015, the Federal Court in and for the City of Mar del Plata ruled in favor of the merger between business entities owned by the same economic group. Such decision was based on Law No. 20,628 about income tax (the “income tax law”), its regulatory decree, and precedents from the Argentine Supreme Court of Justice.

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 The Franchise Contract under the Civil and Commercial Code in Argentina

On August 1, 2015, the Civil and Commercial Code (hereinafter “CCC”) entered into force, introducing specific legal regulation on the franchise contract from Sections 1512 to 1524.

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 Amendments to the Argentine Law that Establishes the Promotion Regime of Power Generation from Renewable Sources

On September 23, 2015, the Argentine Congress passed a draft (the “Draft”) which amends Law No. 26,190, governing the National Promotion Regime of Power Generation from Renewable Sources (“Law of Renewable Energy”).

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 Foreign Currency Obligations in Argentina

On August 28, 2015, Division “F” of the National Court of Appeals in Civil Matters (the “Court”) hold that, pursuant to Section 765 of the Civil and Commercial Code (“CCC”), foreign currency obligations in Argentina do not involve public order rules.

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 New Law on Professional Fees in the City of Buenos Aires

On November 27, 2014 Law No. 5,134, which regulates lawyers’ and solicitors’ fees who work in the City of Buenos Aires (hereafter the “Law”), was published in the Official Gazette.

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 RG AFIP 3674/14. Income Tax. Payment of Dividends or Profit Sharing

On September 12, 2014 was published on the Official Gazette the General Resolution of the Tax Authorities No. 3674/2014 (the “Resolution”), which regulates the form and term for an income tax of ten per cent (10%) on the distribution of dividends and/or profits.

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 New Law Amending the Conditions for Payment of Supplementary Annual Salary in Argentina

On January 9, 2015 was published on the Official Gazette Law No. 27.073 (the “Act”), which establishes new regulations on the payment of the second half of the employee’s Supplementary Annual Salary (“SAS”), which is ruled by Section 122 of the Labour Contract Law (” LCL”).

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 New Resolution Imposes the Electronic Billing System to Contributors Registered in the Value-Added Tax - Argentina

On March 11, 2015, the Tax Authorities (hereinafter “AFIP”) issued General Resolution No. 3749/2015 (“GR”) which obliges contributors registered in the Value-Added Tax (from now on “VAT”) to apply the electronic invoices’ system to support operations within the framework of the internal market, having to comply since July 1st of this year.

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 Regulation of Property Rights under the New Argentinean Civil and Commercial Code

On August 1, 2015, the new Civil and Commercial Code (hereinafter the “new Code”) will enter into force in Argentina. Chapter 4 of this new Code governs property law, maintaining most of the provisions set forth in the previous Civil Code, and also introducing new provisions.

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 New Civil Code and the Amendments to the Corporate Law Regime in Argentina

On October 2014 the Argentine Congress has enacted a new Civil and Commercial Code (the “CCC”) that came in effect on August 1, 2015.

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 Matrimonial Property Regime in the New Argentine Civil and Commercial Code

The main amendment that the new Civil and Commercial Code (the “CCC”) introduce to the matrimonial property regime is that, based on the principle of free will, the future spouses have now the possibility of opting, by entering into marriage conventions (the “Conventions”), between (i) a shared property regime, or (ii) a separate property regime.

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 Changes Affecting Trust and Estate Practitioners in Argentina

After the massive economic and political crisis in Argentina in 2001; a period with demonstrations- clashes between demonstrators, the police causing several demonstrators death-, civil and social unrest, where Argentina had 5 presidents in a week; there was a president elected by the senate in a context of extreme economic and political emergency. In 2003 elections were called and Mr. Néstor Kirchner was elected president with 22% of the votes. There was a vacuum of power.

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 Amendments to the Law on Personal Assets Tax, Inclusion of Non-Financial Trusts - Argentina

On December 16th, the Official Gazette published law No. 26,452 (the “Law”), that amended the law on personal assets tax No. 23,966 (the “Law on Personal Assets Tax”). Within its most important amendments are certain provision on the personal assets tax (“PAT”) over shares and stakeholings in local companies and the inclusion of non-financial trusts to the provisions of the Law on Personal Assets Tax.

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 New Requirements for the Seizure of Bank Safes in Tax Enforcement Proceedings - Argentina

On 2 February 2009, the Official Gazette published disposition No. 33/2009 (the “Disposition”) of the Federal Tax Authorities that incorporates provisions related to the capacity of the tax agents acting in tax enforcement proceedings (judicial collection of tax debts).

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 Exceptions to the Mandatory 1-Year Deposit on Transfers of Foreign Currencies Made by Non-Residents - Argentina

According to Decree No 616/2005, any sums entered into Argentina by non-residents are subject to the constitution of “a nominative, nontransferable and not remunerated deposit, of the thirty percent (30%) of the amount involved in the relevant transaction, during a term of three hundred sixty and five (365) running days”.

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 Regulation of the “Moratorium”. Procedure for Tax Regularization, Promotion and Protection of the Declared Employment and Repatriation of Capitals

On December 18th, 2008 was passed Law No. 26,476, published on December 24th, 2008. This law is known as the Law on Tax Regularization and Repatriation of Capitals (the “Law of Regularization”).

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 Suspension of the Execution of the Public Registry of Commerce of the City of Buenos Aires, Argentina

On February 6th, 2009, the National Commercial Chamber of Appeals conceded as a provisional measure the suspension of the effects of law No 2,875 passed by the Legislature of the City of Buenos Aires (the “Law”). Such law created the Public Registry of Commerce of the City of Buenos Aires (the “PRC of the City of Buenos Aires”).

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 New Application of Stamp Tax of the City of Buenos Aires, Argentina

On January 9th, 2009 the Official Gazette of the City of Buenos Aires published Law No 2,997 (the “Law”) that amends the Fiscal Code of the City of Buenos Aires, reestablishing the stamp tax in the scope of the City of Buenos Aires.

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 Control and Inspection of Databases - Argentina

On June 4th, 2008 the Official Gazette published Disposition Number 5/2008 (the “Disposition”) of the National Direction for the Protection of Personal Data (the “NDPPD”), that sets the rules and proceedings for inspections and controls over registered databases according to those faculties granted by Law N° 25.326 of Protection of Personal Information and its regulatory Decree to the NDPPD.

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 New Mandatory Registration For Companies and Associations - Argentina

On February 22, 2008, the Buenos Aires Province’s Official Gazette published Resolution Number 15 of the Ministry of Justice of the Buenos Aires Province (the “Resolution”) which set forth the re-registration of companies and associations registered in at the Public Registry of Commerce of the Province of Buenos Aires (the “PRCBA”).This Resolution will not affect those companies and associations registered after December 31st, 2006.

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 Registry of Qualified Agents - Argentina

On March 6th 2008, the Official Gazette published Resolution Number 526/2008 of the National Securities Commission (the “NSC”) which delegates to the Argentine Association of Common Investment Funds (the “AACIF”) the duty to carry out the registry of the qualified ones agents of common investment funds (the “Registry”).

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 Tax Credit Regime of the Labor Authorities - Argentina

On March 3rd 2008, the Official Gazette published Resolution N° 150 of the Labor Authorities establishing the Tax Credit Regime of the Labor Authorities (the “Regime”) meant to contribute with companies promoting social inclusion, improving the work quality of their staff and to allow unemployed people to prepare for the work.

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 New Regulation For Diplomatic Import of Automobiles - Argentina

On March 10th, the Official Gazzette published Resolution Number 357 of the Ministry of Foreign Affairs (the “Resolution”), which establish complementary rules Department of Diplomatic Import of Cars (the “Department”).

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 Investment Promotions in Capital Goods and Infrastructure Works - Argentina

On April 8, 2008 the Official Gazette published Law Number 26,360 (the “Law”) that sets a new temporary regime for the fiscal treatment of investments in new capital goods, excepting automobiles, as personal property amortizable under Argentina’s income tax, assigned to industrial activity and infrastructure works.

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 Amendments to the National Consumers Protection Law - Argentina

On April 7th, 2008, the Official Gazette published law Number 26361 (the “Law”), which amends the Consumer Protection Law Number 24240 (the “CPL”). It extends and improves the consumers’ protection for both local and foreign individuals and companies.

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 Enlargement of the Information Regime before the Argentine Tax Authorities on Real Estate Transactions

On December 21st, 2007, the Official Gazette, published General Resolution No 2,371 (the “Resolution”) of the Tax Authorities that provides that the seller of a property when negotiating, offering for sale or transferring (a) a property in Argentina, or (b) rights over a property to be built, shall inform the Tax Authorities, if the fiscal value of the property to be transferred, is equal or above AR$300,000 (three hundred thousand Argentinean pesos).

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 Setting up of Financial Trusts and Closed Common Investment Funds for the Financing of Small and Medium-Sized Businesses - Argentina

On November 9, 2007, the Official Gazette published General Resolution No. 519 (the “Resolution”) of the National Securities Commission (the “NSC”), which incorporates to the NT 2001 Norms (the “Norms”) new regulations for the creation of financial trusts and closed common investment funds for easing the financing of small and medium-sized undertakings (henceforth, “SMUs”).

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 Requirements for the Directors of Local Companies Requesting the Call of a General Shareholders’ Meeting - Argentina

On November 3, 2006, Resolution No. 13/2006 of the Public Registry of Commerce (the “Resolution”) was published in the Official Gazette. The Resolution comes to complete the relevant request for calling a shareholders’ meeting by members of the board of directors of local companies.

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 Procedure for Registration of Corporations – Joint Resolution of AFIP and PRC

On October 24, 2007, the Official Gazette published General Resolution No. 2,325 of the Federal Tax Administration (the “AFIP”), and the General Resolution No. 5/2007 of the Public Registry of Commerce

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 Plenary Ruling on the Applicability of the Mandatory Mediation Procedure for the Objection of Shareholder’s Meetings

National Commercial Court of Appeals had a plenary session (the “Court”) and render a ruling in the case “Giallombardo Dante Néstor vs. Arredamenti Italiani S.A. on ordinary proceedings”.

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 New Procedure for the Annual Report System of Foreign Companies

On October 26, 2007, the Official Gazette published General Resolution No. 4/2007 (the “Resolution”) of the Public Registry of Commerce (the “PRC”), applicable to companies constituted in other countries and registered in the City of Buenos Aires.

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 New Obligation to Publish Information in the National Securities Commission’s Financial Information Highway for Public Companies

General Resolution No. 514 (the “Resolution”) of the National Securities Commission (the “NSC”), introduces new articles in Chapter XXVI of the Rules of the NSC (N.T. 2001) (the “Rules”), concerning information to be published in the Financial Information Highway.

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 New Guidelines for the Financial Information Unit relating to the Financial Sector

On December 7, 2007, the Official Gazette published General Resolution No. 228/2007 (the “Resolution”) of the Financial Information Unit (the “FIU”), organization created by Law No. 25,546 on the punishment of Laundering Assets of Criminal Origin (“Law on Money Laundering”) for the analysis of suspicious operations within the financial Market, aiming to fight laundering of assets and financing of terrorism.

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 Decline of Request to Extend the Bankruptcy to Vice-President of a Bankrupt Company

Courtroom E of the National Commercial Court of Appeals (the “Court of Appeals”) confirmed a ruling passed by the Court of First Instance which declined the request of a company’s trustee in bankruptcy to extend the bankruptcy to the company’s vice-president due to an alleged use of the company’s funds to his own personal benefit.

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 Application of Irrevocable Capital Contributions to Bear Losses

On October 23, 2006, Resolution No. 12/2006 of the Public Registry of Commerce (the “Resolution”) was published in the Official Gazette. The Resolution, adds to the Regulations of the Public Registry of Commerce (“Regulations of the PRC”) contained in General Resolution No 7/2005 (“Resolution 7/05”), dispositions on the application of the irrevocable contributions to cover losses in the local companies and limited liability companies, that receive this kind of contributions.

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 Ruling of the Supreme Court of Justice on the Conversion into Pesos of Dollars deposited in the Financial System

On December 27, 2006, the Supreme Court of Justice (the “Court”), in the case “Massa, Juan Agustín vs. National Government”, that refers to a complaint filed by an individual who had dollar deposits in a private bank prior to the enactment of Law 25,561 and Decrees 214/2002, 471/2002 and 905/2002 and all the other related rules that imposed the conversion into pesos of dollar deposits.

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 Follow up on the Capital Attributed to Branches of Foreign Corporations

On October 26, 2006, Resolution No. 11/2006 of the Public Registry of Commerce (the “Resolution”) was published in the Official Gazette.

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 Insolvency Proceedings in Argentina

We briefly analyze the insolvency proceedings available to both companies and individuals in Argentina.

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