Relevant News

• New Import Regime “SIRA”
• Restrictions to acquire foreign currency (access to MULC) – Imports
• Requirements for Simplified Joint Stock Companies (SAS)
• Income Tax Minimum Taxable Amount
• Investment Promotion Regimen for Exports of Knowledge-based Economy Activities
• Registry of Biofuels Operators and Blenders

LEGISLATION

Joint Resolution 5271/22 – Access to MLC

By means of Joint Resolution No. 5271/2022, the Tax Authority ("AFIP") and Secretariat of Commerce abrogate Joint Resolution Nº 4185, and amendments, and replace the Import Monitoring System ("SIMI") used until now, with the Import System of the Argentine Republic ("SIRA") which will apply in order to carry out an import as from October 17th, 2022. Among others, the Joint Resolution sets forth that SIRA is applicable to importers in relation to their permanent import operation and that the import declarations obtained through SIRA shall have a validity period of 90 days from the date in which the declaration had the approved status. The Secretariat of Commerce and the BCRA shall evaluate the information and inform the date in which access to the foreign exchange market shall be granted. The Joint Resolution also abrogates General Resolution Nº 5135 and creates the Argentine Republic's Import and Payment of Services to Foreign Countries System (“SIRASE”) which will be applicable to all those who must make payments abroad on their own account or on behalf of third parties or act as payers of the payment, to cancel their own or third parties' obligations. Finally, the Joint Resolution creates a new system for consultation and registration of foreign exchange transactions called "Foreign Trade Single Current Account". Authorized entities to trade foreign exchange shall consult and register the ARS amount corresponding to the transactions to cancel operations that had been previously registered through a SIRA/SIMI and are in OUTPUT status; SIRASE with APPROVED status; officialized import dispatches and entry destinations to Free Trade Zones (ZFI). Entities authorized to operate in the Free Foreign Exchange Market must consult and register the amount in pesos of the total amount of each of the foreign exchange operations to be performed, at the time the transaction is carried out.

Communication A 7621/22 – Access to MLC

By means of Communication “A” Nº 7621/22, the Central Bank of Argentina (BCRA) defers until December 31, 2023 the regulations applicable to access the foreign exchange market for payments of foreign financial indebtedness to related counterparties and those related to the maturity of principal of foreign currency liabilities.

Communication A 7622/22 – Access to MLC

By means of Communication “A” Nº 7622/2022, the Central Bank of Argentina (“BCRA”), modifies certain aspects related to the access to the exchange market (“MLC”) in order to pay imports of goods associated with a SIRA declaration. The Communication authorizes the access to the foreign exchange market in case the main following conditions were met: (i) the payment must be completed after the expiration of the term set forth in the SIRA declaration, or by means of exchange or arbitrage against a local account in foreign currency (provided that the SIRA has stated that such option would be used) or (ii) some of the circumstances mentioned in section 8 of the communication were verified. The transaction shall be validated in the "Single Current Account for Foreign Trade" system. In addition, the Communication sets forth the situations that allow the access to the foreign exchange market before the expiration of the period of time stated in the SIRA declaration.

Decree 682/22 and General Resolution 5272/22 – PAIS Tax

By means of Decree Nº 682/2022, the Executive Branch sets forth that recreational services and artistic activities contracted abroad must pay the PAIS tax to transfer dollars abroad. By means of General Resolution No. 5272/2022, the AFIP regulates the provisions of Decree Nº 682/22 and provides that the purchases in foreign currency by means of a credit and debit cards of tickets and tourist packages exceeding USD 300 per month will pay an additional 25% contribution as advance payment of personal property tax.

General Resolution 13/22 – Simplified Joint Stock Companies

By means of General Resolution Nº13/2022, the Superintendence of Corporations (“IGJ”) sets forth that Simplified Joint Stock Companies (“SAS”) domiciled within the City of Buenos Aires must, within 180 days as of October 27th 2022, (i) prove the existence and veracity of their registered domicile and office, (ii) prove the initiation of the proceedings in order to obtain their corporate books and accounting ledgers, and (iii) file their financial statements corresponding to the years, 2020, 2021 and -if applicable- 2022; all under penalty of being considered inactive.

Decree 714/22 – Income Tax Minimum Taxable Amount

By means of Decree Nº714/2022, the Executive Branch increased the minimum taxable amount for income tax over employees’ monthly gross salary to the amount of AR$330,000.

Decree 679/22 - Investment Promotion Regime for Exports of Knowledge-based Economy Activities

By means of Decree N° 679/2022, the Executive Branch creates the Investment Promotion Regime for Exports of Knowledge-based Economy Activities (the "Regime"). The Regime shall include direct investments higher than USD 3,000,000 related to infrastructure, capital goods and working capital (including registered salaries professional fees) intended for new projects -or the expansion of already existing projects- involving the development of knowledge-based economy activities provided under Article 2 of Law No. 27,506 which can be capable to contribute to the increase of exports. The aforementioned minimum amount required for the projects could be reduced by enforcement authority up to 20%. Interested parties registered in the Regime may be benefitted with the exemption to settle in the MULC up to a 20% of their foreign investments, which could be applied -at beneficiaries’ choice- to the payment of commercial or financial debts abroad, to the payment of dividends, repatriation of foreign currency of non-residents or to the aforementioned investments. Investments Projects under the Regime shall be completed within a 24 months term (extendable for an additional 24 months term by enforcement authority). Interested parties shall be able to join the Regime until June 30th 2023.

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolution 689/22 – Registry of Biofuels Operators and Blenders

By means of Resolution Nº 689/2022, the Secretariat of Energy creates the Registry of Biofuels Operators and Blenders, in which all biofuels producers, blenders, storages and traders shall be registered according to the requirements set forth in this resolution. The regulated entities that are currently registered must adapt their registration before July 31, 2023, otherwise their activity will be considered clandestine. In addition, the resolution determines the quality specifications for fossil fuels, biofuels and their blends.

Decree 709/22 – Price of Bioethanol

By means of Decree Nº 709/2022, the Secretariat of Energy sets forth that the prices of bioethanol obtained from sugar cane and corn shall be updated in accordance with the variations of the price of petrol (under the terms of Resolution 852/21).

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