Argentina: New Argentine tax reform on capital gains and dividends

A new Argentine tax reform introduces significant changes to the income tax law regarding the taxation of dividends and capital gains in Argentina has come into force.

The foremost modifications announced by the reform include:

Capital gains

Before the reform, foreign parties (non-Argentine residents) were exempt from income tax on gains from the sale of shares, bonds and other securities. This tax reform eliminates this exemption, applying 15% income tax to net gains derived from such transactions.

For foreign beneficiaries, the net gain is assumed to be 90% of the gross sales price. This implies an effective tax rate of 13.5% of the gross sales price (15% x 90% assumed net income). Alternatively, the law gives the possibility of calculating the net income by deducting from the gross sales price the actual costs allowed under Argentine regulations (it is still to be clarified how this is to work in practice).


EU: AIFMD – status

Various clients have approached us with questions on the AIFMD (“Alternative Investment Fund Managers Directive) and therefore we want to provide a brief update here as well as some interesting links to EU documentation.


EU: Withholding tax reclaim

One of our clients approached us with the question if we could assist in assessing whether or not it was possible and/OR beneficial to his investors in his offshore funds to file a claim with the European Court of Justice (“ECJ”) for “discriminatory withholding taxes”. A topic that we felt would benefit more clients and their investors.


CH: VBK+CO will be speaker at annual meeting TTN

VBK+CO will be speaking at annual general meeting of TTN (“Transnational Taxation Network”) on 21 September 2012, to be held in Hotel de la Paix, Geneva, Switzerland.

The VBK+CO presentation will be on the much discussed topic: “Investment funds – Duties of the Board of Directors”. We will focus on organisation of investment funds and recent (legal) cases. Then we will take our experience and in combination with guidance from recent legal cases outline a list of requirements which we think are required in the current investment fund framework.

We will post a summary of the presentation on our VBK Blog after the meeting. If you are interested to receive more information or discuss the topic in more detail, please don’t hesitate to contact your account manager(s). Alternatively you can use our general e-mail address or contact us via Twitter or Facebook.

About TTN ( )

TTN is a multi-disciplinary association of tax, accounting and trust practitioners who have practical interest in international tax on a corporate and personal basis.

The objects of the association are to provide and share information and contacts between members in various international jurisdictions.

Meetings are organized at different international locations, providing opportunities for members to discuss matters of international tax. The meetings are part of the association’s educational support program, which also includes an active internet community and the issuance of newsletters.


UK: FSA – replaced by PRA and FCA

As you are probably aware, as per 1 April 2013, the FSA is replaced by two new regulatory bodies:

  • The Prudential Regulation Authority (the PRA), which will be a subsidiary of the Bank of England, will be responsible for promoting the stable and prudent operation of the financial system through regulation of all deposit-taking institutions, insurers and investment banks. (
  • The Financial Conduct Authority (the FCA), will be responsible for regulation of conduct in retail, as well as wholesale, financial markets and the infrastructure that supports those markets. The FCA will also have responsibility for the prudential regulation of firms that do not fall under the PRA’s scope. (

We want to emphasize that the FSA website is no longer updated, please use the new websites in case you are looking for information.