The Argentine Government formalized this Monday (02.10.2023) the extension of the Export Increase Program, by Decree 492/2023.
The rule states that, from October 2 to 25, 2023, inclusive, all the following will apply: provisions of such measure implemented by Decree No. 576 (September 4, 2022) and ultimately reinstated by Decree No. 443 (September 4, 2023).
Regarding the provisions, the decree defines the Counter value. “75% of the equivalent value of the export of goods must be brought into the country in foreign currency and negotiated through the Free Exchange Market (MLC), and the exporter must, for the remaining 25%, carry out purchase and sale operations with negotiable securities acquired with settlement in foreign currency and sold with settlement in local currency.”
It also indicates the Registration and Settlement. “The date of settlement of foreign currency and payment of the sum in advance of export duties must be made within a period that may not exceed October 20, 2023, inclusive, including the cases of pre-financing and/or post-financing of exports abroad or an advance settlement, having to register the export operation or operations to be carried out, in the terms established by the Ministry of Economy through the Secretariat with jurisdiction in the matter.”
Export duties must be paid based on the amount arising from the foreign currency entered and traded in accordance with the above.
As for the Supplementary Provisions, the rule indicates that "The Central Bank of the Argentine Republic will implement the necessary mechanisms so that the result of any foreign currency settlement that takes place within the framework of D. 492/2023 is, at the exporter's option:
- "credited to a special account whose remuneration is determined based on the evolution of the reference exchange rate of Communication "A" 3500 of the aforementioned entity, and may remain open without an expiration date
- “applied to the direct subscription of Internal Bills of the BANCO CENTRAL DE LA REPÚBLICA ARGENTINA adjusted to the evolution of the reference exchange rate of Communication “A” 3500 of the BCRA, within the terms and conditions established by the complementary regulations of said institution.”
The official standard is here: Decree 492 / 2023
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