Relevant News

• Restrictions to acquire foreign currency (access to MULC)
• Modification to the Export Promotion Regime
• Deferral of Health Emergency (COVID-19)
• Implementation of Health Passport
• Deferral of Labor Emergency. Compensations in case of dismissal

LEGISLATION

Communication “A” 7416/21 – Access to MULC

By means of Communication “A” 7416/2021 the Central Bank of the Argentine Republic (“BCRA”) defers until June 30th, 2022 certain restrictions for accessing the foreign exchange market, including the following: the provision set forth in section 3.5.7 of BCRA’s regulations regarding access to the foreign exchange market in order to pay capital of foreign financial indebtedness incurred with related counterparties, payment of imports of goods or payment of capital of debts incurred in connection with imports of goods by applying BCRA’s formulae and other exceptional situations provided under section 10 of BCRA’s regulations, the obligation to submit a refinancing program for debts which maturity dates occurred between June 1, 2022 and June 30, 22, among others. Regarding this refinancing program, for maturity dates occurring between January 1 and January 26, 2022 the plan must be submitted before December 27, 2021. The Communication also sets forth the application of the certificates of increase in exports to exporters who register an increase in exports during 2022 compared to 2021, extends the possibility to apply the funds obtained from new financial indebtedness to payment of debts incurred in connection to imports of goods and payment of services to related parties and the amount of said benefit is increased.

Decree Nº836/21 – Modification to the Export Promotion Regime

Decree Nº836/21 issued by the Executive Branch introduces some modifications to the Export Promotion Regime created by means of Decree Nº234/21. The Decree sets forth that the beneficiaries of the projects included in the Export Promotion Regimen which contemplate investments exceeding the amount of USD 500,000,000 will be entitled to an amplified benefit defined in said Decree provided that the beneficiary makes no use of the benefit granted under Section 8 of the Decree 234/21 referred to the free use of up to 20% of the foreign exchange currency received from the exports related to the project for payment of capital and interests of foreign commercial and financial debts and/or dividends and/or repatriation of non-residents’ direct investments.

Communication “A” 7420/21 - Export Promotion Regime

By means of Communication "A" 7420/21, the Central Bank of the Argentine Republic ("BCRA") regulates the Export Promotion Regime created by Decree N°234/21.

Decree Nº867/21 – Deferral of Health Emergency

By means of Decree N° 867/21, the Executive Branch defers until December 31, 2022 the health emergency declared under Law 27,541.

Administrative Decision Nº1198/21 – Implementation of Heath Pass

By means of Administrative Decision N° 1198/21, the Chief of Staff sets forth that as from January 1st, 2022, evidence of a complete vaccination schedule (health pass) will be required in order to carry out activities considered as “Activities of Higher Epidemiological and Sanitary Risk”, as defined in the aforementioned Administrative Decision.

Decree Nº 886/21 – Severance Payment in Case of Dismissal

By means of Decree N° 886/2021, the Executive Branch defers until June 30, 2022 the labor emergency previously declared by Decree N° 34/2019. The Decree also provides that in cases of dismissal without cause, the employee shall be entitled to receive, in addition to the corresponding compensation: (i) an additional 75% of the compensation amount in case the dismissal is dated between January 1, 2022 and February 28, 2022; or (ii) an additional 50% of the compensation amount in case the dismissal is dated between March 1, 2022 and April 30, 2022; or (iii) an additional 25% of the compensation amount in case the dismissal is dated between May 1, 2022 and June 30, 2022. In no case the additional amount may exceed ARS 500,000. The provisions of the Decree shall not apply to labor relationships beginning after the issuance of Decree N° 34/19.

Resolution Nº19/21 – Registration of Protocols for Family Companies

By means of Resolution Nº19/2021, the Superintendence of Corporations allows the voluntary registration of protocols for family companies which were registered with Superintendence’s public registry under the conditions set forth under the Resolution. Registration of the protocol with the Public Registry sole effect shall be to allow third parties to acknowledge protocol’s existence and extent.

Resolutions Nº5116/21 and 5127/21 – Reference Values Applicable to Exportations

By means of Resolutions Nº 5116/2021 and 5127/21, the General Direction of Customs sets forth new values of reference for the exportation of certain products provided therein (bicycle wheel and lead).

Decrees Nº851/21 and 852/21 – Reference Values Applicable to Exports

By means of Decrees N° 851/2021 and 852/2021, the Executive Branch sets forth an export duty applicable to exports of certain products provided therein (such as organic products).

Decree N° 908/21 - Deferral of Export Duty

By means of Decree N° 908/21, the Executive Branch defers until December 31st, 2023 the export duty of 8% applicable to exports previously established by Decree N° 785/20.

LATEST NEWS IN THE HYDROCARBON SECTOR

Decree Nº820/21 - Taxes on Liquid Fuels and Carbon Dioxide

By means of Decree Nº 820/21, the Executive Branch, defers until March 1st, 2022 the application of the increase of tax on liquid fuels and carbon dioxide (art. 4, subsection d, art 7 and art 11 of Law Nº23,966) corresponding to the first, second and third quarter of 2021 for unleaded gasoline, virgin gasoline and diesel.

Resolution Nº 1183/21 – Price for Biodiesel

By means of Resolution Nº 1183/2021, the Secretariat of Energy sets monthly prices applicable to the acquisition of biodiesel destined for mandatory mixture with diesel (under Law No 27,640) until March 2022.

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