By means of Communication “A” 7547 (‘Rule’), the Argentine Central Bank (“Central Bank”) adjusted and relaxed certain restrictions of the Foreign Exchange and Foreign Exchange regulations, establishing new conditions for access to the foreign exchange market (“MULC”) to make payments for imports of goods and services.
First, the Rule reduces to 60 days the term to make payments for services when the services are contracted by companies in the energy sector to meet their operational needs.
Secondly, it is established that for goods corresponding to tariff positions detailed in items 10.10.1 or 10.10.2 of the Foreign and Exchange regulations and when the entity has documentation proving that the payment is made within the framework of a temporary import for transformation, the payment terms set forth in items 10.10.1 or 10.10.2 of the Foreign and Exchange regulations shall not apply. 3.2.5. (payment within 180 days from the nationalization of the good), 10.3.2.6. (payment within 365 days from the nationalization of the good), nor the requirement of prior authorization from the Central Bank provided for in points 10.4.2.9. and 10.4.3.8. of the “Foreign and Exchange” regulations shall not apply.
Thirdly, the Rule establishes that when the imported goods are fertilizers and/or phytosanitary products and/or inputs that will be used for the local processing thereof, access to the MULC will be allowed for the equivalent to the amount that the importer enters and settles as advances and pre-financing abroad with a maturity date equal or subsequent to the date of registration of customs entry of the goods plus 60 (sixty) calendar days. If the payment is made prior to the arrival of the goods in the country, the due date must be equal to or after the estimated date of arrival plus 60 (sixty) calendar days.
Finally, it is foreseen that the “Export Certificates of temporary inputs under the customs in factory (RAF) regime” may be partially or totally reassigned to one or more of the beneficiary’s direct suppliers, so that it may be used by the recipient for access to the MULC.
