Updates and key reporting deadlines
Argentine President Javier Milei, who has been in office more than a month, has already put in place a number of reforms to the legal landscape aiming to deregulate the economy and the business environment. Congress is also actively discussing further reforms.
In this alert, we sum up the most relevant developments from the tax, foreign exchange, and customs perspectives. We also set out certain key reporting deadlines coming up this month. We will review:
- Executive Branch Decree Nbr. 70/2023 on customs matters
- New foreign exchange regulations on payment for imports of goods and services
- Access to FX markets to pay for imports of goods
- Access to FX market to pay for imports of services
- Repatriation and settlement to AR$ of the export´s proceeds
- PAIS tax
- The new system for authorization of imports to replace SIRA and SIRASE
- Debt of local entities with foreign providers Registry of Commercial Debt for Imports from foreign suppliers – note the deadline for reporting is January 24, 2024.
- BOPREAL bonds issued to pay debt for imports
- Bill of reform and deregulation
- Tax amnesty
- Regularization Plan
- Export duty rates
- Incentive regime for large investments. agroindustry, infrastructure, forestry, mining, oil and gas, energy and technology
1. Executive Branch Decree Nbr 70/2023. Customs Matters
On December 21, 2023, the Official Gazette published the Executive Branch Decree of Necessity and Urgency 70/2023. The Decree contained more than 360 sections, abrogating 32 laws and amending 19 laws, introducing modifications in regulations of a variety of topics such as – but not limited to – the regulations applicable to the financial system, labor laws, customs code, foreign trade regulations, civil and commercial code, energy, oil and gas and mining regulations, public works and utilities, and airline transport regulations, among others.
The Decree entered into force on December 29, 2023 and it will continue in force until further revision by Congress, which will either confirm or reject it.
Customs matters
