Argentina Introduces New Advance Tax for Oil, Gas Companies

Argentina on Monday implemented a new advance income tax rate of 15% for oil and gas companies.

The requirement, which was published in the official gazette and is effective immediately, applies to companies with income tax results for the 2022-2023 tax year of at least 600 million Argentine pesos ($1.6 million), before deducting the prior year’s losses.

• Oil and gas companies that reach the 600 million pesos threshold must pay the new rate in three equal installments throughout the year, depending on the financial year of the given company.
• Companies that already fall under several other advance tax payment requirements ...