The Federal Tax Authority replaced the regime applicable to the registry and validation of foreign currency operations. Subsequently, the Argentine Central Bank introduced new requirements for the purchase of foreign currency for tourism and travel expenses.
With General Resolution No. 3356, dated August 3, 2012 and effective as of August 13, 2012 ("Resolution 3356"), the Federal Tax Authority ("AFIP", for the Spanish acronym Administración Federal de Ingresos Públicos) replaced the provisions of General Resolutions No. 3210, 3212 and 3333 and established new requirements for the purchase of foreign currency for tourism and travel expenses. In addition, and according to the provisions of Resolution 3356, on August 9, 2012, the Argentine Central Bank of Argentina (the "Central Bank") enacted Communication "A" 5339, effective as of August 10, 2012, which determined new requirements for the purchase of foreign currency under the item of tourism and travel.
The following are some of the most important changes introduced by these regulations:
Registry and validation of purchase and transfer of foreign currency
Resolution No. 3356 repealed General Resolutions No. 3210, 3212 and 3333, but kept in force the system created by those Resolutions for the registration and validation of exchange operations. In this regard, Resolution No. 3356 states that:
The financial entities authorized by the Central Bank to operate with foreign currency must register the total amount in Pesos of the following operations: (i) the sale of foreign currency, disregarding its mode or purpose; and (ii) the purchase of foreign currency for the repatriation of funds due to the cancellation of the trips for which the foreign currency was obtained. When, according to the Central Bank's regulations, the purchase of foreign currency requires the validation of the "Foreign Currency Transactions Consultation" service prior to the...