AR$ 60 million syndicated loan granted to Carsa S.A.
Legal counsel to Banco de Servicios y Transacciones S.A., Banco Comafi S.A., BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Banco Mariva S.A. and Banco Coinag S.A, as lenders in a sindicated financial loan granted to Carsa S.A. for an aggregate of AR$ 60,000,000. (2015)
Generación Independencia’s AR$ 68,500,000 Series III Notes Issuance
Legal counsel to Generación Independencia S.A., as issuer of its AR$ 68,500,000 Series III Notes under the U$D 50,000,000 Global Notes Programme. Banco Macro S.A., SBS Trading S.A. and Banco de Servicios y Transacciones S.A. acted as arranger and placement agents. (2015)
BeST Consumer Finance Serie XXXV” Financial Trust for AR$ 109.500.000
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 109.500.000 issued under the “BeST Consumer Finance Serie XXXV” Financial Trust, in which Banco de Servicios y Transacciones S.A acted as arranger, trustor, servicer and custodian, and TMF Trust Company (Argentina) S.A acted as trustee.
Province of Buenos Aires´ Series I Notes Issuance for AR$ 892,945,000
Legal counsel to Banco de la Provincia de Buenos Aires, as arranger and lead placement agent, in the issuance of the Province of Buenos Aires’ Series I Notes Issuance for AR$ 892,945,000.
Banco de la Provincia de Buenos Aires acted as placement agent.
'Credimas Serie 22' Financial Trust for AR$ 100 million
Deal counsel in the issuance and placement in Argentina of trust securities for AR $ 100,000,000 issued under the 'Credimas Serie 22' Financial Trust, in which Banco Supervielle S.A. acted as arranger and placement agent, TMF Trust Company (Argentina) S.A. acted as financial trustee and Credimas S.A. acted as trustor, servicing and custody agent. (2015)
Province of Mendoza’s AR$ 163,421,000 Short-Term Treasury Notes Issuance Deal Counsel
Deal counsel in the issuance of the Province of Mendoza’s AR$ 163,421,000 Treasury Notes.
Nación Bursátil Sociedad de Bolsa S.A. acted as arranger and lead placement agent, while Puente Inversiones y Servicios S.A. acted as co-placement agent.
Province of Mendoza Series 1 Short-Term Treasury Notes Issuance. Class I AR$ 163,421,000 and Class II AR$ 46,700,000
Deal counsel in the issuance of the Province of Mendoza’s Series 1 Treasury Notes. Class I AR$ 163,421,000 and Class II AR$ 46,700,000.
Nación Bursátil Sociedad de Bolsa S.A. acted as arranger and lead placement agent, while Puente Inversiones y Servicios S.A. acted as co-placement agent.
Province of Entre Ríos´ AR$ 200,000,000 Series I Notes Issuance
Deutsche Bank S.A.´s (as Guarantee Trustee) counsel in the issuance of the Province of Entre Ríos´ AR$ 200,000,000 Treasury Notes.
Nuevo Banco de Entre Ríos S.A. and Puente Inversiones y Servicios S.A. acted as placement agents.
Central Térmica Roca’s AR$ 80 million Series I Notes Issuance
Legal counsel to Central Térmica Roca S.A., as issuer of its AR$ 80,000,000 Series I Notes under its $ 50,000,000 Global Notes Programme. Banco Itaú Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A. acted as arrangers and Macro Securities S.A., SBS Trading S.A. (ex SBS Sociedad de Bolsa S.A.) and Banco de Servicios y Transacciones S.A. acted as placement agents.
Gross Income Tax:
International Telecommunications Services
In a recent judgment[1], the Tax Court of Appeals of the Province of Buenos Aires considered that the international telecommunications service denominated as “incoming traffic”, which consists in routing telecommunications originated abroad and delivering them to recipients in Argentina, is not subject to gross income tax in such province.
In order to make such decision, the Court followed Section 160 of the Tax Code, which sets forth that, among others, the following activities do not constitute taxable actions: “d) exports, meaning the activity of selling products and goods outside of Argentina by the exporter, subject to the mechanisms applied by the National Customs Administration. The provisions of this subsection do not reach related activities such as: transport, slinging, stowage, deposit and any other similar activities”.
Then, the Court resorted to the Customs Code, which defines the concept of export of goods in Sections 9 and 10. Section 9 outlines that the “export is the extraction of goods from a customs territory”, and Section 10 sets forth that “there will be also considered as goods: a) the provision of services made abroad, which is used or exploited outside of the country …”
Considering that from an economic standpoint the services of “incoming traffic” are exploited and used in a foreign country and by a person that resides or is located abroad, the Court concluded that it is an export activity developed by the Argentine company, and therefore included in Section 160 subsection d) of the Tax Code as an activity not subject to Gross Income Tax.
Contact: Gastón Miani gaston.miani@trsym.com (+5411) 5272 1759
[1] Tax Court of Appeals of the Province of Buenos Aires, file Nº 2306-114999/2004, “IMPSAT S.A.”, from September 25, 2014.