translated from Spanish: Porteños using the credit card must pay stamp tax

As of January 1, 2021, freighters using credit cards will be charged a 1.2% stamp tax charge, as provided for in the 2021 Budget approved by the Buenos Aires City Legislature.The levy – which exists in many provinces – will be charged on total consumption, made in both pesos and dollars. This tax (which includes all credit cards) will apply to January consumptions and will appear in the summaries that will expire between the end of this month and February.

For its part, if a bank client does not reside in Capital Federal but has registered an address in this city to operate with their card, they must pay the stamp tax. According to the law passed last November, the taxable amount of this levy consists of debits or charges for the period included in the settlement or summary, whatever their concept, net of adjustments from previous balances. At the time of promoting this initiative, the Government of Buenos Aires argued that this tribute is a consequence of casa Rosada’s decision to detract from the City from a point of co-sharing. In this way, the district was added to the provinces of Buenos Aires, Tucumán, Córdoba, Mendoza, Tucumán, Chaco, San Luis and Tierra del Fuego, where “Sellos” is already charged for credit card operations.

With this tax, in addition to the elimination of the Gross Income exemption to Liquidity Letters and pass operations, the City would obtain 19.7 billion pesos, to compensate for the loss of co-sharing, estimated at about 53 billion pesos. Some business entities, such as the Argentine Confederation of Medium-sized Enterprises (CAME), rejected the new tax on credit card operations, arguing that it will lead to greater informality in sales and will undermine banking.

Original source in Spanish

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