Taxand Argentina looks at the procedure for the control of the investments and application of tax benefits of the Renewable Energies Promotional Regime.
This procedure is aimed at the control of the investments and the works for which the fiscal benefits were awarded, and at the control of the effective application of such benefits. Amongst others, the following relevant aspects have been regulated:
The affidavits and other documentation to be submitted (including work certificates)
The requirements for granting extensions
The requirements to achieve the benefits of the anticipated VAT refund, accelerated amortisation in income tax, exemption from import duties and exemption from the tax over the distribution of dividends
Clarifications related to the tax certificates applicable to cancel taxes and to the possibility to its partial award in advance
The guarantees that should be awarded in relation to the tax benefits granted
The cases which will be deemed as infringements of the Renewable Energies Promotional Regime, the graduation of those infringements between minor and major, the applicable penalties and the procedure for their application
The powers of the Enforcement Authority, including the possibility of making an inspection in the place where the project is being implemented
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Taxand's Take
Businesses with operations in Argentina should take note of these new regulations, and adjust their practices if appropriate to make the most of the tax benefits.
