On June 29, 2023, the Central Bank of Argentina (“BCRA”) published Communication “A” 7799 (the “Communication”), which amended foreign exchange regulations of the Export Investment Promotion Regime (Régimen de Fomento de Inversión para las Exportaciones).
The Communication states that:
- The gross amount of foreign currency to be received will arise from the sum of amounts accrued for:
- The settlements made in the foreign exchange market as from April 7, 2021, in respect of financial indebtedness abroad and foreign direct investment contributions.
- The FOB value of imports of capital goods incorporated to the investment project, with customs entry after April 7, 2021 inclusive, and which have had financing from a foreign creditor or have constituted a contribution of direct investment in kind to the resident company.
- The financial entity monitoring the project shall:
- Record that imports comply with item1 (2);
- Follow up on import dispatches;
- Notify the BCRA of each investment made to finance the project.
- Register the transactions under item 1 (2) with the Foreign Exchange Transactions Information System.
The Communication establishes that those who pay imports of capital goods that are made simultaneously with the liquidation of funds originated in a financial indebtedness abroad or a foreign direct investment contribution -whose amount applied in the calendar year does not exceed the equivalent to 25% of the gross amount of the investments entered to finance the project that generates the exports- will be exempted to pay imports of goods in operations associated to a SIRA declaration before the term foreseen therein.