EXTENSION OF THE AMNESTY PROGRAM FOR THE DISCLOSURE OF UNREPORTED FOREIGN CURRENCY
Executive Order No. 2008/2015 (the "Executive Order") was published in the Official Gazette on September 30, 2015. It extends for a 3-calendar month period until December 31, 2015 the possibility of adhering to the benefit granted by Law No. 26.860 which authorizes individuals or corporations to regularize foreign currency not previously reported with AFIP-DGI.
Remember that by means of Law No. 26,860 it was established an Amnesty Program for the Disclosure of Unreported Foreign Currency (the "Regime") in Argentina and abroad, authorizing the issuance of the following financial instruments, known as "Bono Argentino de Ahorro para el Desarrollo Económico" (Argentine Savings Bond Regime for Economic Development) ("BAADE" - by its acronym in Spanish), "Pagaré de Ahorro para el Desarrollo Económico" (Savings Note for the Economic Development) ("PAPDE" - by its acronym in Spanish), and the "Certificado de Depósito para Inversión" (Certificate of Deposit for Investment) ("CEDIN"- by its acronym in Spanish).
The benefits to be granted by the Regime are subject to the condition that the externalized foreign currency amount be allocated to purchase any of the financial instruments created by the Regime.
The Regime authorizes the Argentine Ministry of the Economy and Public Finance to issue the BAADE and PAPDE in U.S. dollars, under the financial conditions to be determined at the time of their issue. The funds generated by it shall be used to finance public investment projects in strategic sectors, such as infrastructure and hydrocarbons.
The Regime authorizes the Banco Central de la República Argentina (Argentine Central Bank) (the "BCRA") to issue the CEDIN in U.S. dollars and shall be a registered, endorsable instrument qualified to pay debts in US dollars.
CEDIN subscription may be processed at the banks listed in the Ley de Entidades Financieras (Financial Entities Law). The certificate shall be cancelled in US dollars only after having verified that it has been allocated to purchase pieces of land, storehouses/warehouses, business premises, offices, garages, plots and parcels of land and dwelling houses already existing and/or to build new dwelling units and/or to the refurbishment of buildings.
Individuals, undivided estates of deceased persons, corporations and trust where the trustor (or settlor) is also...