Resolution 3293/2012 deals with un updated version of the long-standing informative regime which by Argentine companies have the annual liability of providing information about its shareholders, the members of its board of directors or managers, syndics, its net equity, etc. and now adding controlled and controlling entities as of December 31 each year.
However, it also creates a new registry of transactions involving the direct transfer - whether in exchange for consideration or not - of shares, quotas or any other kind of participation in the amount of capital of Argentine entities, including the transfer of other kind of listed securities when their transfer results in a change of control.
The following would become concurrently liable to comply with this regime: the transferor and the transferee; the public notary (if intervenes in the transaction); and the Argentine company whose participation is being transferred all of them within the 10 working days as from: the transaction date; the date of the public deed; or the date in which it was notified according to corporate law regulations, respectively.
The information to be provided mainly relates to, among others, the type of transaction (buy-sell transaction, cession, swap, etc.), the date in which it occurs, class and amount of shares transferred, resulting change of control (if applicable) and tax ID as well as full identification of the parties involved and the amount of the transfer (i.e consideration) in both foreign and local currency (AR$).
The new regime is applicable for all transactions that have taken place as from January 1 2012. For those transactions that occurred between the beginning of 2012 and March 25 (the date before the regime release) the due date is specifically defined as of April 26.
Based on certain press releases in this regard, it remains to be seen whether this is only an isolated measure just to have records of those transfers or whether it is the first approach addressed to subject to tax this kind of transactions, also those made by foreign beneficiaries.
Andrés Edelstein (andres.m.edelstein@ar.pwc.com) and Ignacio Rodríguez (ignacio.e.x.rodriguez@us.pwc.com), PwC, Argentina
