Abbreviations

Abbreviation/Term	Expansion/Description
Income Tax	National tax imposed on individuals or entities that varies with respective income or profits. Individuals resident in Argentina are taxable on worldwide income. Non-residents and foreign beneficiaries are only taxable on their Argentine-source income.
Turnover Tax	Jurisdictional tax imposed on gross revenues from the sale of goods and services. Exports of goods are exempt, and certain industries are subject to a reduced tax rate. Rates, rules, and assessment procedures are determined locally.
Stamp Tax	Stamp tax is levied by each of the 24 jurisdictions into which Argentina is divided, and applies principally to contracts and agreements, deeds, mortgages, and other obligations, agreements, and discharges of a civil, financial, or commercial nature of which there is written evidence or, in certain instances, that are the subject of entries in books of account.
VAT	National tax, calculated over the added value in purchased operations in products or services.
UVA	Unidad de Valor Adquisitivo (Purchasing Value Unit). It is a tool to protect financial operations from the inflation of the local currency in Argentina. UVA has an equivalent value in Argentinian Pesos.
Bank Transaction Tax	National tax, applicable on the credits and debits made in customer’s bank accounts for domestic and international transactions.
Tax Events	Refers to any event or transaction that results in a tax for the party who executes the transaction.
Tax Base	The base amount of the tax events on which the tax is calculated.
Tax Rate	It is the percentage at which tax is calculated on the tax base.
Jurisdiction	It is the province of the customer, mostly the same as the residence of the customer, except in other circumstances. The jurisdiction will dictate the tax calculation methodology to be applied for the jurisdictional taxes.
Multilateral Agreement	A customer operating from more than one tax jurisdiction may have a special agreement with tax authorities called multi-lateral agreement. A customer with multilateral agreement is applicable for rate different from regular rates.
Padron	Padron contain the list of customer who are partially or fully exempt from tax. Each type of tax have one or many padrones as applicable.
Contributor’s Padron	Padron in which customers are registered to indicate that are exempted completely.
Exemption Padron	Padron in which customers are registered to indicate a percentage of exemption or a discounted tax rate.
Exemptions	It is a deduction allowed by law to reduce the calculated tax. The exemption could be partial expressed in terms of percentage or a total exemption.
Returns Padron	Some jurisdictions publish files including information about tax returns. These padron files contains the details of withdraws taken from the customer’s account to be returned.
Padron File	It’s a file or list of tax contributors with similar characteristics. Padrones are published by tax authority, they include information regarding to taxpayers. The relation between Padrones and Openbank’s client is through Tax id (CUIT, CUIL or CDI)
ETL	It is a process that allows organizations to move data from multiple sources, reformat them, and load them into another database E = Extract T = Transform L = Load.
CUIT	Clave Única de Identificación Tributaria (Unique tax identification Code). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.
CUIL	Clave Única de Identificación Laboral (Unique labor identification Code). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.
CDI	Clave de Identificación (Identification Key). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.
CBU	Alternate ID of the account registered with COELSA.
Instrumented	It is a document signed by both parties, bank and customer and provided along with loan/deposit contracts. Savings account are always instrumented.
Non-Instrumented	It is a document only signed by client or neither bank nor customer during loan/deposit contract creation. Current accounts are always non-instrumented.
Registered Tax payer	Resident Individuals and Legal Entities, identified on AFIP contributor´s padron for VAT.
Non-Registered Tax payer	Resident Individuals and Legal Entities, not identified on AFIP contributor´s padron for VAT.
AFIP	Administración Federal de Ingresos Públicos (The Federal Administration of Public Revenues)
COELSA	Cámara Electrónica de Compensación de Medios de Pago minorista de la República Argentina. COELSA is the Electronic Clearinghouse created by most of the large public and private banks to implement the New National Payments System.
Concept Code	Purpose of remittance that will decide the application of tax with a standard rate or special rates.
Tax Haven	A tax haven is a country that offers foreign individuals and businesses little or no tax liability in a politically and economically static environment.
Substitute Taxpayer	Taxpayer who is withholding tax from foreign beneficiaries which obtain Argentina-source income, provided that these transfers are made through bank accounts that the customer maintains with the bank.

Income Tax

National tax imposed on individuals or entities that varies with respective income or profits.

Individuals resident in Argentina are taxable on worldwide income. Non-residents and foreign beneficiaries are only taxable on their Argentine-source income.

Turnover Tax

Jurisdictional tax imposed on gross revenues from the sale of goods and services. Exports of goods are exempt, and certain industries are subject to a reduced tax rate. Rates, rules, and assessment procedures are determined locally.

Stamp Tax

Stamp tax is levied by each of the 24 jurisdictions into which Argentina is divided, and applies principally to contracts and agreements, deeds, mortgages, and other obligations, agreements, and discharges of a civil, financial, or commercial nature of which there is written evidence or, in certain instances, that are the subject of entries in books of account.

VAT

National tax, calculated over the added value in purchased operations in products or services.

UVA

Unidad de Valor Adquisitivo (Purchasing Value Unit). It is a tool to protect financial operations from the inflation of the local currency in Argentina. UVA has an equivalent value in Argentinian Pesos.

Bank Transaction Tax

National tax, applicable on the credits and debits made in customer’s bank accounts for domestic and international transactions.

Tax Events

Refers to any event or transaction that results in a tax for the party who executes the transaction.

Tax Base

The base amount of the tax events on which the tax is calculated.

Tax Rate

It is the percentage at which tax is calculated on the tax base.

Jurisdiction

It is the province of the customer, mostly the same as the residence of the customer, except in other circumstances. The jurisdiction will dictate the tax calculation methodology to be applied for the jurisdictional taxes.

Multilateral Agreement

A customer operating from more than one tax jurisdiction may have a special agreement with tax authorities called multi-lateral agreement. A customer with multilateral agreement is applicable for rate different from regular rates.

Padron

Padron contain the list of customer who are partially or fully exempt from tax. Each type of tax have one or many padrones as applicable.

Contributor’s Padron

Padron in which customers are registered to indicate that are exempted completely.

Exemption Padron

Padron in which customers are registered to indicate a percentage of exemption or a discounted tax rate.

Exemptions

It is a deduction allowed by law to reduce the calculated tax. The exemption could be partial expressed in terms of percentage or a total exemption.

Returns Padron

Some jurisdictions publish files including information about tax returns. These padron files contains the details of withdraws taken from the customer’s account to be returned.

Padron File

It’s a file or list of tax contributors with similar characteristics. Padrones are published by tax authority, they include information regarding to taxpayers. The relation between Padrones and Openbank’s client is through Tax id (CUIT, CUIL or CDI)

ETL

It is a process that allows organizations to move data from multiple sources, reformat them, and load them into another database E = Extract T = Transform L = Load.

CUIT

Clave Única de Identificación Tributaria (Unique tax identification Code). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.

CUIL

Clave Única de Identificación Laboral (Unique labor identification Code). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.

CDI

Clave de Identificación (Identification Key). Tax Id of the customer recorded in customer application at the customer on-boarding or thereafter.

CBU

Alternate ID of the account registered with COELSA.

Instrumented

It is a document signed by both parties, bank and customer and provided along with loan/deposit contracts. Savings account are always instrumented.

Non-Instrumented

It is a document only signed by client or neither bank nor customer during loan/deposit contract creation. Current accounts are always non-instrumented.

Registered Tax payer

Resident Individuals and Legal Entities, identified on AFIP contributor´s padron for VAT.

Non-Registered Tax payer

Resident Individuals and Legal Entities, not identified on AFIP contributor´s padron for VAT.

AFIP

Administración Federal de Ingresos Públicos (The Federal Administration of Public Revenues)

COELSA

Cámara Electrónica de Compensación de Medios de Pago minorista de la República Argentina. COELSA is the Electronic Clearinghouse created by most of the large public and private banks to implement the New National Payments System.

Concept Code

Purpose of remittance that will decide the application of tax with a standard rate or special rates.

Tax Haven

A tax haven is a country that offers foreign individuals and businesses little or no tax liability in a politically and economically static environment.

Substitute Taxpayer

Taxpayer who is withholding tax from foreign beneficiaries which obtain Argentina-source income, provided that these transfers are made through bank accounts that the customer maintains with the bank.