Seeking foreign exchange to swell the dollar reserves It is one of the government’s priorities. To strengthen that point, there is a draft decree in cat flaps by the end of this week, which he was able to access Ambitwhose objective is to penalize those companies that do not liquidate the currencies of the exports generated.
This draft has a series of points with the guidelines of the standard, which puts Central Bank (BCRA) in the role of comptroller, with the function of permanent and systemic monitoring of export currency negotiations.
The 10 keys to the government decree on sanctions against exporters
The decree, which is expected to become official towards the end of this week, is based on the confidential report -which was advanced by this newspaper – which was shared by AFIP-Customs and Treasury where the breaches registered in the liquidation of a hundred companies between 2019 and 2022 are detailed, which add up to $3,769 Millions never entered.
Next, the 10 keys to the decree that the Government is preparing with sanctions for companies that do not settle export currencies.
When does the decree come out?
The decree is expected to come out next week.
Who is it for?
The measure is aimed at controlling exporting companies, where there are a large number of Simplified Stock Companies (SAS). They are joined by food, energy, fishing, tannery, livestock
What will be the role of BCRA
The draft decree to which this newspaper had access instructs the BCRA to resume the role of controller and permanent monitoring and systemic of export currency negotiations.
Until now, this function is “outsourced” to commercial banks, without the intervention of the BCRA.
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Who made the ranking
The report that gives meaning to the draft of the decree is carried out periodically and has already traveled through several offices. It is addressed to the presidency of the Central Bank with a copy the head of the AFIP, Carlos Castagneto, and Sergio Massa himselfwith respect to the ranking of defaulters as of March 18, 2023.
It was made by the Department of Strategic Risk Planning dependent on the Sub-directorate of Customs Control of the DGA led by Guillermo Michel.
Evolution of breaches
Between 2019 and 2022, the report says, there were non-compliances by exporting companies for a total of US$3,769 million.
The breaches accumulated US$74 million in 2019; they climbed to $1,144.54 million in 2020; they were reduced to u$s865.52 in 2021; they shot up again to $1,228.58 in 2022; and accumulate US$456 million in the first quarter of this year alone.
Who tops the ranking
The ranking is headed by exporting firms where the main one did not liquidate $692,487,264followed at a distance by a cereal company with $89,921,939. To them are added food, energy, fishing, tanneries, livestock and the SAS.
The Central Bank enabled foreign exchange to importers, but with more controls
Cristalux ruling, the precedent
The measure that the Government is preparing to publish is based on the “Cristalux” ruling issued by the Supreme Court in 2006where the doctrine applied so far on breaches of the Criminal Exchange Regime was modified, which begins to apply retroactively the principle of the most benign criminal law.
The precedent establishes a framework of reasonableness so that it can be valid. The case focused on the condemnation of the firm Cristalux for not having entered and liquidated in the exchange market the currencies originated in an export carried out in 1991. The company and executives had been acquitted in the first instance but Chamber B of the Commercial Chamber revoked that decision and the issue escalated to the Court.
The majority in that ruling was made up of Enrique Petracchi, Elena Highton de Nolasco, Juan Carlos Maqueda, Eugenio Zaffaroni and Ricardo Lorenzetti. Carlos Fayt and Carmen Argibay did it in an even broader way in their votes.
Under this doctrine, when Federico Sturzenegger landed in the BCRA at the hands of Cambiemos, he eliminated all the proceedings opened for this type of breach.
What will the review and update of the goods export system be like?
It states that the BCRA carry out a review and update of the system “Follow-up of foreign exchange negotiations of exports of goods” within 10 calendar days and update the list of non-compliant companies, removing the monitoring of settlements from commercial banks.
It also instructs the BCRA to incorporate monitoring of foreign exchange negotiations of exports of goods within the AFIP systemsin “Single Foreign Trade Current Account” to be able to mirror it with what is done for the SIRA at the import level.
Besides requires the BCRA to share the list of defaulters with AFIP and with the Ministry of Agriculture for sanctioning purposesOn the one hand, AFIP may suspend the CUIT based on article 35 subsection “h” of Law 11,683; the General Directorate of Customs may suspend it from the registry of importers and exporters provided for in the Customs Code; and Agriculture may also order a preventive suspension of the RUCA, which is the Single Registry of Operators of the Agro-industrial Chain.
After the system update, how does the FIU intervene?
The BCRA must automatically report to the FIU to initiate proceedings on suspicion of money laundering. The entire combo of measures is under analysis and already on Alberto Fernández’s desk to finish preparing the Decree with which Massa will try to adjust the liquidation and discourage the maneuver.
How it impacts the agricultural dollar
The Government published this Monday two decrees in the Official Gazette to put into effect the Export Increase Program, also known as the “agro dollar”, but before called the “soybean dollar” 1 and 2.
Both are 193/2023 and 194/2023 and, among the things that are mentioned, are those that the exchange rate for exporters will be $300 per dollar, as announced last week.
The Ministry of Agriculture, the Federal Administration of Public Revenues (AFIP), Banco Nación, the Ministry of Domestic Trade and the National Securities Commission establish complementary regulations. Decree 193 refers to exemptions, suspensions of trial and measures for the agricultural emergency due to drought.
Source: Ambito
