Argentina has published Circular 4/2021 of 14 October 2021, which clarifies the income tax withholding obligations for compensation or bonuses paid as a result of termination of employment (severance payments). The circular clarifies that where severance payments are paid to terminated employees who do not hold managerial and executive positions in public and private companies, the payment is outside the scope of taxable income for withholding purposes and no withholding obligation applies. …