Argentina

Tax withholdings made by local entities and some specific tax payments might be taken as payments on account of the respective final tax liability.

A withholding regime is applicable to the purchase of foreign currency, credit card payments made in foreign currency, purchase of transportation tickets (air, sea, or land), and travel packages to foreign countries hired in Argentina. The applicable tax rate is 35% in case of acquisition of foreign currency and 45% in the rest of the cases.

Withholdings under the above-mentioned regime are creditable against wealth tax in case of registered small taxpayers (Monotributistas) and against income tax for other taxpayers.

Additionally, a percentage of the tax on credits on Argentine banks accounts can be taken as payment on account of the respective final income tax liability.