In an article published by El Cronista, Florencia Fernández Sabella, founding partner of Laiún, Fernández Sabella & Smudt, analyzed the tax treatment of corporate bonds (Obligaciones Negociables) and CEDEARs, two widely used investment instruments.

Regarding corporate bonds, she explained that these are debt instruments issued by private companies to obtain financing, offering investors interest payments and principal repayment. From a tax perspective, she highlighted that, for Argentine individuals, both interest income and capital gains are exempt from Income Tax.

However, she pointed out a key difference in Personal Assets Tax:
“Bonds issued in pesos are exempt, while those issued in foreign currency are subject to the tax”.

Fernández Sabella also addressed CEDEARs, instruments that represent shares of companies listed abroad and allow local investors to access international markets.

In this case, she noted that capital gains are exempt from Income Tax when transactions are carried out in markets authorized by the National Securities Commission.

Regarding dividends, she explained:
“Individuals pay Income Tax on them as foreign-source income. The tax burden is not as high when dividends come from U.S. companies, since they are already subject to a 30% withholding tax in the United States, which can be credited against Income Tax in Argentina”.

Finally, she highlighted the differences in Personal Assets Tax treatment across these instruments, emphasizing the importance of analyzing each case individually.

👉 Full article:

https://www.cronista.com/economia-politica/que-impuestos-hay-que-pagar-por-las-inversiones-y-como-acceder-a-exenciones