The program “Petróleo Plus” (“the Program”), created by Decree No. 2014/2008 to encourage oil production, was repealed through Decree No.1330/2015, published in the Official Gazette on July 13, 2015.
Decree No. 2014/2008 set forth tax benefits to those companies that increase their oil production and reserves. The benefits of the Program would become effective by means of transferable Tax Credit Certificates, which could be used to pay export duties.
However, due to the continued decline of international crude oil prices, the Argentine Government reduced export duties. Consequently, the benefits granted by the Program were substantially reduced.
Therefore, the program was repealed by Decree No. 1330/2015. As a result of this, Tax Credit Certificates not used yet by the beneficiaries will be canceled by the granting of bonds BONAR 2024 and BONAD 2018. For this purpose the amount of the BONAD 2018 to be received by the beneficiaries must represent at least 20% of the bonds, and the number of BONAR 2024 may represent a maximum of 80% of total bonds to be received by each company.
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