This measure seeks not only to support domestic demand, but also to promote the production of goods and services in a unified and clear regulatory framework.
The Government finished outlining the fine print of the “Simple Quota” initiativethe consumption stimulus plan that will succeed Now 12 starting next February 1st and which will extend its first phase until May 31, 2024.
As advanced Ambitsaid scheme will be structured in financing in 3 and 6 installments, with a rate equivalent to 85% of that used as a reference for fixed terms by the Central Bank (BCRA). The measure comes in the midst of persistent inflation and adjustments in regulated prices, which is why the Government’s installment program has as its fundamental objective boost the consumption of goods and services.
Thus, through the publication of the resolution 50/2204 published this Friday in the Official Gazette, the Secretary of Commerce formalized the “Unified Regulation of the Program to Promote Consumption and Production of Goods and Services“, under the name “SIMPLE QUOTE”.
Simple Fee: some changes that enter into the resolution
The resolution that modifies the program regulations, published on January 25, 2024, introduces some important changes. First, the categories of goods and services that can be purchased in interest-free installments are expanded. Secondly, the price limit for the purchase of motorcycles is reduced, which goes from $1,500,000 to $1,300,000.
The changes introduced by the resolution are intended improve program efficiency and impact. The reduction of the validity period will allow the results of the program to be evaluated and, if necessary, adjustments to be made, the official text maintains.
The expansion of the categories of goods and services that can be purchased in interest-free installments seeks to promote the consumption of a greater variety of national products.. The reduction of the price limit for the purchase of motorcycles seeks to make the program more accessible to a greater number of consumers.
The main modifications introduced by the resolution are the following:
- The validity of the program is extended until May 31, 2024.
- The number of items included in the program is reduced, eliminating those that have a low impact.
- The price limit for the acquisition of motorcycles is raised to $1,300,000.
- The price limit for the purchase of glasses and contact lenses is raised to $97,000.
- The price ceiling for the acquisition of medical equipment is raised to $1,160,000.
- The price limit for the acquisition of shows and cultural events is raised to $62,000.
- The number of available installments is reduced to 3 and 6.
- The maximum discount rate for the 3-installment modality is reduced to 10.76%.
- The maximum discount rate for the 6-installment modality is reduced to 19.76%.
Simple Fee: the fine print of the program
The program offers two types of financing:
- Three fixed installments: the consumer pays 33.33% of the price of the good in each installment.
- Six fixed installments: the consumer pays 16.66% of the price of the good in each installment.
The maximum interest rates for each modality are the following:
- Three installments: 10.76%
- Six installments: 19.76%
Suppliers and businesses that participate in the program must join through credit card issuers.
The changes introduced by resolution 7/2024 include:
The expansion of the items included in the program. Goods and services from the following categories are incorporated:
- White line
- Dress
- Footwear and leather goods
- Cell phones with 4G technology
- Furniture
- bikes
- Motorcycles
- Educational services
- Mattresses
- Books
- Glasses and contact lenses
- Library items
- Toys and board games
- Electronics and home appliance technical services
- Tires, accessories, CNG gas vehicle conversion kit and spare parts for automobiles and motorcycles
- Musical instruments
- Computers, notebooks and tablets
- Illumination artifacts
- Televisions and monitors
- Perfumery
- Small appliances
- Sports preparation services
- Medical equipment
- Machinery and tools
- Shows and cultural events
- Durable kitchen items
- Automotive vehicle and motorcycle repair services
- Kit for home connection to public water and sewer services
The elimination of goods and services from the following categories:
- streaming services
- Mobile phone services
- Cable television services
The increase in the price cap for the purchase of motorcycles from $1,000,000 to $1,300,000.
The reduction of the maximum interest rate for the six-installment modality from 22.76% to 19.76%.
The resolution also establishes that Credit card issuers must collaborate with the monitoring of the programproviding information to the Secretary of Commerce of the Ministry of Economy.
Source: Ambito
