Under Decree 576 (the “Decree”), the Executive Power created the Export Increase Program (the “Program”) aimed to exporters of soybeans (in grains or pellets), soybean meal and/or biodiesel and their blends obtained from soybeans during the last 18 months.
The Program is voluntary and will be implemented through the web platform of the Tax Authority (AFIP).
Subject to implementation by the Central Bank, the countervalue of the exported goods (including pre-financing, advance and/or post-financing export settlements) will be settled in the Foreign Exchange Market within the terms applicable to each type of product at a fixed exchange rate of $200 per U.S. dollar. In practice, the Program implies the application of a differentiated exchange rate with an incremental of approximately 43% over the exchange rate of the official foreign exchange market. The Program, and in particular the differentiated exchange rate, will apply until September 30, 2022.
As a precedent condition to applying to the Program, local exporters must waive any judicial or administrative procedure which purpose is to claim the application of procedures to those foreseen in an extraordinary way in the Decree and with respect to the operations reached by the same.
In order to encourage producers to sell soybean products related for exports under the Program -in a percentage of no less than 85% of their 2021-2022 harvest- locally for export before September 30, the Secretariat of Agriculture will establish benefits and programs for the 2022-2023 harvest. To date these benefits have not yet been disclosed.
In addition, the Central Bank enabled producers who sell their soybean products for export under the Program to affect the net amount received to the special accounts with retribution at the weighted exchange rate of the Exchange Market published by the Central Bank.
