A slowing of the Argentine economy, combined with a weakening of the global demand for commodities produced by Argentina are at the origin of such trade restrictions and capital controls. Various independent consultants forecast Argentina's GPD growth for 2013 at a disappointing 0.9%.

In September 2011, China's Ministry of Commerce, the Ministry of Foreign Affairs and the National Development and Reform Commission published the Industry Guidelines for Outbound Investment in Various Countries (对外投资国别产业指引), which is intended to provide small and medium-sized enterprises (SMEs) with an overview of foreign investment priorities, foreign investment regulations and industrial development zones in 115 countries around the world. Argentina is excluded from the industry guidelines, most likely because Chinese state-owned companies already dominate most of the promising investment opportunities here, leaving little room for SME activity, according to Dereck Scissors, senior research fellow at The Heritage Foundation, a conservative think tank based in Washington DC.

In spite of this seemingly unattractive business environment, Chinese companies continue to invest in Argentina, mainly in the oil and gas and mining sectors. Total investment in Argentina by Chinese businesses over the past 10 years surpassed US$20 billion at the end of 2012.

Two areas for Chinese investors to focus on in the coming years are the pharmaceutical industry and oil and gas exploration. Relative to its size, Argentina has a significant pharmaceutical drugs market with annual sales of almost US$5 billion. There are approximately 300 pharmaceutical laboratories in Argentina, out of which the eight largest companies control nearly 80% of the pharmaceutical drugs market. Due to increasing labour costs and inflation, smaller laboratories are faced with the need to merge or sell their products. A trend of consolidation of the pharmaceutical sector in Argentina has already been observed since 2010 and it is expected that in a few more years, the total number of laboratories will be significantly reduced by way of mergers and asset acquisitions.

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Equal treatment under law for Chinese investors

Argentine law protects foreign investors on an equal footing with local businesses. The US Constitution inspired the Argentine Constitution, which was promulgated in 1853. However, its drafters set the distinct goal of developing immigration policies to settle the territory, stimulate commerce, avoid desert territories and enlarge the country. From the outset, the Argentine Constitution declares in its preamble that it is adopted for “all men of the world who wish to dwell on Argentine soil”.

More specifically, Article 20 of the Constitution guarantees equal treatment under the law to all foreigners living or carrying out any business in Argentina. It literally provides that: “foreigners in the Argentine territory enjoy all the civil rights of a citizen; they may engage in their industry, trade or profession, own, purchase or transfer real property, … They are not obligated to assume citizenship, or to pay extraordinary compulsory taxes.”

The Argentine foreign investment law No. 21, 382 of 1976 and its implementing regulations further establishes that:

1) Foreign investors may invest in Argentina in any economic activity whether industrial, mining, oil and gas, agricultural, commercial, financial, retail or services, without the need for any type of prior approval and under conditions equal to those applicable to Argentine investors. Only a few activities are excluded from this principle, like broadcasting and the acquisition of real estate in frontier areas. There is also no obligation to be associated with domestic investors or any other type of restrictions or conditions.

2) Foreign investors are entitled to repatriate their investments and to remit profits abroad at any time, subject only to the compliance of Central Bank foreign exchange regulations.

3) The principle of equal treatment between domestic and foreign investors is reaffirmed. Those foreign investors making capital investments in Argentina, either for the promotion of economic activities or the extension or improvement of existing activities, have the same rights and obligations conferred by the Argentine Constitution and local laws as Argentine investors.

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Chinese investment protection

All guarantees available to Chinese investors under Argentine foreign investment regulations have been reinforced and enhanced in a treaty for the protection of bilateral investment signed between the People's Republic of China and the Republic of Argentina on November 5 1992, which was subsequently ratified by both nations and came into force on August 1 1994.

With regard to Chinese investors, the aim of the treaty is to encourage investment in Argentina. The treaty provides Chinese businesses with a safe environment in which to develop their activities through several guarantees and commitments voluntarily assumed by the Republic of Argentina. These guarantees deal both with foreign investor protection issues and dispute resolution clauses providing for international arbitration.

The rules and guarantees contained in the treaty may not be overridden or restricted by the Argentine state through local laws and regulations. This is because the Republic of Argentina has signed and ratified the Vienna Convention on the Law of Treaties, which provides that a party may not invoke the provisions of its internal law as justification to avoid performance of its obligations under a treaty. Furthermore, according to the Argentine constitution, treaties in force between the Republic of Argentina and a foreign nation enjoy a higher legal ranking than federal and local laws and regulations.

The treaty includes the following principles relevant to Chinese investors:

• Fair and equitable treatment, full protection and legal security, which require the Argentine state to provide Chinese investors with a stable and predictable investment environment. Government measures challenging the stability of the investment environment by changing the rules and creating uncertainty, for example, may constitute a breach of the referred to standards of treatment. This is particularly so if they contradict reasonable expectations based on which Chinese investors were induced to act.

• Exclusion of arbitrary or discriminatory measures, which prevents the Argentine state from impairing the management, use and enjoyment of Chinese investments.

• National treatment, which assures that the Chinese investor shall be subject to a treatment not less favourable than that granted to local investors, and the most favoured nation treatment, by means of which the Argentine state shall recognise any better treatment which was previously granted to investors and investments from other countries.

• Prompt, adequate and effective compensation in case of nationalisation, expropriation or measures tantamount to expropriation, regardless of the form, intent or purpose of such measures.

• Unrestricted remittance abroad of liquid assets belonging to Chinese investors, comprising dividends and other current profits, loans and capital repatriations.

• An umbrella clause, arguably elevating the Argentine state's breaches of contractual rights to the level of breaches of an international obligation under the treaty.

• International arbitration for investment disputes, submitting all controversies, which may arise between Chinese investors and the Republic of Argentina to the jurisdiction of an ad hoc arbitration tribunal.

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Foreign exchange regulations

Argentine foreign exchange regulations discourage speculative and flight capital by imposing a one year no-interest bearing mandatory deposit on 30% of all inbound foreign exchange that does not qualify as exempt from such measures, pursuant to the regulations of the Central Bank of the Republic of Argentina. Remittances of currency to be used as contributions required for direct investments in the country or for the purchase of stock in domestic companies by direct investors are exempt from such restriction, and particularly:

1) Capitalisation of local companies representing 10% or more of the recipient company's total equity;

2) The inflows of funds from non-residents for the purpose of the purchase of real estate, under certain conditions;

3) Income arising from loans taken out with multilateral and bilateral credit organisations as well as official credit agencies and;

4) Income arising from foreign financial loans within the non-financial private sector.

These are aimed at investment in non-financial assets or training for micro-enterprises or improvements to be made in residences and family homes. This is as long as such loans are incurred and repaid over a period of no less than two years, including capital and interest repayments.

Foreign exchange regulations also regulate the outbound flow of funds from Argentina. Remittance of dividends or
capital to a foreign beneficiary are subject to a double authorisation by the AFIP, the Argentine tax authority, and depending on the amount to be transferred, by the Central Bank of the Republic of Argentina. In 2012, authorisations were seldom granted, in order to protect Argentina's international monetary reserves.

Legal vehicles for investment

Chinese companies and business owners may carry out their activity in Argentina on a permanent basis through various means. These include the appointment of a local commercial representative, the setting up of an Argentine branch, incorporation of a local corporate entity (subsidiary), the acquisition of equity in an existing Argentine company and entering into a joint venture agreement or the settling of a trust.

The main types of investment vehicle utilised by non-resident individuals and foreign companies are the branch and the local commercial company, in the form of a corporation (sociedad anónima) or a limited liability company (sociedad de responsabilidad limitada).

Branch of a foreign company

Any company duly organised and existing in accordance with the laws of the People's Republic of China or any other country may set up a branch in Argentina. In principle, it is not necessary to allocate capital to the Argentine branch. The branch must keep separate accounting records in Argentina and file annual financial statements with the local commercial companies' supervisory authority. From a fiscal and social security standpoint, the branch is treated under Argentine law as an entity separated and distinct from its home office.

Commercial company

Commercial companies must have at least two shareholders or members, which can be either corporate entities or individuals. A minimum capital of AR$100,000 is required for corporations. Contributions in real estate, equipment or other non-monetary assets must be made in full at the time of subscription.

Except for specific cases provided by law, there are no nationality or residence requirements for ownership. Foreign individuals, whether resident in Argentina or not, or foreign companies, may hold up to 100% of the share capital. Transfers of shares of a corporation are generally unrestricted and any limitations included in the company's by- laws may not effectively impair the transferability of shares.

The company can be managed by a single manager or director, or by a board. There is no nationality requirement – all of the directors or managers may be foreigners – but in all companies the majority of managers or directors must be domiciled in Argentina to ensure management's ability to perform its duties.

Other investment vehicles

Other legal vehicles that Chinese companies and businesses may use to invest in Argentina are joint ventures and trusts.

The joint venture instrument most commonly used in Argentina is the Unión Transitoria de Empresas (UTE). A UTE is a contractual business arrangement between two or more persons, which may include foreign companies and individuals, made for the exploitation of a particular business or commercial endeavour. A UTE is not a legal entity separated from its parties, but rather a contract law instrument. However, Argentine federal and local tax and social security laws treat the UTE as distinct taxpayers and employers. One of the key attractions of the UTE legal regime is that it allows the allocation in different proportions of a party's contribution obligations, share of profits and endurance of losses. Joint ventures other than UTEs are also permitted under the general principles of Argentine law.

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Argentine taxation

The Argentine tax system may be divided into three categories: taxes, charges and contributions. Charges and contributions are normally lower than taxes and are intended to compensate the state for some specific activity in the form of individualised service to the party called taxpayer. Most taxes are levied as indirect consumer taxes. Certain Argentine taxes, like VAT, turnover taxes and stamp duty, are similar in form and nature to such taxes in China, however rates tend to be higher in Argentina.

Federal taxes

1) Corporate income tax: The general rate applicable to the taxable income of companies is 35%. Dividends distributed up to the net taxable income are not taxed further.

Local companies, branches of foreign companies and foreign individuals domiciled in Argentina are taxed on a worldwide income basis. They may credit foreign income taxes against their Argentine tax liability up to the amount of the increase in such liability resulting from including foreign source income in the taxable base.

Non-resident companies without a branch or other permanent establishment in Argentina must pay taxes only on their Argentine sources of income and capital gains. Tax is normally levied in the form of a final withholding tax at various effective rates depending on the particular type of income. These rates are calculated as the 35% on a prescribed percentage of the gross payment.

Resident individuals in Argentina are liable for income tax at progressive rates on their worldwide income. Rates range from 10% to 35%. Non-resident individuals are taxed only on Argentine-source income. Tax is levied as a final withholding tax at various effective rates depending on the particular type of income.

2) Value added tax: VAT is applied to the delivered cost of the product or service at each change of hands, with a credit given for taxes paid at earlier stages of production. Imports are subject to tax at the same rates that apply to similar domestic items.

The general rate for VAT is 21%, but some services and utilities such as mobile phones, electricity, gas and water supply have a VAT rate of 27%.

3) Import duties: The tariffs range between 0% and 35%. As a result of the Customs Union, effective on January 1 1995, among members of Mercosur (Argentina, Brazil, Paraguay, Uruguay and Venezuela), most of the goods that form the tariff universe of the Mercosur are subject to the common external tariff. Import duties in commerce among the members of Mercosur have been practically removed.

Imports in Argentina are levied by statistical tax and the rate is 0.5% calculated on the cost, insurance and freight (CIF) value and the payment of VAT (the rate ranges between 21% and 10.5%) and income tax. A payment of a rate, usually 3%, shall be required to be made as a tax advance.

4) Tax on assets: A tax is levied on worldwide assets of Argentine companies. The tax rate is 1% and the payment of this tax and of the income tax may be mutually compensated during a 10-year consecutive fiscal term.

5) Excise tax: This tax is levied on specific consumer goods and at different rates, including cigarettes, alcoholic beverages, fuels and lubricants, wine, luxury articles and furs. The first consumer or importer pays excise tax.

6) Tax on personal assets: Individuals with personal assets valued at more than AR$305,000 are subject to an annual tax on personal assets ranging from 0.5 to 1.25% depending on the individual's declared wealth. Certain types of investment, like stocks traded on any Argentine exchange held for one year or more, and certificates of deposit with local banks, are exempt from this tax.

7) Tax on transfer of real estate: Real estate transactions of properties located in Argentina, owned by individual residents or non-residents, are subject to a tax of 1.5%, only if this transaction is not subject to income tax.

Provincial and municipal taxes

1) Turnover tax: This tax is levied on each commercial transaction. No credit is given for tax paid at previous stages. Tax rates vary between 1% and 4% depending on the type of activity and the law of each province.

2) Stamp duty: Stamp tax is levied on public or private instruments upon formal execution. The rate varies between 0.8% and 1.5%. Some jurisdictions have eliminated this tax for certain transactions.

3) Tax on real estate: Provinces and municipalities tax real estate located in their respective jurisdiction. This tax varies on each jurisdiction.

Double taxation treaties and other tax agreements

Argentina and China have not yet entered into a treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital. However, Argentina is a party to double taxation treaties in force with 15 countries, namely Australia, Belgium, Bolivia, Brazil, Canada, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Sweden, Switzerland and the UK.

Chinese companies and businesses investing in Argentina through a corporate vehicle domiciled in any of these jurisdictions may benefit from the lower tax rates applicable under the relevant double taxation treaty (such as income tax withholding rates reduced from 31.5% to 10% or 12%) provided the investment scenario is properly structured.

In 2011, a tax information exchange agreement came into force between Argentina and China. More recently, in March 2013, a customs information exchange agreement was signed, which is pending ratification by both countries.

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Investment incentives

Argentina has various incentive programmes in place, designed to promote and facilitate foreign investment in the country. These programmes are implemented by the national, provincial and municipal authorities and include horizontal and sector incentives, as well as relocation, innovation, technological development, employment, investment financing and export promotion incentives.

Investment incentives for capital goods and infrastructure include:

• Accelerated depreciation for income tax purposes and early refund of VAT (Law 26360).

• Reduction of import duties on capital goods from non-Mercosur countries (Decree 1026/2012).

• Tax credit of 14% of the value of goods produced, to encourage investment in, and production of, capital goods, information technology, telecommunications and agricultural machinery (Decrees 379/2001, 917/2010, 362/2011).

• VAT reduction of 50% in the purchase and import of finished capital goods and IT and telecommunications products and parts (Decrees 493/2001, 496/2001, 615/2001, 733/2001, 959/2001).

• Reduction to zero of tariffs on imported capital goods that make up a complete and independent production line (Resolution 256/2000).

• Temporary import of capital goods without being subject to import duties, for a period of up to three years (Law 22415, Decree 1001/1982; Customs Office Resolution 34/1998, Decree 142/2010).

Author biography

Alejandro Candioti

Partner

Alejandro Candioti is an international transaction lawyer based in Buenos Aires and a partner at Candioti Gatto Bicain & Ocantos. He handles the full range of corporate work, principally mergers and acquisitions and contracts. He also advises on joint ventures, privatisations, reorganisations, divestments, private equity and other commercial arrangements and associated regulatory issues. Also, a significant part of his practice has involved assisting clients in public offerings and private placements of equity and debt securities.

While he covers the full range of business markets, much of Alejandro's work is concentrated in the information technology, oil and gas, and pharmaceutical industries. In addition to representing clients on their acquisitions, disposals and restructurings he also has wide expertise of advising on shareholder disputes.

His varied professional practice has given him the ability to advise clients across a broad range of commercial and financing issues, providing experienced counsel and executive judgment when needed.

Alejandro is a mentor at Endeavor, a non-profit organisation headquartered in New York that transforms emerging markets by establishing high-impact entrepreneurship as the leading force for economic development.

He is a member of the Advisory Board of the Argentine-Chinese Chamber of Commerce and is actively involved in the business and trade development activities of the Chamber.

He also writes frequently on business law issues affecting China's inbound and outbound investment, and operates www.leychina.com, a source of China legal and business information in Spanish for his clients and anyone interested in China.

把握机遇的时机

康迪伟

康加多斯律师事务所

阿根廷的投资机会难以令人乐观。国家的经济连续第二年忍受着高达25%的通胀率，大多数经济活动的竞争力因此而被逐渐削弱。所有物品的进口受到了严格限制和官僚阻挠，清关大受延误，严重时犹如被禁运。中央银行实施的外汇管制对外国投资者的股息支付或资本调回构成了难以逾越的障碍。官方统计数字被认为是不可信赖的，企业往往只能寻求私人顾问公司提供更准确的数据。

2012年，阿根廷政府再次对1990年代初卖给西班牙Repsol的阿根廷最大石油企业YPF实行国有化。个人兑换外币的限制已被大大收紧，而最近在2013年的第一季度，政府还对超级市场的零售价格和受限制零售物品实施了三个月的冻结。

阿根廷经济发展的减缓，加上全球对阿根廷商品的需求的下降，是上述贸易限制和资本管制的根源。几间不同的独立顾问公司都预测阿根廷2013年GDP增长率将是令人失望的0.9%。

2011年9月，中国商务部、外交部和国家发改委发布了《对外投资国别产业指引》，向中小企业介绍了全球115个国家的外国投资优先领域、外国投资条例和产业开发区。根据华盛顿保守派智库美国传统基金会高级研究员史钊道（Derek Scissors）的分析，阿根廷被排除在该指引之外，很可能是因为中国国有企业已经支配了该国大多数有前途的投资机会，留给中小企业的发展空间已经很少。

尽管商业环境看似如此不堪，中国公司继续在阿根廷投资，主要是在石油天然气和采矿行业。截至2012年底，中国企业以往10年在阿根廷的投资总额已超过200亿美元。

有两个领域是中国投资者在未来几年可以关注的，就是医药业和石油天然气开采。相对于阿根廷的国家大小，其医药市场规模相当大，年销售额近50亿美元。阿根廷有大约300个医药实验室，其中近80%由八家最大的公司控制。由于劳动成本和通胀不断增加，较小的实验室面临被合并或出售其产品的境地。2010年以来，医药行业已出现了合并潮，预计再过几年实验室的总数将在兼并和资产收购中大幅减少。

依法平等对待中国投资者

阿根廷法律对外国投资者和本地企业一视同仁。1853年颁布的阿根廷宪法很受美国宪法的启发。但是，其起草者还提出了制定移民政策的明确目标，以鼓励定居、刺激商业、避开沙漠地区和扩大国土。阿根廷宪法开宗明义地在其序言中宣布，它是为了“世界上一切希望在阿根廷国土上生活的人们”而颁布的。

宪法第20条更具体地保证了在阿根廷生活或经营任何业务的一切外国人在法律下享有平等待遇。它明文规定：“外籍居民在阿根廷境内享有所有公民享有的民事权利。他们可以从事工业、商业和其他职业，可以占有、出售和转让不动产…。他们不需要拥有阿根廷国籍，不需交纳额外赋税。”

阿根廷外国投资法（1976年第21, 382号法令）以及其实施条例进一步明确：

1) 外国投资者可以在阿根廷投资任何经济活动，无论是工业、矿业、石油天然气、农业、商业、金融业、零售业或是服务业，不必事先取得任何类型的批准，条件与适用于阿根廷投资者的条件相同。只有少数活动在此原则之外，例如广播和边境地区的房地产收购。此外，无须与国内投资者建立联系或遵守任何其他限制或条件。

2) 外国投资者有权随时将其投资调回本国和随时将利润汇出境外，只须遵守中央银行外汇监管条例。

3) 重申国内和国外投资者平等待遇的原则。外国投资者在阿根廷进行资本投资，无论是为推广经济活动，或是为扩充或改进现有活动，均享有阿根廷宪法和当地法律赋予阿根廷投资者的同等权利和义务。

对中国投资的保护

中华人民共和国与阿根廷共和国于1992年11月5日签订了双边投资保护条约，随后经两国批准并于1994年8月1日生效。该条约巩固并增强了阿根廷外国投资条例下所有适用于中国投资者的保证。

对于中国投资者，该条约的目的是鼓励他们在阿根廷投资。该条约通过阿根廷共和国自愿承担的多项保证和承诺为中国企业提供了开展其活动的安全环境。这些保证涉及对外国投资者保护问题和有关国际仲裁的争议解决条款。

阿根廷政府不得通过当地法律和法规去推翻或限制该条约里包含的规则和保证。这是因为阿根廷共和国已经签署和批准

《维也纳条约法公约》，该公约规定：任何一方不得引用国内法的规定作为理由，以规避履行条约规定的义务。此外，根据阿根廷宪法，阿根廷共和国与外国之间有效的条约比联邦和当地法律和法规享有更高的法律地位。

该条约包括了以下与中国投资者相关的原则：

• 公正和公平待遇，全面保护和法律保障：要求阿根廷政府向中国投资者提供稳定和可预见的投资环境。挑战投资环境稳定性的政府措施，例如更改规则和制造不明朗因素，可构成违反上述待遇标准。特别是如果这些措施有悖于中国投资者被吸引采取行动时所依据的合理预期。

• 排除任意的或歧视性的措施：防止阿根廷政府损害中国投资的管理、使用和享受。

• 国民待遇：确保中国投资者享有不逊于当地投资者所享受的待遇，以及最惠国待遇，即阿根廷政府应承认中国投资者也享有阿根廷先前给予其他国家投资者和投资的更优惠待遇。

• 如果出现国有化、征收或相当于征收的措施，无论以什么形式、意图或目的出现，都应给予迅速的、充足的和有效的补偿。

• 属于中国投资者的流动资产可不受限制地汇出境外，包括将股息和其他当期利润、贷款和资本调回本国。

• 一条总括性条款：可以说将阿根廷政府侵犯合同权利的行为提升为违反条约下的国际义务。

• 投资争议的国际仲裁：中国投资者与阿根廷共和国之间的一切争议都提交给一个专设的仲裁庭管辖。

外汇监管法规

根据阿根廷共和国中央银行的条例，阿根廷外汇监管法规对不符合豁免资格的一切汇入外汇的30%强制实行一年无息存款，以防止投机和资本外逃。作为对境内直接投资汇入的货币，或直接投资者购买境内公司股份用的货币，可免受上述限制，特别是下述情况：

1) 对本地公司的注资，注资额达到收款公司总股本10%或以上；

2) 在某些条件下，非居民为购买房地产而汇入的资金；

3) 多边和双边信贷组织以及官方信贷机构提供的贷款所产生的所得；

4) 外国金融贷款在非金融民营领域产生的所得。

这指的是对非金融资产、微型企业培训或住房装修的投资，只要是在不少于两年期间发生和偿还（包括本金和利息的偿还）。

外汇条例还规管从阿根廷汇出资金。汇给外国受益人的股息或资本，达到一定金额的，须经阿根廷税务主管机关联邦公共收入管理局（AFIP）以及阿根廷共和国中央银行的双重批准。在2012年，当局很少给予这种批准，以保护阿根廷的外汇储备。

合法的投资工具

中国公司和企业家可通过多种方式在阿根廷进行长期经营活动。这包括委派地方商务代表，设立阿根廷分公司，注册成立当地公司法人（子公司），收购现有阿根廷公司的股权并订立合资协议，或设立信托。

非居民个人和外国公司采用的投资工具的主要类型是分公司和以公司法人 (sociedad anónima) 或有限责任公司 (sociedad de responsabilidad limitada) 为形式的当地商业公司。

外国公司的分公司

根据中华人民共和国或其他国家的法律正式组建和存在的任何公司都可在阿根廷设立分公司。原则上，阿根廷分公司不必配备资本。分公司必须在阿根廷存备独立的会计记录，并向当地商业公司监管机构报交年度财务报表。从财政和社会保障角度来看，在阿根廷法律下，分公司被视为一个与其总公司分开独立的实体。

商业公司

商业公司必须具备至少两个股东或成员，他们既可以是公司实体，也可以是个人。公司的最低资本是AR$100,000。以房地产、设备或其他非货币资产出资的，必须在认股时足额投入。

除了法律规定的具体情况以外，所有权没有国籍或居住地的要求。外籍个人（无论是否在阿根廷居住）或外国公司都可持有100%的股本。公司股份的转让一般不受限制，而公司章程内设定的任何限制不得在实际上削弱股份的可转让性。

公司可由单一经理或董事管理，也可由董事会管理。没有国籍要求，所有董事和经理都可以是外国人，但是在所有公司中，多数经理或董事必须在阿根廷居住，以确保管理层有能力履行其职责。

其他投资工具

中国公司和企业在阿根廷投资可采用的其他合法工具是合资企业和信托。

阿根廷最常见的合资工具是 Unión Transitoria de Empresas (UTE)。UTE是两个或多个人之间的合同性商业安排，可包括外国公司和个人，订立目的是开展某项特定的业务或商业计划。UTE不是一个独立于各方的法律实体，而是一种合同法工具。不过，阿根廷联邦和地方税务及社会保障法律将UTE视为独立的纳税人和雇主。UTE法律制度的一个主要吸引人之处在于，它允许按不同比例分配任何一方出资义务、利润份额和损失分摊。根据阿根廷法律的一般原则，除UTE以外的合资企业也是允许的。

阿根廷的税务

阿根廷税务制度可分为三个类别：税收、收费和供款。收费和供款通常低于税收，旨在补偿国家向纳税人提供个人服务的某些具体活动。大多数税收以间接消费税征收。某些阿根廷税收，例如增值税、营业税和印花税，在形式和本质上与中国的相应税项相似，不过阿根廷的税率通常较高。

联邦税项

1) 企业所得税：适用于公司应纳税所得额的一般税率为35%。在应纳税所得额净额之内分配的股息不再征税。

当地公司、外国公司分公司和居住在阿根廷的外籍个人按全球所得的基准计税。他们可以用外国所得税抵扣他们在阿根廷的税务责任，但以应纳税基准计入国外来源所得后导致的税务责任增幅为限。

在阿根廷无设立分公司或其他常设机构的非居民公司，只须就其阿根廷来源所得和财产收益纳税。征税一般采取最终预扣税形式，实际税率根据所得类别而定。这些税率按支付总额的一个规定百分比的35%计算。

阿根廷居民个人须就其全球所得按10%至35%的递增税率缴纳所得税。非居民个人仅就其阿根廷来源所得纳税。征税一般采取最终预扣税形式，实际税率根据所得类别而定。

2) 增值税：增值税适用于产品或服务每次转手的交割成本，可以用以前生产环节的已付税项抵扣。进口产品按适用于国内同类产品的税率征税。

增值税的一般税率是21%，但某些服务和公共事业例如移动电话、供电、供气和供水适用27%增值税税率。

3) 进口关税：关税范围为0%至35%。由于南方共同市场（阿根廷、巴西、巴拉圭、乌拉圭和委内瑞拉）成员国之间的关税联盟与1995年1月1日生效，构成南方共同市场关税领域的大部分商品须缴付共同对外关税。南方共同市场成员国之间的商业进口关税实际上已被撤销。

阿根廷的进口物品须缴纳0.5%的统计税，按到岸价（CIF）、增值税（税率范围为21%和10.5%之间）和所得税计算。一般须按3%的税率作为该税项的预付款。

4) 资产税：阿根廷公司的全球资产都须征税，税率为1%，在连续10年的财务年度中，此税项和所得税的支付都可互相补偿。

5) 消费税：该税项对特定消费品按不同税率征收，这些消费品包括香烟、酒精饮料、燃料和润滑剂、葡萄酒、奢侈品和毛皮类物品。消费税由第一个消费者或进口商缴纳。

6) 个人资产税：个人资产估值超过AR$305,000的个人每年须按申报财产额缴纳0.5至1.25%的个人资产税。某些类别的投资，例如持有一年或以上在阿根廷任何交易所上市交易的股票，以及当地银行的存款证，则免交此税。

7) 房地产转让税：阿根廷境内居民个人或非居民个人拥有的房地产，在交易时如果不须缴纳所得税，就须缴纳1.5%的转让税。

省市税项

1) 营业税：每次商业交易都须缴纳此税。以前环节支付的税不予抵扣。税率为1%至4%不等，取决于交易的类型和各省的法律。

2) 印花税：政府或私人文据正式签署时须缴纳印花税。税率为0.8%至1.5%不等。有些司法管辖地已对某些交易取消了此税项。

3) 房地产税：各省市对其辖区内的房地产征税。各司法管辖地有不同的税率。

双重征税条约和其他税务协定

阿根廷和中国尚未签订有关避免双重征税、防止偷漏所得税和资本税的协议。不过，阿根廷与15个国家签订了有效的双重征税协议，这些国家是澳大利亚、比利时、玻利维亚、巴西、加拿大、丹麦、芬兰、法国、德国、意大利、荷兰、挪威、瑞典、瑞士和英国。

只要投资结构恰当，中国公司和企业通过以上述任何司法管辖地为居住地的公司工具在阿根廷投资，都可受惠于有关双重征税协议下适用的较低税率（例如所得税预扣税率可由31.5%减至10%或12%）。

2011年，阿根廷与中国之间的税收情报交换协议开始生效。最近，在2013年3月，两国签订了海关情报交换协议，该协议正有待两国政府批准。

鼓励投资措施

阿根廷制定了各种鼓励投资的措施，以促进和协助外商在该国的投资。这些措施由国家和省市地方各级当局实施，其中包括横向的和行业性的鼓励措施，以及迁移、创新、技术开发、就业、投资融资和鼓励出口等方面的措施。

对资本货物和基础设施的鼓励投资措施包括：

• 计征所得税时加速折旧和提早退还增值税（法律26360）。

• 减低来自非南方共同市场成员国的资本货物的进口关税（法令1026/2012）。

• 为鼓励对资本货物、信息技术、电信和农业机械的投资和生产，按产品价值的14%享受税务抵扣额（379/2001、917/2010、362/2011法令）

• 购买和进口成品资本货物以及信息技术和电信产品和零部件减低50%增值税（法令493/2001、496/2001、615/2001、733/2001、959/2001）。

• 进口形成一条完整和独立的生产线所需的资本货物可免征关税（决议256/2000）。

• 资本货物的临时进口免征关税最长三年（法律22415、法令1001/1982；海关决议34/1998、法令142/2010）。

作者简历

康迪伟

合伙人

康迪伟(Alejandro Candioti)是在布宜诺斯艾利斯执业的国际交易律师，同时也是康加多斯律师事务所的合伙人。他处理各类型企业工作，主要包括涉及合并、收购及合同的工作，还就合资企业、私有化、重组、撤资、私募股本和其他商业安排以及相关的监管问题提供法律意见。此外，他执业的一个重要部分是协助客户进行公开售股和私人配售股本及债务证券。

虽然他的工作涉及各种业务市场，但康迪伟的大部分工作集中在信息技术、石油和天然气以及制药工业。除了代表客户进行收购、出售和重组以外，他还在就股东争议提供法律意见方面有广泛的专业知识。

凭着多元化的专业执业经验，他经常能够就各式各样的商业和融资事宜向客户提供咨询，并且在有需要时，提供专业意见和行政决策意见。

康迪伟在一家非盈利机构Endeavor担任导师，该机构总部设在纽约，通过培育能发挥重要影响力的企业家，使他们作为经济发展的主导力量，从而兴起新兴市场。

他是阿根廷-中国商会顾问委员会成员，积极参与商会的商贸开发活动。

他还经常撰写文章，讨论影响中国境内和境外投资的商业法问题，并开设网站

www.leychina.com，为客户和对中国感兴趣的人士提供西班牙语的中国法律和商务信息。