The Ministry of Economy established special terms for the repatriation of foreign currency proceeds from the export of goods into the local financial system for certain companies. Also, the Ministry of Economy confirmed the applicable term to transactions between related companies.
Through Resolution No. 468/2012, effective as of August 22, 2012, the Ministry of Economy excepted certain companies, and with regard to certain products, from the terms for repatriation of foreign currency proceeds settled by Resolution No. 142/2012, as amended by Resolution No. 231/2012.
Resolution No. 142/2012 states that exporter of goods must transfer foreign currency proceeds into the local financial system within 30, 90 or 360 consecutive days from the accomplished bill of lading. The applicable term depends on the tariff code in which the goods are classified under the Common Nomenclature of Mercosur ("NMC" for the Spanish acronyms of Nomenclatura Común del Mercosur) (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 companies exempted by Resolution No. 468/2012 filed before the Evaluation Unit of the Ministry of Economy (the "Evaluation Unit") requests of extension of terms and had satisfactory resolutions. The extension of terms for these companies with regard to the goods detailed in Annex I of Resolution No. 468/2012, vary from 37 to 180 consecutive days from the accomplished bill of lading.
Furthermore, Resolution No. 468/2012 confirmed that when the export transactions are made between related companies, the applicable term for the repatriation of foreign currency proceeds is 30 days from the accomplished bill of lading, as provided by section 1, second paragraph, of Resolution No. 269/2001 of the then known as Secretariat of Foreign Trade (modified by Resolution No. 142/12 and Resolution No. 231/12). Consequently, the extensions of terms granted by the Ministry of Economy do not apply to export transactions between related parties.
Finally, Resolution No. 468/2012 states that this 30-day term also applies to the transactions of the companies included in the annexes of Resolutions No. 295/2012, 296/2012, 305/2012, 378/2012 and 384/2012 that, by the time Resolution 468/2012 was effective, had not obtained the accomplished bill of lading.
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