According to the Official Gazette, these measures reinforce the commitment to promote industrial development and business competitiveness in the country by granting benefits to companies that prioritize national products.
The Government introduced significant reforms to simplify bureaucratic procedures that affected 650 companies and reduced the additional costs that it estimates in US$17 million annually. He did it through Resolution 1319/2024 published in the Official Gazette this Friday.
In essence, the regulations establish new rules for companies that want to import goods for large-scale investment projects. This measure is part of a broader government resolution aimed at promoting national industries and streamlining bureaucratic processes, the official text maintains.
Likewise, remember that the initiative’s main objective is to strengthen industrial competitiveness through the adoption of advanced technology.
The changes applied to the Import Regime of Goods Components of Large Investment Projects will allow companies to access new production lines without facing the payment of taxes such as Import Duties, Statistical Tax and Verification of Destination, thus promoting a more favorable environment for strategic investments.
Key points of the standard
- Local Content Requirement: Companies seeking to import goods for their projects must also purchase a significant portion of their equipment and supplies from local manufacturers. This is a key stipulation to boost domestic industries and reduce dependence on imports.
- Project Approval: To qualify for these import benefits, companies must submit a detailed project proposal, including technical reports and an implementation schedule.
- Flexibility: While there are strict rules, the resolution also offers some flexibility, allowing extensions in certain circumstances.
What does this mean for companies?
As mentioned in the official text, by requiring a certain percentage of local purchases, the Government would be encouraging companies to obtain materials and equipment from national suppliers. This can stimulate the local economy and create jobs, for example.
Ford automotive industry auto parts
Additionally, the new rules aim to simplify the process of obtaining import permits, reducing bureaucratic obstacles for companies. He also points out that this will allow the Government to have greater supervision of said projects to guarantee compliance with regulations.
Why is it important?
The regulations indicate that by promoting national production and attracting foreign investment, economic growth is hindered. It also indicates that this debureaucratization is used as a tool to shape the industrial development of the country.
In simpler terms, this standard establishes the rules so that companies that wish to import foreign goods for large projects can obtain certain benefits if they commit to purchasing a significant amount of goods and services from local suppliers.
These modifications seek to promote the integration of advanced machinery and technology, boosting the competitive capacity of companies in both the local and international markets.
Source: Ambito
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