Argentina's CNV revokes eCheq deregulation to boost tax revenue

The Argentine National Securities Commission (CNV) has annulled a deregulation regarding the use of eCheqs, a move intended to recover tax revenue for the state. The previous regulation, implemented four months ago, allowed companies to use electronic checks within brokerage firms to facilitate working capital management and streamline commercial transactions.

This decision follows concerns from the Ministry of Economy regarding the deterioration of fiscal accounts. The use of brokerage endorsements allowed corporations to legally avoid the recurring tax on bank debits and credits by parking resources in money market funds or cauciones rather than traditional bank current accounts.

Productive sectors and financial operators have expressed significant dissatisfaction, warning that the measure restricts financial flexibility for small and medium-sized enterprises (SMEs). Liquidation and compensation agencies (ALyCs) argue that forcing all cash flows through rigid bank transfers reduces the speed of the brokerage placement circuit and contradicts the government's stated principles of economic freedom.