Joint General Resolution 5478/2024 regarding extension of registration deadline for the Commercial Debt Registry for Imports with Foreign Suppliers – Communication “B” 12714 on the establishment of the Import Payment Registry – Communications “A” 7940, “A” 7941, and “A” 7945 on new exchange regulations.
Banking and Financial Institutions Department Report | Joint General Resolution 5478/2024 regarding extension of registration deadline for the Commercial Debt Registry for Imports with Foreign Suppliers – Communication “B” 12714 on the establishment of the Import Payment Registry – Communications “A” 7940, “A” 7941, and “A” 7945 on new exchange regulations.
On January 10th, 2024, Joint General Resolution 5478/2024 (Resolution 5478) was published in the Official Gazette by the Federal Public Revenue Administration (AFIP) and the Ministry of Commerce. This resolution extended the deadline for registration in the Commercial Debt Registry for Imports with Foreign Suppliers (the Registry). Additionally, a new version of the Manual for the registration of the Sworn Statement of Debt for Importers of the AFIP was published, providing more operational details for information input.
On January 11th, 2024, the Central Bank of Argentina (BCRA) released Communication “B” 12714, informing that the “Import Payment Registry” will be operational from the following Monday. Through this registry, the BCRA will validate operations to grant access to the Foreign Exchange Market.
Furthermore, on January 11th, 2024, the BCRA published Communications “A” 7940, “A” 7941 (amended by Communication “C” 97065), and “A” 7945. These communications establish new exchange regulations and modify certain provisions of the Consolidated Text of Foreign Exchange and Changes (the “Consolidated Text”).
Here is a summary of the main aspects of these measures.
1. Abolition of the CEF System:
Resolution 5466/2023 established the Statistical System of Imports (SEDI), where importers must provide information about their import destinations in advance. The Resolution also introduced the Economic-Financial Capacity System (CEF System) for analysis by the AFIP. Resolution 5478 now abolishes the CEF System, and the AFIP will only assess the taxpayer’s tax situation (more information in our previous International Trade and Costume Report).
2. Extension of the Registry:
Resolution 5466 created the Registry for subjects with commercial debt from imports before December 12th, 2023 (Debt Stock). Resolution 5478 extended the deadline for Debt Stock registration in the Registry until January 24th, 2024. Additionally, the possibility of registering Debt Stock for imports under the simplified Courier regime and declarations to Free Trade Zones (ZFI) is now allowed (more information in our previous International Trade and Costume Report).
3. Manual for Importers’ Sworn Statement:
AFIP released the third version of the Manual for the registration of the Importers’ Sworn Statement, clarifying operational aspects, including reporting Debt Stock for services not related to a SIRASE or associated with an unapproved SIRASE.
This Communication informs that the “Import Payment Registry” of the BCRA will be available from Monday, January 15th, 2024. This system is crucial as it is expected to validate operations for access to the Foreign Exchange Market, for the payment of goods and services imports, as established in Communication “A” 7917.
For more details on the scope of this system, refer to our summary.
This regulation by the BCRA allows the sale of Bonds for the Reconstruction of a Free Argentina (“BOPREAL”) with a settlement against the cable to accounts of third parties abroad (i.e., currencies paid into accounts opened outside the country). Previously, sales of BOPREAL were limited to cable against accounts opened in the name of the seller. This limitation still applies to “other” securities different from BOPREAL.
It is noteworthy that selling BOPREAL against foreign currency does not affect access to the Foreign Exchange Market, provided it is carried out within the framework of Communication “A” 7925 (as amended) (see our summary).
This Communication establishes certain assumptions under which those who subscribed to the series of BOPREAL issued for a longer term (i.e., Series 1) before January 1st, 2024 can access the Foreign Exchange Market from February 1st, 2024 for limited amounts. These new access options are authorized to settle obligations of Debt Stock for which BOPREAL was not subscribed. The benefits vary depending on whether the subscriber has subscribed BOPREAL for an amount equal to or greater than 25% or 50% of their Debt Stock.
Below, we include a table summarizing these new options:
Regarding the scenarios that require settlements of collections that should have been entered and settled from 01/03/25 onwards, the BCRA does not clarify whether they only apply to operations carried out under the “EXPORTA SIMPLE” regime (which must be entered and settled within 365 calendar days from the shipment date), or if it also applies to other types of exports.
As established in Communication “A” 7917, prior approval from the BCRA is required for the payment of:
· Imports with pending customs entry registration; or
· Imports with a customs entry registration date after 13/12/23 before the regulatory deadline.
Payments for the mentioned imports can be made if they fall under any of the exception situations provided in the regulation (please refer to our summary again). Communication “A” 7945 includes payments for imports of goods intended for the supply of critical medicine within these exceptions if the customs entry registration is completed with a “Special Request.”
On the other hand, Communication “A” 7945 nullifies the provisions of the following Points of the Consolidated Text, related to exchange benefits in the framework of operations related to the Investment Promotion Regime for Exports of Knowledge Economy Activities:
· Point 2.10 (Investment contributions made under the “Investment Promotion Regime for Exports of Knowledge Economy Activities”);
· Point 3.22 (Access with “Certification for direct investment contributions under the Investment Promotion Regime for the Knowledge Economy – Decree No. 679/22).
Do not hesitate to contact us if you require any further information on this matter.
Sincerely.
Pablo J. Torretta