Argentine Customs Rectifies Import and Export Trade Violations

According to the Argentine National News Agency on August 4, the Director of the General Administration of Customs of Argentina stated that the Argentine Customs rectified import and export trade violations. The first round of rectification actions involved 13,640 businesses and 722 companies, with a total FOB value of about 1.25 billion US dollars. . According to the report, the rectification action mainly involves falsely reporting the price of goods in import and export trade, such as issuing low export invoices and high import invoices. The breaches have allowed some companies to earn more dollars than they should have when doing foreign trade operations.

The Argentine Customs Director pointed out a triangular trade violation, where imports originate from one country and invoices originate from another country, but overcharge, ie invoices issued for an amount greater than the value of the commodity itself.

Argentine customs recently filed a lawsuit against a service provider, accusing them of invoicing more than the value of imported goods through triangular trade. Earlier this year, the Central Bank of Argentina issued Announcement No. A7532, announcing the adjustment of the foreign trade payment system to cope with the huge demand for foreign exchange from energy imports, and to support economic growth and the development of small and medium-sized enterprises, and to avoid speculative transactions in imported commodities. Its adjustment measures expand the import financing system to the import of goods and services under non-automatic licenses, valid for three months until September 30 this year.

The adjusted foreign trade payment system is as follows:

For products with applicable import license (SIMI) of Category A or Category B: Products of Category A under the SIMI license will remain in the foreign exchange market, and the amount will not exceed the average monthly import value in 2021 plus 5% or the average monthly import value in 2020 plus 70 %; SIMI license type B products correspond to non-automatic licenses, and can only enter the foreign exchange market for exchange after 180 days of customs clearance.

For SMEs, if their imports do not increase by more than 15% compared to last year, they will be able to receive immediate foreign exchange, up to a limit of $1 million. The Central Bank of Argentina, together with the Ministry of Production Development, has expanded the tariff status of goods identical to those made in Argentina. Such commodities need to enter the foreign exchange market for exchange after 180 days, and luxury goods need to enter the foreign exchange market for exchange after 360 days.

The import of services is handled in the same way as the import of goods. The amount allowed to enter the foreign exchange market for foreign exchange exchange is the import amount in 2021, and the excess will be exchanged in the foreign exchange market after 180 days. As for the import of capital goods, 80% can be paid at the port of origin and 20% can be paid after nationalization. In addition, pre-financing of exports will be eased to accelerate foreign exchange inflows, especially from the food sector.

Shenzhen Xunlaitong specializes in shipping export from Shenzhen to Australia & New Zealand, Germany, Netherlands and more business

www.voiceteltech.com