Through resolution 125-21 the Secretary of Energy regulated the creation of tax credit certificates as collateral
Through resolution 125-21 the Secretary of Energy (BO 23-2-21) regulated the creation of the ceTax credit certificates in guarantee provided for in the Promotion Plan of Argentine Natural Gas Production / Supply and Demand Scheme 2020-2024 (Gas Plan 4)
The certificates can be viewed in the system “Administration of Incentives and Tax Credits – Taxpayers” available on the AFIP page.
Let us remember that one of the drawbacks that existed in the past with similar subsidy regimes was the delay – and in certain cases non-compliance – in the payment of the same by the State.
Gas Plan 4: regulate Tax Credit Certificates
Through the Guarantee Tax Credit Certificate mechanism, one more tool is implemented to try to solve the aforementioned problem.
Gas Plan 4: regulate Tax Credit Certificates
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The mechanism is as follows: Parallel to the issuance of the provisional payment order for the subsidy, the Ministry of Energy will issue the tax credit certificates as guarantee and this situation is reported to the AFIP.
If gas producers do not receive the subsidy payment within 10 calendar days from the date of issuance of the provisional payment order, They may use the Tax Certificate to pay their tax obligations or transfer them – one time only – to third parties. In that case, the certificate goes from “under warranty” to “valid” state.
If, on the other hand, the gas producers receive the subsidy payment, the Tax Credit Certificate is canceled.
The production of hydrocarbons requires millionaire investments. When accessing a regime with subsidies such as Plan Gas 4, it is very important that they are charged in a timely manner. These funds are necessary to project new investments that the activity requires permanently.
Guarantee Tax Credit Certificates
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We consider the regulation carried out by the Ministry of Energy of the Guarantee Tax Credit Certificates. It is hoped that now the AFIP will issue the pending resolution as soon as possible so that the system remains operational.
In this post-pandemic year, the additional production of natural gas is a key policy to meet the growing demand for energy.
Omar diaz
Area Partner for Energy and Natural Resources.
Lisicki, Litvin & Asociados.
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