Argentina has published Decree 682/2022 of 12 October 2022, which extends the scope of the tax on foreign currency purchases (Impuesto Para una Argentina Inclusiva y Solidaria – PAIS tax). The PAIS tax is a temporary 30% tax introduced by Law 27541 for a period of five years beginning 23 December 2019 on foreign currency purchases by both natural and legal persons in Argentina. The scope of the tax includes the purchase of foreign currencies including banknotes and traveler’s checks in foreign currency, currency exchange made by financial institutions for the purchase of goods or services abroad through credit, debit or purchase cards, the purchase of transportation services to most destinations outside Argentina, and certain others.
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