The Central Bank of Argentina set forth new conditions for the payment of imports and services abroad

In addition, through the Official Gazette, new terms regarding the Export Increase Program and the applicable rates of the Tax for an Inclusive and Solidary Argentina (PAIS) were communicated. Below please find the details of the measures:

Communiqué “A” 7917

1. Imports of Goods:
2. 1. Starting from 13.12.23, approved SIRA will no longer be neccesary to access the MULC.
   2. Financial entities may grant access – without prior approval from the BCRA – to process deferred payments for new imports with customs entry registration, following the schedule outlined below for the specified goods:

• From their entry registration: petroleum oils, gases, electric power.
• Within 30 calendar days from entry: pharmaceutical products and/or inputs for local production, fertilizers and/or phytosanitary products for local production, whose positions are in section 12.3 of the External Trade and Exchange T.O.
• Within 180 calendar days from entry: finished automobiles and positions in section 12.2 of the External Trade and Exchange T.O.

For other imports of goods, the payment of their value can be made within the following periods counted from their customs entry:

• 25% within 30 (thirty) calendar days.
• An additional 25% within 60 (sixty) calendar days.
• Another additional 25% within 90 (ninety) calendar days.
• The remaining 25% within 120 (one hundred twenty) calendar days.

Access to the MULC for payments with pending customs registration will require prior approval from the BCRA, except when, in addition to other applicable requirements, the payment falls under the situations provided in point 3 of the Communiqué.

Access to the MULC for payments with registration until 12.12.23 requires prior approval except when:

1. The payment corresponds to operations financed or guaranteed by local or foreign financial entities.
2. The payment corresponds to operations financed or guaranteed by international organizations.
3. The customer has, equivalent to the amount to be paid, certification for access to foreign exchange regimes for the incremental production of oil and/or natural gas.

All operations must also be validated, at the time of granting access to the MULC, in the online system implemented by the BCRA.

The BCRA will implement a specific section of the online system for operations in points 1.2. and 1.3 of the Communiqué. y 1.3 de la Comunicación.

Financial entities may also grant access to the customer until its implementation, but they must complete the validation of that section for those payments within 10 business days after it starts operating. In case an operation carried out between 13.12.23 and the date of system implementation is subsequently rejected by the system, the entity must make the corresponding report to the BCRA.

2.Imports of Services:

It will not be necessary to have an approved SIRASE starting from 13.12.23. Financial entities may grant access to the MULC to process payments for service imports to the extent that the payment corresponds to:

1. Concepts S03, S06, S23, S25, S26, S27, S29.
2. Expenses of financial entities in regular operations.
3. Operations under concept S30 (FREIGHT)
4. Operations falling under concept S24 (other cultural, personal, and recreational services), and payment is made starting 90 calendar days from the date of provision.
5. Service not covered previously, provided by an unrelated party to the resident, and realized after 30 days from the provision.
6. Service not covered previously, provided by a related party, starting 180 calendar days from the date of provision.

Financial entities may grant access to the MULC without the need for prior approval from the BCRA to process payments for new service imports starting from 13.12.23 before the regulatory deadlines when, additionally, the customer accesses with import financing, credit line from abroad, simultaneously with the settlement of advances or prefinancing of exports.

Payments for services accrued until 12.12.23 require prior approval from the BCRA, except when:

1. applies to operations financed or guaranteed by local or foreign Financial Entities;
2. applies to operations financed or guaranteed by International Organizations.
3. The customer has certain certifications detailed in the Communiqué.

All operations must also be validated through the system to be implemented by the BCRA at the time of granting access to the MULC.

3.Payments with pending customs entry record

To process this type of payment before the deadlines provided in point 1 for imports of goods, the following situations must be considered:

1. The customer accesses the MULC with funds originating from an import financing granted by a local financial entity, based on a credit line from abroad, to the extent that:
2. a) The maturity dates are compatible with point 1.2. of the Communiqué:

a1) If the granting of the financing is prior to the arrival date of the goods in the country, the deadlines in 1.2. will be calculated from the estimated arrival date plus 15 consecutive days. se computarán a partir de la fecha estimada de arribo más 15 días corridos.

a2) If the granting of the financing is after the arrival of the goods in the country but before their customs entry registration, the deadlines in 1.2. are calculated from the granting date + 15 days. se computan a partir de la fecha del otorgamiento + 15 días.

a3) If the granting of the financing is after the date of entry registration of the goods, the deadlines in 1.2. are calculated from that registration date. se computan desde dicha fecha de registro.

1. b) When the operation falls under A1 or A2, the bank must have a sworn statement (DDJJ) in which the importer commits to completing the entry of the goods within 15 consecutive days of their arrival in the country.
2. The customer accesses the MULC simultaneously with the settlement of advances or prefinancing granted by local financial entities.
3. The customer accesses the MULC simultaneously with the settlement of funds originating from financial indebtedness abroad.
4. It is a payment for goods imports framed in the mechanism provided in point 7.11 of the ‘Exterior and Changes’ regulations.
5. Payment for capital goods imports (BK) from commercial debts for the import of goods as provided in point 10.2.4 of the External Trade and Exchange T.O. before the deadlines specified for goods imports (1.2 of the Communiqué).

Exporter Increase Program

The equivalent value of exports of services and goods must be brought into the country in foreign currency, with 80% through direct currency transactions and 20% through buying and selling operations with negotiable securities (CCL).

Impuesto PAIS

Through Decree 29/2023, partial modifications were made to Regulatory Decree 99/2019, which regulates Law No. 27,541 on Social Solidarity and Productive Reactivation in the Framework of Public Emergency. The decree introduced a new rate of 17.5% (previously set at 7.5%) for the general importation of goods, including exceptions for certain goods, such as those related to energy generation.

Likewise, the referred decree also increased the rate to 17.5% for the acquisition of transportation services associated with foreign trade.

The new rates will be applicable for all transactions carried out as from 12.13.2023.

Furthermore, through General Resolution 5464/2023 of the Federal Public Revenue Administration, the existing rates for advance payments of the PAIS Tax were increased. These rates will be 16.625% for the general importation of goods (previously set at 7.125%).

Credit Card Taxes

Through General Resolution 5463/2023 of the Federal Public Revenue Administration, the perception system on account of Income Tax and Personal Property Tax applicable to some of the operations covered by the PAIS Tax was modified, particularly those involving the purchase or acquisition of foreign currency.

With the changes introduced by the aforementioned general resolution, the amount of the perception has been unified and reduced to 30% as of the effective date of the resolution.

The perceptions applied will be considered as paid taxes and can be offset in the annual income tax return or, as the case may be, in the Personal Property Tax return for the fiscal period in which they were applied.