Argentina has published General Resolution 5623/2024, which extends the suspension of advance VAT collection on the import of food, medicines, and cleaning products included in the basket of basic necessities. Under the advance VAT collection system, VAT is collected on the import of goods at a rate of 20% for goods subject to the standard VAT rate of 21%, and at a rate of 10% for goods subject to the reduced rate of 10.5%. The suspension of advance VAT collection was originally provided by General Resolution 5490/2024 for a period of 120 days from 18 March 2024, which was subsequently extended to 31 December 2024. Under General Resolution 5623/2024, the suspension is extended to 31 December 2025.
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