The destination of these funds may be the payment of capital and interest on liabilities abroad, profits and dividends from closed and audited balance sheets, and repatriation of direct investments by non-residents. If the export charges are not immediately applied to the intended uses, the funds can be deposited until their use in foreign accounts of Argentine financial entities or in local accounts in foreign currency in Argentine banks.
With the new decree, when it comes to projects that include investments between an amount of US $ 500 million and US $ 1 billion, for each calendar year in which the benefit is not used, they will be able to enjoy, for two consecutive years, a free application amount equal to twice the expected percentage.
In the case of projects that contemplate investments in excess of US $ 1,000 million, the amount of free application will be equivalent to three times.
Thus, the amount of free availability may not exceed, in the case of investments between US $ 500 and US $ 1,000 million, an annual maximum equivalent to 40% of the gross amount of foreign currency effectively entered by the beneficiary or beneficiary in the Market Free of Changes (MLC) to finance the development of the project, at the time of making use of them.
For disbursements of more than US $ 1 billion, it cannot be above 60%. In both cases, the calculation of the benefit will be made on the foreign exchange obtained from the exports related to the project during the year in which the extended benefit is used.
The beneficiary will be able to access the option once the second calendar year has elapsed from the first inflow of foreign currency that starts the project, and said period may be computed as part of the period of non-use that gives rise to the use of the extended benefit.
Source From: Ambito
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