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The policies of the Credit to Zero Rate 2021 Program are established

The policies of the Credit to “Zero Rate 2021” Program are established

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Through Decree No. 512/2021, the Presidency of the Republic, together with the Council of Ministers, published the creation of the Zero Rate Credit 2021 Program to assist workers adhered to the Simplified Regime for Small Taxpayers (SR) to accompany the productive recovery process.

1. Granting of Credits

The Zero Rate Credit 2021 Program will consist of obtaining a zero-rate credit with a subsidy of one hundred percent (100%) of the total financial cost on the part of the beneficiaries. Such credit will be applied depending on the type of category applicable, which may not exceed:

  • Category “A”, a maximum limit of ninety thousand pesos ($90,000).
  • Category “B”, a maximum limit of one hundred and twenty thousand pesos ($120,000).
  • Remaining categories, a maximum limit of one hundred and fifty thousand pesos ($150,000).

2. Covered and exceptions

The regulation states that those subjects who are members of the Simplified Regime for Small Taxpayers (RS) and comply with the conditions established by the Ministry of Productive Development may become beneficiaries of the Program.

It is worth mentioning that the Program does not include the subjects members of the Simplified Regime for Small Taxpayers (SR) who receive income as employees or are registered in the SIPA (Sistema Integral Previsional Argentino – Argentine Integral Pension System) as self-employed workers.

3. Limitations

The beneficiaries of the Program are reminded that may not perform the activities below until the total cancellation of the financing:

  1. Access to the Single and Free Exchange Market to carry out operations corresponding to the formation of external assets.
  2. Arranging sales in the country of securities with settlement in foreign currency, exchanges of securities for other foreign assets, or transfers thereof to depository institutions abroad.

4. Institutions in charge

The Authority of Application, the Administration Committee of the FoGAr (Fondo de Garantías Argentino – Argentine Guarantee Fund) and the Executive Committee of the FONDEP (Fondo Nacional de Desarrollo Productivo – National Fund for Productive Development), each within the framework of its competence, will define the conditions of the agreements to be entered into with the financial entities, as well as the eligible lines of financing.

Likewise, the Chief of Staff of the Cabinet of Ministers may perform the budgetary adjustments of the necessary resources for the execution of the present regulations that may be pertinent to provide the FoGAr and the FONDEP, and by reasoned request of the Authority of Application of the Zero Rate Credit 2021 Program, if necessary.

Source: Boletín Oficial 13/08/21

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