New Changes To The Terms For Repatriation Of Foreign Currency Proceeds From The Exports Of Goods

Author:Mr Juan Diehl Moreno and Roberto E. Silva, Jr.
Profession:Marval O'Farrell & Mairal
 
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The Ministry of Economy introduced an exception to the terms for the transfer of foreign currency proceeds from the exports of goods into the local financial system.

Through Resolution No. 187/2012, effective May 14, 2012, the Ministry of Economy amended Resolution No. 142/2012, which had reduced the terms for the transfer of foreign exchange proceeds from the export of goods into the Local Foreign Exchange Market ("Mercado Único y Libre de Cambio" or "MULC") (see "Reduction in the Terms for the Transfer into Argentina of Foreign Exchange Proceeds from Exports" in Marval News # 116 dated April 27, 2012).

The new regulation established an exception to the compliance with the new terms for the transfer of foreign currency to the MULC (provided by Resolution No. 142/2012) for exporters that do not exceed a certain export level, and for transactions included under agreements executed prior to the enactment of Resolution No. 142/2012.

Exception to the Terms Established by Resolution No. 142/2012

The exception to the compliance with the terms set forth by Resolution No. 142/2012 applies to exporters of goods that, during 2011, have registered exports for less than US$ 2,000,000, calculated on the basis of F.O.B. value.

The Federal Tax Authority ("AFIP") must provide the Evaluation Unit, created by Resolution No. 142/2012, with a list of the exporters that meet such requirement. The repatriation terms that were effective prior to the enactment of Resolution No. 142/2012 shall be applicable to those exporters, who will be notified thereof by the Secretary of Foreign Trade...

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