Creation of New Import Authorization Payment Systems

Joint General Resolution No. 5271 of the Argentine Tax authority (AFIP) and the Secretariat of Commerce (SC) was published in the Official Gazette on October 12, 2022, becoming effective on October 13. Meanwhile, the Argentine Central Bank (BCRA) issued Communication “A” 7622.

 

Joint General Resolution No. 5271

 

This resolution repeals Joint General Resolution No. 4185, which regulated the Integral System for Monitoring Imports (SIMI) and General Resolution No. 5135, which established the Integral System for Monitoring Foreign Payments of Services (SIMPES). The resolution creates the Argentine System of Imports (SIRA) and the Argentine System of Imports and Foreign Payments of Services (SIRASE). The SIRA replaces the SIMI and the SIRASE replaces the SIMPES.

 

The elements analyzed by AFIP are: 1) the importer's situation based on the information available in its records; 2) the risk profile including investigation processes related to over-invoicing and under-invoicing in foreign trade operations; and 3) the Financial Economic Capacity (CEF).

 

The SIRA will keep the different statuses  the SIMI assigned, such as "OFFICIALIZED", "READY", "CONTESTED", "CANCELLED", and "REVOKED".

 

The declaration made through the SIRA will be valid for 90 calendar days, counted from the date on which it acquires "READY" status.

 

Once AFIP's analysis has been completed, the SC will analyze the filings made before the monitoring systems and the import destinations registered by the importer. The importer must have informed the period in calendar days between the official registry of the import and the estimated date of access to the Foreign Exchange Market (FX Market) for the payment of imports. The SC and the BCRA will evaluate this data and inform the term between the official dispatch and the date on which access to such market will be allowed.

 

Exceptional situations, including imports not requiring access to the FX Market, the user manuals of the systems involved, and the management guidelines for declarations made through the SIRA, will be published in the microsite "Argentine Import System (SIRA)", available at the AFIP website.

 

Single Foreign Trade Checking Account

 

It was considered convenient to supplement the new controls with the creation of a Single Foreign Trade Checking Account, where all financial institutions the BCRA authorized to operate in the FX Market must register the amount of each of the foreign exchange transactions related to import operations in ARS at the time the transaction is carried out. They must access the service “Foreign Trade Single Checking Account” (Cuenta Corriente Única de Comercio Exterior), through AFIP's website.

 

The Foreign Trade Single Checking Account includes foreign currency sale transactions -currencies or banknotes- to cancel transactions previously registered through a SIRA/SIMI and with an “approved” status, SIRASE with “approved” status, officialized import dispatches, and Free Trade Zone (ZFI) entry destinations.

 

The Single Checking Account will allow AFIP to carry on systemic evaluations in real time of the data entered, to issue the corresponding response, which may be "Validated" or "with inconsistencies", depending on whether it passes the controls or not. Whoever wishes to acquire foreign currency may consult the reasons in the SIMI, the SIRA, or the SIRASE.

 

Communication "A" 7622

 

The Communication supplements the Resolution, establishing that financial institutions may -as of October 17, 2022- grant access to the FX Market to pay imports of goods of transactions associated to a declaration in the SIRA, if:

 

(i) the payment is done once the term, counted in calendar days from the registration date of customs entry of the goods, stated in the SIRA declaration, has passed;

 

(ii) the payment is made by exchange and/or arbitration in a local account in foreign currency, and the SIRA declaration has stated that such option would be used; or

 

(iii) any of the situations in point 8 of the regulations are verified. This point establishes, among others, that the goods paid correspond to the tariff positions classified as Capital Goods in the NMC.

 

The Communication establishes that access to the FX Market to pay imports of goods for transactions associated to a declaration in the SIMI made while valid, or for operations for which the presentation of a SIRA declaration is not required to register the customs entry of goods will continue to be governed by the provisions in force.

 

Additionally, entities may grant access to the FX Market to pay imports of goods to transactions associated to a SIRA declaration before the term established in such declaration, if the transaction is validated in the computer system "Cuenta Corriente Única de Comercio Exterior" implemented by AFIP, provided that the remaining applicable regulatory requirements are met and the payment falls within any of the detailed situations.

 

Access to the FX Market may also be granted to pay imports of goods to operations associated to a SIRA declaration before the term established in the declaration if, among others, the FX Market is accessed through funds originated in a financing of imports of goods granted by a local financial institution from a foreign line of credit.