He headline of the General Directorate of Customs, Guillermo Michel defended the surety insurance system required to exporters that do not enter foreign currency within the regulated terms. “Instances of abuse cannot happen again where the exporters leave millions of dollars abroad without liquidating to take advantage of currency gap”he stated about it.
Last year the Federal Administration of Public Revenues (AFIP)through the General Instruction 07/2022established that in the cases in which a export will not register corresponding foreign exchange income before the Central Bank of the Argentine Republic (BCRA), the Customs must intimidate the exporter to enter the money or present a surety insurance as guarantee.
The deadlines to settle currencies they go from the 15 days from the boarding permit (soy) until 180 days (regional economies)existing 365 day casesbut always with a maximum of 60 days for operations between related companies. If not fulfilled with these requirements, the company is suspended as an Exporter of the Customs Registry.
The effectiveness of surety insurance
In this sense, from the Customs stressed that “the Mechanism to guarantee the entry of foreign currency through surety insurance it is already used by many exporters to avoid being suspended”.
To the date, 90 exporters initiated the procedure of the Instruction 7/22 Customs, the agency said.
In this regard, Michel expressed that “with surety insurance, the Argentine State guarantees thatif the exporter does not comply with the currency settlement in a timely manner, the dollars will be recovered”.
Furthermore, Michel added that “cases of abuse cannot happen again where the exporters leave millions of dollars abroad without liquidating for take advantage of the currency gap to then present itself in preventive bankruptcy, making the State subject to the extensive times of the bankruptcy process”.
The Customs procedure was endorsed by the Judiciaryafter the Entre Ríos company El Cerco filed an amparo action to declare the unconstitutionality and inapplicability of IG 07/2022.
However the Federal Court No. 1 of Rosario decided not to allow the precautionary measure requested by the company, supporting the official position.