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New VAT legislation disclosed in Argentina

New VAT legislation disclosed in Argentina

argentina

Under new legislation unveiled by the government offshore operators in Argentina could face paying Value Added Tax (VAT) of up to 27%.

According to Review-Casinos.com , the draft bill sets out plans to impose VAT on offshore digital service providers, such as gambling companies.

Other services likely to be hit by the proposed legislation include downloading or streaming media and games, software provided over the cloud, web hosting, and mobile applications. Argentina’s Senate passed the draft bill on December 27, before state president Mauricio Marci signed off on the legislation just two days later.

Although the bill does not include the exact rate operators will face, it could be as high as 27% – the current rate applied to the supply of telecommunications, water, electricity and gas that are not used exclusively in a dwelling.

Gambling operators in Argentina already face high levels of taxation, with a rate of 41.5% applied to corporate income, in addition to 0.75% on each bet and a 2% tax on each wager place via online gambling channels.

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