Argentina: how to tax the repayment of bonds issued

The repayment of bonds issued by the Republic of Argentina is subject to the tax treatment provided for other financial income and the substitute tax on income taxes of 12.50 per cent applies (AGENCY OF REVENUE – Circular 28 June 2016 , No. 30 / E).

The Republic of Argentina, on December 23, 2001, declared the moratorium of the bonds issued by the same issued decreeing, consequently, the interruption of the payment of interest as well as the suspension of repayment at maturity.
With reference to the bonds subscribed by Italian investors, the aforementioned debtor has promoted a Voluntary Public Exchange Offer with which it has been offered to investors to exchange the "old bonds" with a series of "new bonds" issued by the Republic of Argentina.

Some of the original Italian investors have joined this offer while other bondholders have launched an Arbitration before the International Center for the Settlement of Investment Disputes (ICSID), the World Bank's arbitration body. The Arbitration was promoted by the Argentine Task Force Association (TFA) which, together with the Argentine Republic, initiated the negotiations that led to the signing of an agreement for the settlement of the arbitration proceeding initiated before ICSID.

The aforementioned Agreement was signed on April 21, 2016 by the Republic of Argentina and the TFA, in the name and on behalf of all the holders of bonds issued by the Republic of Argentina who took part in Arbitration and provides for the payment in cash of an amount equal to 150 per cent of the nominal value of the obligations subject to Arbitration.

In other terms, the same provides that, in return for the return to the issuing State (for the cancellation) of the bonds held by Italian investors, the latter will receive a sum that is the return of the capital invested with a further increase.
With regard to the tax treatment applicable to the aforementioned Italian investors in respect of the perception of said sum of money exceeding the nominal value of the securities subscribed and subject to cancellation / repayment, despite the declaration of financial moratorium, the financial investment produced a positive return for the original subscribers, therefore, it is considered that the amounts paid by the Republic of Argentina to the Bondholders, in exchange for the cancellation of the securities due to the repayment, constitute a different income of a financial nature, pursuant to Article 67, paragraph 1, letter c-ter), of the Tuir, generating a taxable gain on the same subjects, if received outside the exercise of arts, professions or companies.
This capital gain is made up of the difference between the sum repaid and the purchase price or value of the security, increased by any charge inherent to the relative production, pursuant to paragraph 6 of article 68 of the TUIR.
For the purposes of the aforementioned taxation, it should be noted that the income in question is subject to the substitute tax on income taxes of 12.50%.

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