The Argentine tax authority (AFIP) has issued a release announcing the issuance of Decree No. 385/2024, which sets the rate of tax on foreign currency purchases (Impuesto Para una Argentina Inclusiva y Solidaria - PAIS tax) at 17.5% in relation to foreign currency purchases for:

• The repatriation of portfolio investments of non-residents generated in the collection of profits and dividends in…