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On 16 October 2014, the Argentine Central Bank (the “ACB”) issued Communication “A” 5647 (the “Communication”) reducing the term that importers had to evidence the actual entry into the country of imported goods that were paid for in advance.
The Communication was issued in order to avoid the devaluation expectation which accelerate payments of import goods in advance increasing the demand for foreign currency in the foreign exchange market. Accordingly, the ACB has reduced the term to evidence the entry of imported goods into the country from 365 days to 120 days, counted as from the day in which the importer accessed the foreign exchange market to pay such goods in advance. Nevertheless, the ACB admits the possibility of requesting an extension of such term based on causes not attributable to the importer. In addition, the Communication excluded capitals goods from the term reduced. The term to prove the entry of such goods is still 365 days. In all cases, importers must file an affidavit committing them to prove the entry of the goods within the corresponding term according to the type of the imported good. For additional information, please contact Alejandro Olivera, Gabriel Gomez Giglio or Francisco José Fernández Rostello of our Buenos Aires office. |
