Argentina's Supreme Court recently ruled on whether a foreign company's branch in Argentina is subject to the net wealth tax (impuesto sobre los bienes personales, ISBP). The tax is levied on individuals domiciled in Argentina and estates situated in Argentina, as well as on resident companies whose shares or participation rights are held by non-resident individuals, estates or entities. Base on this, the Argentine tax authority determined that this included branches of foreign companies, whi…