Starting today, porteños who have a credit card and use it must pay an extra tax: it is the stamp tax, which It will be applied to the abstracts with an aliquot of 1.2%.
As in other provinces where this tax is paid, such as Buenos Aires, it will be charged on total consumption in pesos. As provided by the 2021 Budget approved in the Buenos Aires Legislature, It will take effect from January 1 of this year.
As he could know THE NATION from different banks, the tax will apply for January consumption and will begin to appear in the statements that expire between the end of January and the beginning of February.
It will apply to all credit cards of residents of the city of Buenos Aires. It is important to clarify that if a customer resides in another jurisdiction, but registered an address in Capital for the card, the tax will apply.
That is, the criteria for determining who pays the stamp tax on credit card statements in the City is the registered address for that plastic.
Notably starting today, other financial services will also become more expensive. With authorization from the Central Bank, In the first two months of the year, the banks will update commissions they receive for the provision of services to financial users, with a ceiling of 9% each month. The increase reaches the cost of savings banks, the issuance of additional debit cards; the replacement of debit cards due to theft or loss and the use of ATMs.
The history of a controversial tax
Criticized by discourage banking and consumption, the Buenos Aires government alleges that this tax is a response to the decision of the National Government to take from the City a point of the co-participation.
At the time of announcing it, sources from the City argued that it is a levy in which “harmonization” with other jurisdictions was sought, such as Buenos Aires, Tucumán, Córdoba, Mendoza, Tucumán, Chaco, San Luis and Tierra del Fuego, where it is already collected today, and which did not necessarily imply a drop in plastic consumption there.
This and two other taxes arising from the elimination of the exemption from Gross Income to Leliqs (Liquidity Bills) and to repo operations, They would allow the City to obtain an additional $ 19.7 billion in revenue, according to calculations by the Buenos Aires government.
Those other two taxes, to the Leliq and to the passes, will have an impact on financial entities based in the City they could make the products they offer more expensive. These last two points are at the center of a controversy between the Buenos Aires government and the Central Bank: they affect two instruments that the monetary authority uses to carry out monetary policy and keep inflation at bay.
Following the announcement by the government of Horacio Rodríguez Larreta, Miguel Pesce, president of the Central, wrote a letter in which he warned that the City “cannot apply taxes to monetary policy.”
The official considered that the Buenos Aires tax proposal affects or “distorts” incumbencies “which are typical of the specialty of this Central Bank of the Argentine Republic” and he reminded the head of the Buenos Aires government that “the Supreme Court of Justice has jurisprudence on the impossibility of the districts to advance on the BCRA regulations.”
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