Tax Roundup: 2003 Tax Reforms

This edition of Argentine Business Law Watch1 responds to our readers? clamor for a summary of the various tax reforms recently signed into law by Argentine President Néstor Kirchner. In June 2003, Argentine Business Law Watch reported on four tax reform bills sent by the executive branch to Congress. Laws 25,784 and 25,795 represent the first of these reforms to be enacted.

Overview

Laws 25,784 and 25,795 (collectively, the "Amendments") aim to enhance public revenue by closing certain perceived loopholes. Law No. 25,784 introduces substantive changes to the Argentine Income Tax Law, expanding presumptions favorable to tax, enhancing the tax authority?s power to disallow credits and deductions, and creating new rules to control international transactions. Law No. 25,795, enacted last month, modifies various procedural matters to counteract tax evasion. The Amendments, centered on transfer pricing, thin capit...

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