The General Port Administration (AGP) has determined a 15% reduction until the end of the year in the rates in dollars charged by the Port of Buenos Aires, with the aim of alleviating the increase in these values as a consequence of the devaluation of the peso against the US currency, which between May 2018 and August 2019 exceeded 122%.
He did it through the 148 / 2019 resolution published this Tuesday (15.10.2019) in the Official Gazette, which established that The values related to the occupation of properties or spaces that the AGP agrees to use will be settled with a 15% bonus on the corresponding parity of the dollar exchange rate reported by Banco Nación, for the concepts accrued in October, November and December of this year.
In this regard, the resolution highlighted that as a result of the recent devaluations of the peso, distortions occurred in various sectors of the country's economic activity.
He indicated that although within the jurisdiction of Puerto Buenos Aires a significant number of services linked to foreign trade are quoted in dollars, in many others this is not the case, so their values are not directly linked to the exchange rate of that currency.
He highlighted that the devaluation of the peso against the dollar for the period between May 2018 and August 2019 was over 122%, while the Consumer Price Index (CPI) increased by 71,6% in the same period.
He also noted that the Wholesale Price Index registered a rise of 71,4% between May 2018 and July of this year.
Given this scenario, the AGP received various presentations made by permit holders of properties located in port jurisdiction, whose fees are set in dollars, expressing the impact that the aforementioned circumstances generate in their activities.
The fees for the granted usage permits increased significantly in pesos, increasing fixed costs and, consequently, potentially causing transfers to the final values paid by national producers or consumers, both industrial and final, thus impacting their competitiveness and well-being.
The regulations stressed that these variations significantly affect the services provided by permit holders, making it necessary to implement measures that support the national government's policies and mitigate the economic and social impacts that these may cause.
Based on the disparity that exists to date between the variations in the exchange rate and the price indexes, and the short-term evolution of these being unknown, it is considered prudent to implement a benefit that does not significantly affect the income of this port administration, while simultaneously fulfilling the intended objective.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
