Surety Bond for Customs Guarantees – New Operating Method (RIGI)
Insurance & Reinsurance | Surety Bond for Customs Guarantees – New Operating Method (RIGI)
On September 24, 2024, the Summarized Resolution 465 RESOL-2024-465-APN-SSN#MEC (the “Resolution”) issued by the Superintendency of Insurance (“SSN”) was published in the Official Gazette, authorizing insurance entities that operate in the surety bond for customs guarantees to apply a new operating modality for the Incentive Regime for Large Investment(“RIGI”).
Prior to the issuance of this Resolution, Act No. 27,742 and Decree No. 749/24 created and regulated, respectively, the RIGI, with the objective of encouraging large national and foreign investments in the country, which promote economic development and the competitiveness of the different economic sectors.
To this end, the Federal Administration of Public Revenue (AFIP) requested authorization for a new operating modality called RIGI, which must guarantee import duties, the statistical rate, verification of destination, and all systems of perception, collection, advance or retention of national and/or local taxes that tax imports that were entered under the RIGI.
In response to this request, the SSN ordered that the contractual conditions established in General Resolution SSN No. 30,711/2005 and General Resolution SSN No. 31,584/2006 already contemplate the basic general guidelines set for the granting of these guarantees.
Finally, the present Resolution established the incorporation of this new operating modality of the RIGI to the list of Annex I of Resolution SSN No. 33,523/2008 (which lists the current operating modalities of the surety bond for customs guarantees).
We remain at your disposal for any additional information you may need.
Daniel Antonio Seoane
Daiana Mari