These are the criminal complaints and the administrative investigations carried out by the agency led by Guillermo Michel between last July and March of this year to dismantle the “import ring.”
From July 2022 to March of this year, Customs took action on import overbilling operations for more than US$1,650 million.. These are mostly triangulated purchases that are invoiced in a third country and are used to make a “loop” and profit from the currency gap. The head of the organization, Guillermo Michel, confirmed that controls and fines were increased. They also put the magnifying glass on the export of raw materials by “ghost companies.”
The exchange gap brings distortions of all kinds. Firstly, it appears as an incentive to imports, since in this way a lower exchange rate is obtained than in the financial market and, secondly, it is perceived as a disincentive to exports because the exchange rate at that foreign sales are liquidated is less than what would be obtained with the purchase and sale of bonds.
So far they are market logic. But in the last three years, a series of operations that are outside the law have increased appreciably. The clearest case is that of the over-invoicing of imports, also known as “the importer roller”. Is about companies that bring merchandise from abroad and have it billed from a third destination to increase its value and access more dollars to official listing.
The Director General of Customs, William Michelconfirmed to Ambit that from July 2022 to March 2023, action was taken on import over-invoicing operations for more than US$ 1,650 million. These are both administrative investigations and criminal complaints. “The merchandise in general comes from China but is re-invoiced through the United States, Panama or Uruguay and banks abroad are used to generate a differential that is not entered into the country or is entered through parallel circuits,” the official explained.
Along these lines, he explained that the controls were duplicated and sanctions were multiplied by four. “This maneuver has been generated that generates loss of foreign currency and fiscal damage. Apart from acting on the current situation, what is sought is generate risk perception and prevent it from continuing to replicateMichel explained.
Investigations on the import loop have already transcended borders. Thanks to the exchange of financial information with the United States, it was possible to confirm from that country that a company that imported equipment for Vaca Muerta simulated a triangulated operation to over-invoice the import. This is the first time that it can be confirmed in that country that the attorney for the accounts was the same in both firms.
Magnifying glass on exporters of primary products
That said, the gap impacts both windows. In the exit of dollars, but also in the income. Just as importers request access to the exchange market with greater intensity, exporters seek ways to evade the obligation to settle their sales abroad at the official exchange rate.
“There are a number of shell companies that take advantage of the black purchases of primary sector products to later sell them and not liquidate the currencies”, explained Michel. As Ámbito was able to learn, some of the products on which Customs is putting a magnifying glass are garlic, onion, wine, soybeans and honey.
Source: Ambito
