\n\nLEGISLATION<\/span><\/h1>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nCentral Bank Communications N\u00ba6814, 6815, 6818 and 6823 – Foreign Exchange Control<\/strong><\/h3>\nThe following are the main regulations introduced by the Argentine Central Bank (\u201cBCRA\u201d) to the current foreign exchange control system:<\/p>\n (i) Communication N\u00ba6814 tends to facilitate company\u2019s re-financing by excepting from BCRA\u2019s prior consent the access to foreign exchange market for the pre-payment of debts with foreign creditors with more than 3 business days in advance, provided that certain requirements are met. The Communication also allows (a) the access to the foreign exchange market for the payment of primes, constitution of guarantees and cancellations regarding hedging contracts of interest rate for the commitments undertaken with foreign creditors and duly informed to the BCRA and (b) subject to certain requirements, the possibility of netting foreign trade operations by excepting the obligation to settle the proceeds obtained from exports.<\/p>\n (ii) Communication N\u00ba6815 brings new regulations which restrict local individuals\u2019 access to foreign exchange market. In particular, the Communication reduces from USD 10,000 to USD200 and USD100 respectively (depending whether the transaction is made by debit to a banking account or in cash) the monthly permitted amount for the acquisition of foreign currency. In case of non-residents, the allowed amount is of USD100 per month. The Communication also sets forth a 90-day period to prove the effective import of the goods in case of advanced payment of imports with non-related suppliers and the need to obtain BCRA\u2019s prior consent for paying in advance imports to related companies. The Communication also creates a new informative regime applicable to financial institutions and foreign exchange operators under which they are requested to inform the BCRA with 2 business days in advance any operation exceeding USD2,000,000 to be conducted within the following 3 business days. To such end, the Communication instructs clients to inform such operations to the entity with due notice in order to allow such entity to comply with the informative regime.<\/p>\n (iii)Communication N\u00ba6818 sets forth a new set of regulations applicable to the payment of imports and of purchase of goods abroad effective as from November, 1st. Communication N\u00ba6818\u2019s mains aspects are the following: (a) the regulation sets forth that the payment of imports and other purchases of goods abroad as well as the commercial debt incurred by importer to such purposes have access to the foreign exchange market subject to certain requirements set forth in the applicable regulations; (b) distinguishes between payment of imports which have or not customs entry registry of the imported good and sets forth for each case the requirements to be met in order to access the foreign exchange market for their payment; (c) regulates the commercial debt and distinguishes it from the financial debt; (d) creates a tracking system named \u201cSEPAIMPO\u201d in order to keep track of payment of imports and the effective entry to Argentina of the imported good; (d) allows to pay directly to the supplier from abroad with the funds obtained from a commercial debt without the obligation of previously settling in the foreign exchange market.<\/p>\n (iv) Communication N\u00ba6823 sets forth a limit of USD50 per transaction for the drawing of money abroad by means of credit cards and implements the obligation of financial institutions and local credit cards issuers to obtain BCRA\u2019s previous authorization to access the foreign exchange market in order to make payments abroad for the use of credit, debit and prepayment cards issued in Argentina as from November 1st, 2019, when such payments were directly or indirectly originated in the use of international payment networks for the specific operations detailed in the Communication, including the transfer of funds to accounts of payment services suppliers or to investment accounts of investment administrators located abroad and the performance of exchange operations abroad, among other transactions.<\/p>\n Disposition N\u00ba75\/2019 \u2013 Antitrust National Registry<\/strong><\/h3>\nDisposition N\u00ba75\/2019 issued by the Antitrust National Commission creates and regulates the organization and functioning of the Antitrust National Registry under which all transactions qualifying as an \u201ceconomic concentration\u201d under the antitrust regulations shall be registered.<\/p>\n Decree N\u00ba 708\/2019 – Knowledge Based Economy Law<\/strong><\/h3>\nDecree N\u00ba708\/2019 issued by the Executive Branch (the \u201cDecree\u201d) regulates Law N\u00ba27,506 regarding the regimen of Promotion of the Knowledge Based Economy (the, \u201cRegime\u201d). Among other aspects, the Decree regulates the manner in which the term \u201cmain activity\u201d shall be defined, since when the interested parties must comply with the requirements set forth under the legislation to become eligible for the benefits under the Regime and certain aspects of the tax benefits including the fiscal credit bond. Additionally, the Secretary of Entrepreneurs and Small and Medium Companies issued Resolution N\u00ba449\/2019 which determines the scope of the activities and items included under the Regime, the requirements and procedure for registering before the Beneficiaries of the Promotion Regime of Knowledge Based Economy National Registry and the maintenance of such registration, the method of payment of the fee and the contribution to the \u201cFONDCE\u201d, among other aspects.<\/p>\n Resolution N\u00ba89\/2019 \u2013 New Procedure for Tax Benefits for Mining Activities<\/strong><\/h3>\nResolution N\u00ba89\/2019 issued by the Secretary of Mining Policies abrogates all previous regulations regarding the application, obtainment and use of the tax benefits created under Article 21 of Law 24,196 of Mining Investments regarding the exemption of import rights on capital assets destined to the mining industry and sets forth a new set of regulations to such end.<\/p>\n Resolution N\u00ba4616\/2019 \u2013 Extension of Tax Payment Plan for Small and Medium<\/strong><\/h3>\nBy means of Resolution 4616\/2019, Tax Enforcement Authority (\u201cAFIP\u201d) extends until November 30th, 2019 the payment plan applicable for small and medium companies and autonomous workers for debts arising from tax and social security obligations created under Resolution N\u00ba4557\/2019.<\/p>\n \n\n\n\nLATEST NEWS IN THE HYDROCARBON SECTOR<\/span><\/h1>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\nDisposition N\u00ba254\/2019 \u2013 Compensation to Oil Companies and Provinces<\/strong><\/h3>\nDisposition N\u00ba 254 issued by the Subsecretary of Hydrocarbons and Fuels approves the procedure for the transfer of the funds payable to oil and biofuels production companies and oil provinces under Resolution N\u00ba552\/2019 issued by the Secretary of Energy.<\/p>\n Resolution N\u00ba688\/2019 \u2013 Fuel Price Increase<\/strong><\/h3>\nBy means of Resolution N\u00ba688\/2019 the Secretary of Energy allows as from November 1st, 2019 and during the validity of Decree N\u00ba601\/2019, a 5% increase on the prices of fuel and gasoil commercialized by refining companies and minor and major retailers which final destination is supply to gas stations. The Resolution also sets forth a new parity of ARS 51.77 p\/dollar for deliveries of crude oil done in the local market during the validity of Decree N\u00ba601\/2019.<\/p>\n Joint Resolution N\u00ba2\/2019 \u2013 Incentives for the Non-Conventional Fields<\/strong><\/h3>\nJoint Resolution N\u00ba2\/2019 (the, \u201cResolution\u201d) issued by the Ministry of Production and Labor and the Secretary of Energy sets forth that the capital goods to be applied to investments in the production of hydrocarbons obtained from non-conventional reservoirs that qualify under the custom\u2019s tariff positions detailed in the Resolution, are included under Art. 1 a) of Decree N\u00ba361\/2019, which sets forth in 0% the sadistic rate for the import of such goods.<\/p>\n Disposition N\u00ba284\/2019 \u2013 New Gas Export Procedure<\/strong><\/h3>\nDisposition N\u00ba284\/2019 issued by the Subsecretary of Hydrocarbons and Fuels approves the operating procedure for the export of natural gas which shall remain valid until September 30th, 2021.<\/p>\n Disposition N\u00ba283\/2019 \u2013 Fuel Stations Registry for Electric Recharge in Fuel Stations<\/strong><\/h3>\nBy means of Disposition N\u00ba283\/2019 issued by the Subsecretary of Hydrocarbons and Fuels any natural person or company authorized to supply the service of electric recharge in fuel stations shall register with the Registry of Liquid Fuels and NCG Stations.<\/p>\n Decree N\u00ba2032\/2019 \u2013 New Value of the Annual Canon of Neuqu\u00e9n<\/strong><\/h3>\nBy means of Decree N\u00ba 2032\/2019, the Executive Branch of the Province of Neuqu\u00e9n fixes the value of the annual exploratory and exploitation canon to be paid by owners of exploration permits and exploitation concessions located within the Province, as of January 1st 2020.<\/p>\n Resolution N\u00ba649\/2019 – Advance Payment of the Control and Audit Fee<\/strong><\/h3>\nResolution N\u00ba649\/2019 issued by Gas Enforcement Authority (\u201cENARGAS\u201d) sets forth the amount of the final advance payment of the \u201cControl and Audit Fee\u201d.<\/p>\n Disposition N\u00ba388\/2019 \u2013 New Method of Calculation of Water Canon in Neuqu\u00e9n<\/strong><\/h3>\nDisposition N\u00ba388\/2019 issued by the Subsecretary of Hydric Resources of Neuqu\u00e9n modifies the methodology for calculating the canon payable for the use and exploitation of public waters for industrial purposes.<\/p>\n Please, do not hesitate to contact us in case you have any further questions or comments:<\/p>\n \n Mar\u00eda Victoria Tiscornia
Senior Associate
mvtiscornia@bcoabogados.com.ar
+54 11 4326-7777<\/p>\n Leandro Martin Orts
Senior Associate
lorts@bcoabogados.com.ar
+54 11 4326-7777<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Relevant news: Exchange control and purchase of foreign currency Procedure for Tax Benefits for Mining Activities Price increase on fuel and gasoil New Value of the Annual Canon of Neuqu\u00e9n<\/p>\n","protected":false},"author":1,"featured_media":32,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-40","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/posts\/40","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/comments?post=40"}],"version-history":[{"count":1,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/posts\/40\/revisions"}],"predecessor-version":[{"id":233,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/posts\/40\/revisions\/233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/media\/32"}],"wp:attachment":[{"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/media?parent=40"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/categories?post=40"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bcoabogados.com.ar\/en\/wp-json\/wp\/v2\/tags?post=40"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | |