Argentine Tax Authority establishes one-time windfall corporate income tax prepayment

The Resolution establishes a one-time “windfall income tax prepayment” for companies that obtained extraordinary income from the increase in international prices.

The “windfall income tax prepayment” is creditable against the corporate income tax liability for tax year 2022 or 2023.

Taxpayers should consider their facts and circumstances when assessing the new “windfall income tax prepayment” rules and determining if they are subject to the rules.