Specific provisions for foreign exchange market revenues
Collections of exports of goods and services
Exporters of goods and services must enter and settle the equivalent value in foreign currency in the exchange market. This will be considered fulfilled when the exporter has entered and settled in the exchange market an amount not less than 80% of the invoiced value and for the unsettled portion has carried out purchase and sale transactions with securities, in which the securities are acquired with settlement in foreign currency and sold with settlement in local currency in the country.
That is, a blend exchange rate of 80% free exchange market and 20% MEP or cash with settlement against pesos is applied.
The entry of foreign currency must be settled within 5 business days of receiving the funds abroad.
Exports of goods, in turn, have the obligation to receive foreign currency in different periods according to the tariff positions that range from 15 days, 30 days, 60 days, 120 days, 180, up to 365 days.
Products with less added value, such as soybean products, are imported within 15 days, and as they incorporate greater added value to the exported goods, the delivery times are extended.
Exports of services for individuals may enter up to an annual limit of USD 24.000 directly into local dollar accounts.
Exports of services and sales of airline tickets can also be entered into dollar accounts directly without going through pesos, for both legal entities and individuals.
Specific provisions for expenditures through the foreign exchange market
Payments for Argentine imports of goods
Deliveries to the market until 12/12/2023 do not have access to the free exchange market and may only be paid to the extent that they have been financed by foreign banks before 12/12/2023. For these deliveries until 12/12/2023, Bopreal Series 1, 2 and 3 issues were planned.
Imports of goods can be paid for through officialized shipments to the market starting on 13/12/2023 through the free exchange market.
Access to the free exchange market for payment of these goods has been made more flexible over the course of the year.
Deadline in sight
Currently, payment can be made at sight for the delivery to the market of goods related to fuels, petroleum oils, petroleum gases and other gaseous hydrocarbons, bituminous coal, electric energy, imports of natural uranium and imports related to railway material.
Payments can be made 30 days after delivery to the place
Pharmaceutical products and related inputs, fertilizers and phytosanitary products.
Imports will be officially approved as of 15/03/2024 for basic basket products.
Imports will be officially approved as of 15/04/2024 for MSMEs, except for luxury goods.
At 30 days and 60 days from delivery to the place:
General imports made official as of 01/08/2024 can be paid in two installments of 50% 30 days after dispatch to the market and the remaining 50% 60 days after the date of dispatch.
This means a substantial improvement in the flow of import payments, since at the beginning of this new administration in December 2023, 4 monthly payments of 25% each were planned at 30, 60, 90 and 120 days. In other words, payment terms were reduced to half the days.
It is also possible to pay in advance if pre-financing of exports, advance payment of export payments or a financial loan with a payment term compatible with the merchandise to be imported are simultaneously received from abroad.
Companies that qualify as MSMEs may also pay up to 20% of the import of capital goods in advance of the shipment of goods for tariff items that qualify in that category.
Payments for imports of services
Services provided by non-residents as of 13/12/2023 may be paid abroad in general as long as no less than 30 days have elapsed since the accrual or provision of the service.
That is, an annual service bill may be paid every 30 days per month due and accrued, meaning the total annual payment may not be made in advance.
Freight services may also be paid abroad 30 days after the service has been provided. When it is an import service, it is counted from the moment the ship or means of transport arrived in the country; and when it is an export service, it is counted 30 days after the arrival of the ship or means of transport at the port of destination.
Payments for services to related companies
They may also pay services to affiliated companies as long as 180 days have passed since the service was provided or accrued as of 13/12/2023.
All services provided by non-residents to related or unrelated companies prior to 12/12/2023 do not have access to the exchange market and were intended for Bopreal series 1, 2 and 3 subscriptions.
Payments of Financial Loans and Negotiable Obligations:
Financial loans between unrelated companies and negotiable bonds registered in the country as well as registered abroad that have been entered and settled in the exchange market as of 01/09/2019 have access to the maturity for the payment of capital and interest through the free exchange market.
Financial loans between related parties entered into and settled in the foreign exchange market as of 02/10/2020 and with an average life of no less than two years have access to the free foreign exchange market to pay principal and interest upon maturity.
Conclusions
Although the exchange controls inherited from previous administrations remain in place, we can verify that the conditions in the exchange market have improved substantially in relation to the flow of payments for goods and services.
As of June 30, 06, more than 2024% of shipments to the market had been paid through the free exchange market. Compared to last year, 90, this figure did not reach 2023% of shipments due to restrictions with the Siras and Sirase, requirements that were eliminated for the payment of imports of goods and services.
He is a certified public accountant from the University of Buenos Aires (UBA). He has a postgraduate degree in Finance from the Universidad Argentina de Empresas (UADE). Currently, he is Head of the Comex Technical Area at Banco Santander Argentina, since 1987. He also serves as Secretary of the Comex Commission at the Association of Argentine Banks (ABA), since 2011. He has been married for 34 years to Adriana Barsanti, and has three children aged 33, 31 and 26, all professionals.
