The Central Bank of the Argentine Republic (BCRA) issued this Monday (18.04.2022/XNUMX/XNUMX) measures of interpretation and formal adaptation regarding Foreign and Foreign Exchange provisions, through the Communication A-7490.
The details of the provisions are as follows:
- A-7433 – EXTERIOR AND ADJUSTMENT CHANGES – 06.01.2022
- A-7466 – EXTERIOR AND ADJUSTMENT CHANGES – 03.03.2022
- A-7469 – EXTERIOR AND ADJUSTMENT CHANGES – 10.03.2022
- A-7471 – EXTERIOR AND ADJUSTMENT CHANGES – 18.03.2022
- A-7472 – EXTERIOR AND ADJUSTMENT CHANGES – 22.03.2022
- A-7488 – EXTERIOR AND ADJUSTMENT CHANGES – 07.04.2022
guidelines
Communication A-7433 – EXTERIOR AND ADJUSTMENT CHANGES – 06.01.2022
Replace point 10.11.11. of the “Foreign and exchange” regulations regarding the complementary regulations for access to the exchange market to process transactions Payments on sight or commercial debts of goods without customs entry record, for the following: If it is a payment on sight or commercial debts without customs entry record and the following conditions are verified:
10.11.11.1. The operation corresponds to the importation of inputs that will be used for the production of goods in the country; and 10.11.11.2. The payments made for this point do not exceed, in the current calendar month and in all entities, the amount obtained by considering the average amount of imports of inputs eligible for the purposes of point 10.11.1. in the last twelve closed calendar months, net of the amount pending regularization for payments with a pending customs entry record in a delay situation registered by the importer.
The entity must have a sworn declaration from the client attesting to compliance with the indicated conditions, the nature of the imports computed as inputs and additionally verify that the amount declared is compatible with the data existing in the BCRA from the online system implemented for this purpose.
The limit established in point 10.11.11.2. will not apply when the client is a trust established by a provincial government for the purpose of facilitating the acquisition of inputs by producers of goods.
Communication A-7466 – EXTERIOR AND ADJUSTMENT CHANGES – 03.03.2022
El Central Bank enters into control of SIMI, through SIMI categories made official as of 4.3.2022 – are categorized: A and B
Within category B: Goods with exception; Goods that have no exception and within these, those that do not have access to the exchange market.
Limits to operate based on category.
Deadlines modified.
Extension until 31.12.22.
Prior consent for the payment of capital on financial loans between related parties, except for operations specific to local banks.
The quota for payment of imports.
Refinancing of financial debts taking into account the exceptions provided for in the regulation.
The deadlines for paying for luxury goods in point 10.3.2.5 are reduced from 90 days to 180 days from the date of official clearance to the market.
In cases where the goods to be imported are not luxury goods point 10.3.2.5 - term 180 days - or 10.3.2.6 - term 365 days - and SIMI is required to make the clearance to the place, the following must be taken into account:
1.Import has an associated SIMI category A declaration in status “EXIT”Import has an associated SIMI declaration in status “EXIT” officially approved until 3.3.22.
2. Importation has an associated SIMI category B declaration in “EXIT” status and access occurs after 180 calendar days from the date of registration of customs entry of the goods.
3. Importation has an associated SIMI category B declaration in “EXIT” status and the goods paid for are capital goods (invoice at least 90% of such nature).
4. Importation has an associated SIMI category B declaration in “EXIT” status and the goods paid for correspond to KITS for the detection of coronavirus COVID-19 (Decree 33372020).
5. Importation has an associated SIMI category B declaration in “EXIT” status and the goods paid correspond to goods subject to non-automatic import licenses.
6. Importation is associated with a SIMI category B declaration in the “OUTPUT” status and involves imports of goods made by: a) the public sector; b) all business organizations, regardless of their corporate form, where the National State has a majority stake in the capital or in the formation of corporate decisions, or c) the constitutive trusts with contributions from the national public sector.
Communication A-7469 – EXTERIOR AND ADAPTATION CHANGES – 10
Incorporate among the conditions contemplated in point 10.3.2.7., introduced through point 5. of Communication “A” 7466, those imports that have an associated SIMI category B declaration in the “EXIT” status and the goods paid for correspond to the tariff items of the Petroleum oils and bituminous mineral oils, their preparations and residues (subchapters 2709, 2710 and 2713 of the Common Nomenclature of Mercosur) or petroleum gases and other gaseous hydrocarbons (subchapter 2711 of the NCM).
Imports of these items will be deducted from the calculations of the FOB value of imports for the years 2020 and 2021 that are used to determine the amount of SIMI category A that the BCRA will assign to each importer.
Communication A-7471 – EXTERIOR AND ADJUSTMENT CHANGES – 18.03.2022
Incorporate with effect from 18.3.22 among the conditions contemplated in point 10.3.2.7., introduced through point 5. of Communication “A” 7466 and complementary, those imports that have an associated SIMI category B declaration in the “EXIT” status and correspond to imports of unagglomerated bituminous coal (tariff item 2701.12.00 of the Common Nomenclature of Mercosur) implemented by power generation plants.
Imports of these positions will be deducted from the calculations of the FOB value of imports for the years 2020 and 2021 that are used for the purposes of determining the amount of SIMI category A that the BCRA will assign to each importer.”
Communication A-7472 – EXTERIOR AND ADJUSTMENT CHANGES – 22.03.2022
Establish within the framework of the provisions disseminated through point 5 of Communication “A” 7466 and complementary, a period of 90 (ninety) calendar days to access the exchange market to process payments for imports of goods that have an associated SIMI category B declaration in “EXIT” status and correspond to the Importation of fertilizers and/or phytosanitary products and/or inputs that are necessary for their local production, whose tariff items according to the Common Nomenclature of MERCOSUR are identified in the Annex.
Establish that, in the case of letters of credit and guaranteed bills of exchange issued or granted by local financial entities based on financing obtained abroad, the entities may consider the provisions of point 10.3.2.7.iii) to be fulfilled to the extent that the following conditions are verified:
1. The expiration date established at the time of opening or issuance is equal to or greater than the date that results from adding 15 (fifteen) calendar days to the sum of the term provided for the operation in the aforementioned point plus the estimated transportation time from the country of origin.
2. The entity has a sworn statement from the importer stating that it undertakes, except in situations of force majeure beyond its control, to complete the customs entry registration of the goods within 15 (fifteen) calendar days of their arrival in the country.
Include as the last paragraph of point 10.7.2, which refers to the exchange record of flows associated with foreign commercial credit lines applied to the financing of imports of goods, the following: “When the operation corresponds to an import included in point 10.3.2.7.iii) that was financed by the local financial institution for a term equal to or greater than that provided for the operation in the aforementioned point, such circumstance must be recorded when reporting the sales ticket in the name of the client in the Foreign Exchange Operations Information Regime.”
Communication A-7488 – EXTERIOR AND ADJUSTMENT CHANGES – 07.04.2022/XNUMX/XNUMX
Establish within the framework of the provisions disseminated through point 5 of Communication “A” 7466 and complementary, the following:
1.1. Imports that have an associated declaration SIMI category C in “EXIT” status They will have access to the exchange market under the same conditions as a SIMI category A when the following conditions are met:
a) The goods imported correspond to the tariff items according to the Common Nomenclature of MERCOSUR that are identified in the Annex.
b) The client has submitted a certification from an external auditor stating that, if the transaction is carried out, the stock of raw materials and/or intermediate or final goods produced from them will not exceed the levels required for its normal activity.
c) The entity has a sworn statement from the importer stating that, if both he and his economic group have been summoned to a price agreement by the National Government, they have not refused to participate in such agreements nor have they breached the agreement if they have a current program.
1.2. If the conditions set out in point 1.1 are not met, the requirements for access to the foreign exchange market for payments linked to an import associated with a SIMI category C declaration in the “EXIT” status will be those provided for a SIMI category B.
1.3. The annual limit for SIMI category C that the BCRA will assign will be given by the difference between the limit assigned by this BCRA to category A and the highest of the two amounts considered for the purposes of establishing said limit.
The SIMI Category C limit amount at any given time will be equivalent to the proportional part of the annual limit accrued up to and including the current month. The equivalent of 20% of the annual limit will be added to said amount, provided that this does not imply that said limit is exceeded. In the event that the indicated amount is less than USD 250.000 (two hundred and fifty thousand US dollars), the latter amount or the annual limit will be adopted, whichever is lower.
2. Indicate that the provisions of point 2 of Communication “A” 7472 in reference to the calculation of the term established in point 10.3.2.7.iii) will also apply to the importer's access to the foreign exchange market to make deferred payments for imports of goods corresponding to the cancellation of commercial debts with foreign creditors or by a local entity for the cancellation of foreign credit lines applied to the financing of imports of goods.
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