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Argentina Sets New Fixed Late Tax Payment and Refund Interest Rates — Orbitax Tax News & Alerts

Argentina has published Resolution 559/2022, establishing new late tax payment and refund interest rates. Resolution 559/2022 repeals Resolution 598/2019, which established rules for the determination of the interest rates quarterly based on the nominal rate of 180-day fixed-term deposits in pesos of the National Bank of Argentina. Under Resolution 559/2022, fixed interest rates are provided that are no longer adjusted based on the National Bank rate.

The new rates are as follows with different rates for amounts expressed in USD

  • The compensatory interest rate for general late payment is set to 5.91% per month (0.83% per month if in USD);
  • The punitive interest rate for late payment is set to 7.37% per month, which applies in cases where the collection of outstanding tax debts has been referred to the courts for enforcement (1.0% per month if in USD); and
  • The interest rate for the return, refund, or compensation of taxes by the Treasury is set to 3.84% per month (0.20% per month if in USD).

To determine the daily rates, the above rates are divided by 30. The new rates are effective from 1 September 2022.