2020 - YEAR OF GENERAL MANUEL BELGRANO

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION “A” 7115
24/09/2020

TO FINANCIAL INSTITUTIONS:

Ref.: Circular
OPASI 2 - 619

“Special account for repatriation of funds - AFIP General Resolution No. 4816/2020 and amendments”. Regulation.

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We address you to inform you that this Institution adopted the resolution, which in its pertinent part, provides:

“1. Establish that first-tier commercial banks that enable their clients to operate with ATMs – their own or others’ – must open the “Special account for repatriation of funds - AFIP General Resolution No. 4816/2020 and amendments” in the name and to the exclusive order of natural persons, legal persons or undivided estates that adhere to the payment facilities regime established by the aforementioned resolution – and amendments – for the purposes of carrying out the corresponding repatriation and maintenance of funds in accordance with the conditions provided in the aforementioned regulatory framework.

The amount originating from the repatriation of holdings of foreign currency and/or from the result of the realization of financial assets located abroad must be credited to these accounts, which must be opened for that sole purpose at the request of the taxpayers and those responsible for taxes.

2. Provide that the credits in the accounts referred to in point 1. of this communication shall be made and maintained – for the term established in AFIP General Resolution No. 4816/2020 and amendments – in the currency in which the repatriation of the funds is effected and must originate solely from transfers from abroad whose originator(s) and recipient(s) are holder(s) of the account and declarant(s) of the repatriation.

Also admitted shall be credits originating from transfers from abroad originated in accounts opened in the name of legal persons, temporary business unions, collaboration groupings, cooperation consortia, associations without legal existence, non-corporate groupings, trusts or any other individual or collective entity whose declarants are partners, shareholders or participants – direct and indirect –, in the terms of article 8 of Law 27541.

In all cases, more than one credit for those concepts shall be permitted.

The entities must keep in the file of this account a copy of the documentation of the transfers made.

3. Establish that financial institutions must inform AFIP – in accordance with the procedure and guidelines determined by the aforementioned agency – of the debits and credits made in these accounts, without interrupting the computation of the terms that AFIP establishes when the deposited funds are destined to the constitution or renewal of fixed terms or to investment in the destinations provided in subparagraphs i) and ii) of article 8 of AFIP General Resolution No. 4816/2020 – and amendments –, under the conditions established in the aforementioned regulatory framework.

4. Provide that, insofar as it is not provided for and to the extent that it does not oppose the provisions set forth in points 1. to 3. of this communication, the provisions established for deposits in savings banks and special current account for legal persons – Section 1. and point 3.4. of the rules on “Savings deposits, salary account and special accounts” – shall apply, as applicable.”

In due course we will send you the replacement pages that must be incorporated into the referenced rules.

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

María D. Bossio
Deputy General Manager of Financial Regulation