The BCRA has informed financial institutions that the allowances funded by the Argentine Social Security Administration (Administración Nacional de la Seguridad Social, ANSES) (emergency family bonus (ingreso familiar de emergencia, IFE), universal child allowance (asignación universal por hijo, AUH), and the complementary wage provided under Executive Order 332/20) are excluded from gross income tax, and exempted from bank withholdings under the System for Collection and Control of Bank Deposits (Sistema de Recaudación y Control de Acreditaciones Bancarias, SIRCREB), as agreed by the Argentine Arbitration Committee for the Multilateral Tax Convention.
On the same note, BCRA’s Communication C 87164, provides that loans at 0% interest rate for self-employed workers whether or not under a simplified tax scheme are also exempted whenever financial institutions are involved.
This financial aid was implemented within the framework of the health emergency declared by the Executive Branch as a consequence of the COVID-19 pandemic.
