The Substitute Obligor is entitled to recover any amount so paid by disposing of the asset that gave rise to the application of the tax. Beginning with fiscal year 1995, both Argentine and, in principle, non-Argentine residents are subject to the Personal Assets Tax with respect to their holdings of equity and debt securities. This is the case of the Obligaciones Negociables which are specifically excluded from such procedure. The turnover tax is a tax levied on gross income by each Province and the Federal District. The tax is levied on the gross amount of revenues resulting from business activities carried out within the respective jurisdiction.
Many jurisdictions also apply stamp tax for certain transactions.