The Undersecretariat of Industrial Policy has implemented modifications to the Argentine Auto Parts Development and Strengthening Regime, through Provision No. 45/2024. These reforms, published today (04.09.2024) in the Official Gazette, seek to simplify the requirements and streamline the procedures for projects in the sector, with the aim of promoting a more dynamic and efficient development of the national industry.
The system, which grants an electronic tax credit voucher on the value of national auto parts, dies and molds acquired by manufacturers of automobiles, utility vehicles, trucks, chassis, buses, self-propelled agricultural and road machinery, among others, aims to improve the national integration of the automotive sector. Through the establishment of incentives, it seeks to increase the participation of national auto parts production in models developed in the country.
Once the concept of the regime has been clarified, the most relevant modifications of the new Provision include the elimination of requirements for the request for extensions in previously approved projects. Until now, the requirement of future evolution of the national content of auto parts was crucial for the extension of the benefits. However, the new regulations will focus on compliance with the original commitments of the project, specifically on aspects such as the evolution of employment, the realization of new investments and the redesign of processes and products. This change aims to focus the evaluation on more concrete and measurable parameters of the performance of the projects.
Another significant adjustment concerns simplification of the procedure for verification and control of projects. Previously, the Secretariat of Industry and Commerce acted as an intermediary in the collection of fees for verification tasks. With the amendment of article 23 of Resolution SI No. 599/2016, this intermediate step is eliminated, allowing interested parties to pay directly to the entities in charge of carrying out these tasks. This measure seeks to simplify and speed up the process, reducing bureaucracy and management times.
With these updates, the Undersecretariat of Industrial Policy seeks to adapt the regulations to the current needs of the auto parts sector, eliminating administrative obstacles and allowing for a more agile and effective development of projects. It is expected that, with the reduction of requirements and the elimination of intermediaries, companies will be able to manage their initiatives more efficiently, contributing to the strengthening of the national industry.
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