Reduction In The Terms For The Transfer Into Argentina Of Foreign Exchange Proceeds From Exports

Author:Mr Juan Diehl Moreno, Roberto E. Silva, Jr. and Fernando J. Pino Ceverino
Profession:Marval O'Farrell & Mairal
 
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Through two new regulations, the Ministry of Economy and the Central Bank reduced the terms for the liquidation of foreign exchange proceeds from exports.

Resolution No. 142/2012 of the Ministry of Economy and Public Finance, published in the Official Gazette on April 25, 2012 ("Resolution 142"), amended Resolution No. 269/01 of the National Secretary of Industry and Commerce ("NSIC"), as amended, which provided the term for the transfer into the financial system of foreign exchange proceeds from export transaction.

Following Resolution 142, the Argentine Central Bank (the "Central Bank"), through Communication "A" 5300, effective as from April 27, 2012, also introduced certain changes related to the term to transfer into Argentina of foreign exchange proceeds obtained from the payment of exports, among other changes.

1) Resolution No. 142/2012

  1. Reduction of terms

    Effective as of April 26, 2012, Resolution 142 reduced the terms stated in Resolution No. 269/2001 of the NSIC for the transfer of foreign exchange proceeds from export operations into the Local Foreign Exchange Market ("Mercado Único y Libre de Cambio" or "MULC"), affecting approximately 800 tariff codes.

    Resolution 142 stated that exporters must transfer foreign exchange into the MULC within 15, 90 or 360 consecutive days (from the shipment), according to the tariff code in which the goods are classified under the Common Nomenclature of the Mercosur (Nomenclatura Común del Mercosur). These new terms were fixed according to the tariff code of the goods and were included in Appendix I of Resolution 142. As a result, the new regulation obliges the exporters to accelerate the liquidation of their sales, having to enter foreign exchange into the country in a shorter term.

    For instance, Resolution 142 sets forth 15 consecutive days to transfer into the MULC foreign exchange proceeds from exports of cereals, oils, preparations based on cereals, metal ores, fuel, cars, weapons and artwork. The regulation also fixed a maximum term of 90 days to enter foreign exchange proceeds from exports of meat, dairy products, fruits and vegetables, juices and vegetable extracts, sugars, publishing products, textile products, footwear and common metals.

  2. Transactions between related companies

    On the other hand, Resolution 142 introduced one change to the terms that does not follow the ones included in the Appendix I (which depend on the tariff code of a specific good). In this regard, it provided...

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