By means of Decree No. 160/2015 (18 Dec. 2015), the National Government gave legal form to the announced total removal of export taxes (commonly known as “withholdings”) for mineral and manufactured products. As of December 21, 2015, export taxes for all mineral and manufactured products have been reduced to 0%, with the exception of: (i) biodiesel, taxed at 32%; and (ii) iron and steel scrap materials which are now taxed at 5%. Together with the…
As anticipated, and as mandated by the World Trade Organization (“WTO”), the Federal Tax Authority (“AFIP”, according to its Spanish acronym) issued today General Resolution 3823 (“RG3823”) that abrogates the import licensing system known as Advanced Import Affidavit (“DJAIs” in Spanish”) and replaces it with the Import Monitoring System (Sistema Integral de Monitoreo de Importaciones, “SIMI”). SIMI applies to all final imports into Argentina. According to the same, any importer must –prior to importation- submit…
By means of Decree No. 133/2015, the National Government gave legal form to the announced total removal of export taxes (commonly known as “withholdings”) for agricultural and farm products. As of December 17, 2015, export taxes for all agricultural and farm products have been reduced to 0%, with the exception of certain products, such as: (i) soybeans, which are now taxed at 30% (previously 35%); (ii) soy flour and soy oil, which are now…
The Argentine Central Bank (ACB) issued Communication “A” 5850 (the “Communication”) introducing several amendments to the current exchange control regime. The amendments’ main purpose is to provide more flexibility to the current exchange control regime and to implement the governmental decision to let the exchange rate float -despite the ACB intervention in the foreign exchange market (i.e., dirty float). In this regard, the Communication provides for changes to the acquisition of foreign currency regime…
On November 17th, Decree 2103/2014 was published in the Official Bulletin to establish the creation of a Unit for the Follow-up and Traceability of Foreign Trade Operations (Unidad de Seguimiento y Trazabilidad de las Operaciones de Comercio Exterior)( the Unit). The creation of the Unit was due to: (i) the increase of foreign trade, which has been increasing systematically in the period 2003-2013, reaching an approximate amount of one hundred and fifty billion dollars (US$…
On 16 October 2014, the Argentine Central Bank (the “ACB”) issued Communication “A” 5647 (the “Communication”) reducing the term that importers had to evidence the actual entry into the country of imported goods that were paid for in advance. The Communication was issued in order to avoid the devaluation expectation which accelerate payments of import goods in advance increasing the demand for foreign currency in the foreign exchange market. Accordingly, the ACB has reduced the…
On September 19, 2014 the Boletin Oficial de la Republica Argentina (Official Gazette) published new Law No. 26,991 Regulating Relations of Production and Consumption (New Law) which amended the Supply Law No. 20.680 signed by President Peron in 1974 (Supply Act). The New Law supposedly aims to “… to ensure the transparent operation of the market for goods and services” in order to “prevent abuse and misappropriation of surplus value chain” and “protect the…
On 6 May 2014, the Boletin Oficial (Official Bulletin) published General Resolution 3622 (25 April 2014) of the Administracion Federal de Ingresos Publicos (AFIP, the Federal Administration of Public Revenue) which approved an advance sea cargo information module for the MALVINA Information System. The module is based on WCO SAFE recommendations and Decision № 50 of the Common Market Council of 16 December 2004 and directive № 32 of the MERCOSUR Commerce Commission of 13…
On Tuesday, March 25, 2014, Baker & McKenzie will host a breakfast briefing to discuss the latest trade & customs developments in Argentina. This discussion will take place in our Washington, DC office. Esteban Ropolo, a Partner in our Buenos Aires office and a member of Baker & McKenzie’s International Trade and Customs Practice Group, will be leading this discussion. This will be a lively discussion as Esteban talks about the impact Argentina’s trade barriers…