Relevant News

• Restrictions to acquire foreign currency (access to MULC) – Imports
• Restrictions to acquire foreign currency (access to MULC) – Oil&Gas Incremental Production
• Restrictions to acquire foreign currency (access to MULC) – Benefits for non-residents
• Protection of Personal Data
• Minimum Wage
• New Proceeding for Export of Natural Gas
• Plan Gas

LEGISLATION

Communication A 7626/22 – Access to MULC

By means of Communication “A” Nº 7626/22, the Central Bank of Argentina (BCRA) sets forth that those who had obtained a "Certification for the access to foreign currency for the incremental production of oil and/or natural gas regimes” (Decree No. 277/22) and provided that they comply with the other applicable requirements set forth in the applicable regulations, will be able to access the MULC for up to the amount of the certification for the purposes detailed in the Communication (such as payments of commercial debts for import of services and capital of debts for imports of goods, payment of profits and dividends to non-resident shareholders, payment of financial debt to related parties, among others).

Communication A 7629/22 – Access to MULC (payment of imports)

By means of Communication "A" Nº 7629/2022, the Central Bank of the Argentine Republic (BCRA) modifies Communication “A” 7622/2022 incorporating new circumstances in which banks shall be able to grant access to MULC for the payment of import of goods associated to a SIRA affidavit.

Communication A 7630/22 – Access to MULC (Benefits for Non-Residents)

By means of Communication “A” Nº 7630/22, the Central Bank of Argentina (BCRA) exempts the following services from settlement in the MULC, provided that the foreign currency enters within legal term: (i) Charges by non-residents through debit, credit, purchase or prepaid cards issued abroad; (ii) tourist related charges by nonresidents and (iii) local transport of passengers related charges by non-resident.

Communication A 7638/22 – Access to MULC

By means of Communication “A” Nº 7638/2022, 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. In particular, the Communication sets forth that imports of goods will be authorized to be paid before the period of time set forth in the SIRA declaration for such purpose, if simultaneously the MLC is accessed with funds obtained from advance payments or pre-financing of exports obtained from abroad or pre-financings granted by local entities (with funding from abroad), provided that the goods are used for manufacturing local goods to be exported, the maturity date of the financing is the same or subsequent to the estimated date of arrival of the goods in the country, plus the deadline of the SIRA declaration, plus 15 days and a sworn statement is filed.

International Convention 108 - Protection of Personal Data

National Congress approved the execution by the Executive Branch (in 2019) of the International Convention 108+, which amends the Convention for the Protection of Individuals with regard to Automatic Processing of Personal Data.

Joint Resolution 5289/22 – Annual Report of Civil Associations

By means of Joint Resolution Nº 5289/2022, Tax Enforcement Authority ("AFIP") and the Superintendence of Corporations (“IGJ”) sets forth that all Civil Associations Level I must prepare an annual report or statement of financial position detailing the resources and expenses of the fiscal year. The resolution will become effective as from January 2, 2023 and will be applicable for fiscal years beginning on or after January 1, 2022.

Resolution 15/22 - New Values for the Minimum Wage and Unemployment Benefits

By means of Resolution Nº 15/2022, the Ministry of Work, Labor and Social Security sets forth the new values of the minimum wage and unemployment benefits, applicable as from December 1st, 2022, January 1st, 2023, February 1st, 2023 and March 1st, 2022.

Decree 787/22 – Export Increase Program

By means of Decree Nº 787/22, the Executive Branch reestablishes the Export Increase Program (the “Program”) created by Decree No. 576/22, which will be in force until December 30th, 2022. Natural persons or companies which had exported the goods detailed in the Decree at any time during the 18 immediately preceding months may adhere to the Program.

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolutions 740/22 and 777/22 - Price of Bioethanol (Sugar Cane and Corn)

By means of Resolutions Nº 740/2022 and Nº 777/22, the Secretariat of Energy sets forth the price of bioethanol obtained from sugar cane and corn destined for mandatory mixture with petrol (Law 27,640) applicable to operations performed as of October 1st 2022 until the date in which a new price is published.

Resolution 774/22 - Authorization Procedure for Exports of Natural Gas

By means of Resolution Nº 774/2022, the Secretariat of Energy approves the new proceedings for the authorization of exports of Natural Gas.

Decree 730/22 – Plan Gas

By means of Decree Nº 730/22, the Executive Branch approves the "Plan for the Reassurance and Enhancement of Federal Hydrocarbon Production, Internal Self-supply, Exports, Supplement of Imports and Expansion of the Transport System for all the Hydrocarbon Basins of the Country 2023-2028" (hereinafter “Plan Gas”). The Executive Branch launched Plan Gas considering that investments in new projects of gas production and infrastructure require of a minimum period of time to be developed and the need to increase gas production for next winter season. Plan Gas’ duration was set forth until year 2028. The Decree allows the Secretariat of Energy (the, “SE”) to determine volume, term and prices of natural gas to be applied to the PPAs to be executed under Plan Gas following certain parameters defined in the Decree, which include among others: the SE shall be entitled to grant companies participating in Plan Gas preferred conditions to export gas on firm bases in summer and/or winter seasons, a minimum price for exports shall be determined, the SE shall implement public biddings or tenders in order to negotiate the terms and conditions of private contracts to be executed under Plan Gas, companies shall comply with the hiring of local companies and personnel principles for the execution of their programs under Plan Gas. On November 14th, the SE issued Resolution Nº770/22 and launched competitive bidding processes in order to fill Néstor Kirchner Pipeline, defer commitments of gas injection to four more years, add volumes for the demand peaks of winter season and incentive measures to try to revert the decline of Austral and Noroeste basins.

Resolution 791/22 – Price of Biodiesel

By means of Resolution Nº 791/2022, the Secretariat of Energy set forth monthly prices applicable to biodiesel destined for mandatory mixture with diesel (under Law No 27,640) until March 2023.

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