Everything you need to know

On the other hand, the dollar tourist or dollar cardthat is, the exchange rate of the “dollar card abroad”, would be $236.51, according to the price at the close of this Wednesday. Therefore, the payment of products and services abroad, as well as other operations with credit cards. will have an increase, which will be reflected in the monthly summary. Netflix, Spotify, tourism, among others, will be impacted by the increases.

Dollar: how many exchange rates are there in Argentina

In Argentina, there are more than 10 types of exchange. The blue dollar is perhaps the most popular, but there are ten other types of exchange that are traded on the markets. The day before, the AFIP increased from 35 to 45% the tax on account of the payment of goods and profits that applies to purchases and expenses abroad.

The dollar rates in Argentina are:

• official dollar: The official register of the Central Bank says that the reference exchange rate in Argentina is worth $135.15. This is the dollar that the Ministry of Economy takes to calculate the gross debt and the companies that must cancel maturities in foreign currency.
• Wholesale dollar: it is the one exchanged in the segment where banks and foreign trade agents operate. The current price is $127.62.
• Dolar blue: This is the ticket that is sold in caves or through “little trees”, that is, outside the legal circuit. The price of this bill soared to a new record of $283.
• future dollar: It is the one that is bought in the Rofex market. Wednesday’s closing price was $131. to March 2020 as of Monday close.
• Dollar “Cash with Settlement”: It arises from exchanging pesos for dollars abroad through the purchase and sale of shares and debt securities. The current price is $290.15.
• Dollar Exchange or MEP: It consists of the purchase of bonds in the Buenos Aires stock market with pesos and the sale of the same title in dollars. The current price is $280.06.
• Dollar savings: This ticket has a 30% tax and each person can buy up to a maximum of US$200. At current prices, it would trade around $236.51.
• Dollar card or tourist: The current value of the tourist or solidarity dollar is $236.51, since at the average retail exchange rate, 30% of the PAIS tax and the new 45% of withholdings must be added, which is then deducted from the income tax. or it is returned to the taxpayer at the beginning of the next year.
• Dollar Cedears: Another way to dollarize savings is through Cedears, which are certificates of deposit that represent shares of companies listed abroad and not in Argentina, as is the case, for example, with Apple, Google, Amazon, Kimberly Clark, Walmart, among others. others. The Cedears are bought in pesos and then converted to the value of the shares, which are listed in dollars.
• Dollar Ledes: Buying Treasury bills in pesos is another way to become dollarized, since some short-term securities are listed in local currency and in dollars. In this way, a cash operation with liquidation (CCL) can be carried out without a maximum amount limit. The most used letter are being the discount letters (LEDE).
• Crypto Dollar: the exchange rate to access dollars through cryptocurrencies was sold at $288.80. In the crypto ecosystem, however, there are different prices depending on the virtual wallet with which it operates.

Savings dollar and tourist dollar: what differences do they have and what are they

There are several differences between these types of exchange, mainly those related to access restrictions. On the one hand, not all people are qualified to buy savings dollars, even with the limit of US$200 per month.

On the other hand, no person is prevented from using the tourist dollar, which is used through their cards, both abroad and within the country, to buy dollarized goods or services at the official exchange rate, to which the tax is added. PAIS (from 30%) and the perception of Earnings (which went from 35 to 45% from today).

One by one, what are the consumptions impacted by the increase in the tourist dollar

From this Thursday, if you have contracted or are going to contract any of these services, you will pay increases:

• Payment or withdrawal of money abroad: Card payment operations in dollars, which include operations such as withdrawals or cash advances abroad, which have repercussions on tourism.
• Purchases on sites or portals: If you are going to buy a product on sales sites (eBay, Ali Express, among others) they will apply the increase. It should be remembered that “expenses related to health benefits, purchase of medicines, acquisition of books in any format, use of educational platforms and software for educational purposes” are exempt from the PAIS Tax, AFIP details.
• Services via streaming, Netflix and Spotify with uploads: The increase applies to services provided by non-resident subjects in the country that are canceled by credit cards. The emblematic and mass consumption cases in Argentina are Spotify, Netflix, video game platforms among other streaming services.
• As detailed by the AFIP, the rise of 10 percentage points in the receipt on account of Earnings and Personal Assets affects all consumption in dollars made with a credit card. In this way, the services of Netflix, Spotify, PlayStation Plusthe most used in our country.
• Another case is that of the popular platform Onlyfans, which allows content to be generated so that creators from all over the world can broadcast their productions to a base of paid subscribers. This service is also affected by the increase in the tourist dollar, reported yesterday.
• Tourism services: these are services contracted abroad, through travel agencies, as well as hotels (lodging), flights, among other services.
• The measure includes the acquisition of services abroad contracted through travel and tourism agencies (wholesalers and/or retailers) in the country; and the acquisition of land, air and water transport services for passengers with destinations outside the country, to the extent that the foreign exchange market must be accessed in order to cancel the operation.

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Who can and who cannot buy dollar savings

The savings dollar can be acquired by those people who are not inhibited, that is, those who can buy dollars through home banking or even through an ATM in person. The authorization is to get up to $200 per month, at the value of the currency reported by the bank where the operation is carried out plus 30% of the PAIS Tax and an extra 45% (from today) on account of the Income Tax.

On the other hand, those who cannot access the savings dollar are those people who are affected by one or more of these options:

• Beneficiaries of an ANSES plan or program, such as the Universal Child Allowance (AUH) or the Universal Pregnancy Allowance (AUE).
• Dependent workers who have received part of their salary through the Work and Production Assistance program (ATP) or REPRO II.
• People without declared or “consistent” income.
• Co-holders of bank accounts.
• Those who have already used their entire quota (US$200 per month) through purchases with a credit or debit card.
• Those who have refinanced a 12-month credit card balance.
• Monotributistas who have processed credits at zero rate.
• Those who have acquired financial dollars in the previous 90 days.
• UVA credit holders who agreed to the freezing of quotas during the pandemic.
• Owners of SMEs who have received loans at 24%.

How is the AFIP procedure for the return of perceptions and earnings

AFIP began to return the 35% perceptions on operations in dollars, carried out between January 1, 2021 and December 31, 2021. The agency issued the first authorizations to make the refund to taxpayers who requested it.

It’s about the 35% refund on the perceptions for the purchase of savings dollar. The procedure has been enabled since January 4, 2022, when AFIP began receiving requests for refunds of the 35% collection provided for by General Resolution 4815.

• In the first place, the CBU of the bank account in which the requested refund will be made must be informed before the AFIP and the Electronic Fiscal Address must be established.
• Go to the AFIP Perceptions Return service.
• There again, the collections made in 2021 and which were reported by the collection agents to the AFIP will be preloaded. They can also be loaded manually as in the previous case.
• You can follow the procedure until its completion, through the “Return of earnings” service.
• The amount of the approved requests will be transferred for crediting in the bank account informed by the taxpayer at the time of making the CBU declaration.

What happens to the expenses prior to the AFIP measure to increase the perception of income tax and personal property

For consumption by credit card, the cut-off or closing date of the bank card summary is established for all operations.

In other words, the increases will be reflected both in consumption made as of this Thursday, and in previous operations, which will suffer the impact of the increase in the tourist dollar.

In this way, all consumption or payment made by credit card, whose closing date of the summary is from this Thursday, July 14, will have the increase in the perception of the income and personal property tax, which went from 35 % to 45%.

Source: Ambito