Conversion into ARS of Debt Owed in USDs Sparks Dispute at Labor Court

Before restrictions were imposed on access to the foreign exchange market, the debtor in the case at issue had assumed the obligation to pay a debt in U.S. dollars. Judge Fernando Vilarrullo, judge pro tem in charge of the National Trial Court for Labor No. 24, ordered the conversion of an outstanding balance (for the payment of VAT over legal fees) into Argentine pesos, calculated on the basis of the official exchange rate and adding a 30% tax as provided by Law 27.541 for foreign exchange operations. (“Bondorevsky, Diego Martin vs. Compass Lexecon LLC and Others re. Despido, Case Number CNT 34301/2013, August 12, 2020).