Introduction
The Import Regime for Goods Constituting Major Investment Projects (ME Resolution 256/2000) has historically been a key tool for companies seeking to modernize their infrastructure with tariff benefits. However, on many past occasions, those who used this regime were not properly audited by the supervisory authority, an omission that led them to have to indefinitely maintain the guarantees they had established to ensure compliance with any customs duties that would have been applicable had they not adopted the aforementioned preferential regime.
For such importers, following the amendments introduced by Resolution ME 1319/2024, the possibility of a sort of "self-audit" is established, which must be submitted immediately. The deadline to do so expires in June of this year.
The beneficiaries of the regime are exposed to considerable economic consequences if they fail to submit such accounts in a timely manner. Failure to do so could result in the forfeiture of the guarantees posted (equivalent to unpaid import duties), resulting in significant financial penalties.
Context of the Regime Res. ME 256/2000
The regime, created to promote strategic industrial projects, allows the import of new goods (complete production lines, environmental equipment, or "smart warehouses") with a 0% tariff, provided the following conditions are met:
- Investment in local goods: 20% of the FOB value of imported goods, with at least 10% in domestic machinery.
- Tight deadlines: 1 year for project implementation (extendable) and 6 months post-implementation to submit the accountability report.
- Transfer ban: Assets may not be transferred for 12 months after start-up.
- Guarantees (usually surety bonds) are established to cover potential taxes if the obligations provided for in the preferential regime are not met.
However, many older projects have not yet been able to release these guarantees due to delays in the audits required by the implementing authority of ME Resolution 256/2000. Currently, the so-called "closing audits" have been replaced by the accounting statements required by the beneficiary importers. Notwithstanding this, the Secretariat of Industry and Commerce of the Ministry of Economy, the designated implementing authority, reserves the right to conduct audits or inspections throughout the entire benefit process.
Key Changes: Res. ME 1319/2024 and the New Accountability Scheme
For the purposes of this article, the amendments introduced by Resolution ME 1319/2024 apply to all proceedings pending execution and/or release of guarantees, without prejudice to the validity of the completed acts.
Among these amendments is the "mandatory self-audit," which must be submitted within six months of the entry into force of ME Resolution No. 6/1319, which occurred on December 24, 19. For the purposes of calculating this period, it should be noted that Article 12 of Resolution 2024/22 of the Ministry of Industry and Commerce provides: "...The 6-month period for accountability established for files initiated prior to the issuance of Resolution No. 1.319/24 of the Ministry of Economy, must be considered applicable once the obligations imposed in each of them have expired....". Based on the above, the aforementioned period applies as long as the project resolution has been issued and the obligations imposed in accordance with applicable regulations have expired (2 years from the start of the project). Therefore, in cases where the expiration date has not occurred, the aforementioned 6 months will be counted from the expiration of the last of them.
The "self-audit" must be conducted and certified by qualified professionals (e.g., engineers, accountants, etc.), registered or affiliated with a Professional Association or Center, as appropriate. It should be noted that the person signing the accountability report must not be on the beneficiary company's payroll.
Why should the guarantees provided not be maintained indefinitely?
The reforms introduced addressed the serious situation generated by the failure to perform audits in a timely manner. Benefited importers were subject to the indefinite maintenance of guarantees, a lack of legal certainty regarding compliance with the preferential regime, and the possibility of suffering economic consequences due to the arbitrary delay of the implementing authority.
In this context, it was understood that the preferential regime requires a final resolution to close the process, whether this arises as a result of an audit by the implementing authority or a self-audit by the beneficiary validated by the latter. Ultimately, the goal is to end the existing legal uncertainty in such cases and, if the regime's requirements are met (e.g., investment in local assets, respected deadlines), release the pledged guarantees.
Economic consequences of non-compliance
If the accounts are not submitted on time and no legal reservation is made, Article 15, paragraph b) of ME Resolution No. 256/2000 establishes that the Authority will consider the obligations of the Regime to have been breached and will consequently request the full execution of the guarantees duly constituted to cover any potential taxes.
Additionally, Article 15 bis of the same regulation provides that, in the event of any failure to comply with the obligations of this Regime, the Enforcement Authority may impose an additional monetary penalty equivalent to 20% of the amount corresponding to the unpaid taxes, plus applicable interest based on the time elapsed (to be computed from the respective import clearance), considering the maximum active rates reported by the Banco de la Nación Argentina, plus a penalty charge of 2% per month. Notwithstanding the foregoing, the Enforcement Authority must regulate everything necessary to enforce the aforementioned penalty. The same penalty applies in cases where the accounting records are not kept in accordance with the terms of Article 12 of the resolution in question.
Finally, if the typical requirements are met, one of the assumptions provided for in Section XII -Criminal Provisions-, Title II -Customs Violations-, Chapter Nine - "Violation of the obligations imposed as a condition of a benefit" of the Customs Code (Law No. 22.415) could occur.
Recommendations to Avoid Sanctions
- Prioritize the deadline: The return must be submitted before June 2025 (6 months from December 2024).
- Key documentation.
- Invoices and contracts for locally purchased goods (minimum 20% of the imported FOB value).
- Commissioning certificate signed by a registered engineer.
- Affidavit of environmental compliance (Laws 24.051 and 24.040).
- Professional advice: The accountancy report requires the approval of a certified public accountant and a specialized engineer to avoid technical observations.
Conclusion
Resolution ME 1319/2024 seeks to end the legal uncertainty surrounding imports for large investment projects carried out in the past and never subject to a closing audit due to delays by the Administration. To this end, the concept of a "self-audit" or accountability endorsed by the Ministry of Industry and Commerce is introduced, as well as the conditions and timeframe under which these audits must be submitted to close these processes, release the guarantees posted, and avoid financial penalties.
The author is a partner at the Customs Law Firm Centarti & Rizzi, Director of the Diploma in Customs Law at the Catholic University of Córdoba, and Academic Director of the Diploma in International Customs Law at the International Trade Centre (UN-WTO). He also teaches Customs Law and Customs Criminal Law at various universities.
