Relevant News

• Restrictions to acquire foreign currency (access to MULC) Related to Knowledge based Economy
• Acquisition of Foreign Currency – Incremental Production of Oil & Gas
• Tax Benefits on the Exportation of Hydrocarbons

LEGISLATION

Communication “A” 7664/2022 – Access to MULC

By means of Communication "A" No. 7626/22, the Central Bank of Argentina (BCRA) provides certain amendments to the regulations on Foreign Exchange (“Normas de Exterior y Cambios del BCRA”), mostly applicable to the beneficiaries of the Regime for the Promotion of Knowledge based Economy (the “Beneficiaries”). Among others, the Communication provides that Beneficiaries shall be exempted from settling payments for exports of goods and services entering through the MULC within the applicable term, corresponding to activities of knowledge based economy, subject to the issuance of a "Certification of Increasement” of said exports. The funds in foreign currency must be deposited in a special account until they are finally destined to the payment -in foreign currency- of employees’ salaries. The Communication also provides that the Beneficiaries shall be exempted from the settling up to 20% of foreing direct investments entering through the MULC, if: (i) the exempted foreign currency is deposited in a special account destined to the Regime for the Promotion of Knowledge based Economy", and (ii) an affidavit is signed by the Benefiary compromising the destiny of such funds exclusively for any of the applications admitted in Chapter I of Decree 679/2022, submiting the documentation of the final capitalization of the contribution within 365 calendar days.

LATEST NEWS IN THE HYDROCARBON SECTOR

Resolution 13/2023 – Access to Foreign Exchange

By means of Resolution Nº 13/2023 the Secretariat of Energy approves the general terms and conditions in order to access foreign currency for the incremental production of Oil (RADPIP), Natural Gas (RADPIGN) and for the Promotion of Employment, Labor and Development of Regional and National Suppliers of the Hydrocarbons Industry (RPEPNIH).

Resolution 20/2023 – Price of Bioethanol (Sugar Cane and Corn)

By means of Resolution Nº 20/2023, 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 January 16th, 2023.

Neuquén - Procedure for Prior Consultation to Indigenous Communities

By means of Decree Nº 108/2023 the Executive Branch of the Province of Neuquén approves the “Procedure for Prior, Free and Informed Consultation” applicable to those indigenous communities with provincial recognized legal status. The procedure shall be mandatory for the provincial authorities in relation to the issuance of regulations capable to affect such communities. In particular, and among others, the Procedure shall apply to the authorization proceedings of exploratory or exploitation programs of natural resources located on indigenous territory.

Neuquén - Public Tender 1/2023 – Cero Hamaca Area

Public Tender Nº 1/2023 of the Province of Neuquén calls interested parties to participate in the granting of hydrocarbons exploitation, development and exploration rights within Cerro Hamaca Area, located in the Province of Neuquén. Tenders shall be received until March 13th, 2023.

Resolution 26/2023 – Benefits for Exports of Hydrocarbons

By means of Resolution Nº 26/2023, the Secretariat of Energy approves the procedure for application of a benefit of 0% on export duties regarding exports of liquid and gaseous hydrocarbons (under Decree Nº 929/2013).

Please, do not hesitate to contact us in case you have any further questions or comments: