The Ministry of Economy introduced an exception to the terms for the transfer of foreign currency proceeds from the exports of goods into the local financial system.
Through Resolution No. 187/2012, effective May 14, 2012, the Ministry of Economy amended Resolution No. 142/2012, which had reduced the terms for the transfer of foreign exchange proceeds from the export of goods into the Local Foreign Exchange Market ("Mercado Único y Libre de Cambio" or "MULC") (see "Reduction in the Terms for the Transfer into Argentina of Foreign Exchange Proceeds from Exports" in Marval News # 116 dated April 27, 2012).
The new regulation established an exception to the compliance with the new terms for the transfer of foreign currency to the MULC (provided by Resolution No. 142/2012) for exporters that do not exceed a certain export level, and for transactions included under agreements executed prior to the enactment of Resolution No. 142/2012.
Exception to the Terms Established by Resolution No. 142/2012
The exception to the compliance with the terms set forth by Resolution No. 142/2012 applies to exporters of goods that, during 2011, have registered exports for less than US$ 2,000,000, calculated on the basis of F.O.B. value.
The Federal Tax Authority ("AFIP") must provide the Evaluation Unit, created by Resolution No. 142/2012, with a list of the exporters that meet such requirement. The repatriation terms that were effective prior to the enactment of Resolution No. 142/2012 shall be applicable to those exporters, who will be notified thereof by the Secretary of Foreign Trade ("SFT"). According to a press release issued by the Ministry of Economy on May 21, 2012, such exporters will be deemed notified upon their access to the link https://auth.afip.gov.ar/contribuyente .
Registration of Existing Contracts
Resolution No. 187/2012 also created a registry of "Existing Contracts" executed prior to the enactment of Resolution No. 142/2012. The registry, which will work under the scope of the SFT, will determine the requirements to be met by such contracts. Such requirements have not been set by the SFT yet. The repatriation terms that were effective prior to Resolution No. 142/2012 will apply to the transactions included under these "existing contracts".
Lastly, it must be pointed out that Resolution No. 187/2012 does not modify Communication "A" 5300 of the Argentine Central Bank, which had also introduced changes related to the terms to transfer into Argentina foreign exchange proceeds obtained from the payment of exports. Therefore, the additional 120 business-day term revoked by Communication "A" 5300 has not been restated by Resolution No. 187/2012.
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