The Central Bank (BCRA) took a new step in the flexibility of the exchange rate. This Thursday, the monetary authority decided increase the deadlines for the entry of dollars from exports and financial debts contracted abroad by companies.
The measure of BCRA was made official through the Communication A 8137which has already been sent to the financial entities, and adds to other decisions made by the economic team in recent months that aim to lift certain layers of the stocks.
Stocks: more flexibility to settle exports of goods
On the one hand, the rule extends the mandatory deadlines in which exporters of goods and services must settle their currencies in the official market.
Until now, in the case of exports of goodsthere was a deadline for compliance with the obligation to foreign exchange income of between 15 and 180 calendar days (depending on the tariff position in question), which were counted from the date of shipment of the merchandise. For exports that take place within the framework of the “Exporta simple” regime, it was extended to 365 calendar days.
The shortest period, 15 calendar days, was the one that applied to exports of soybeans, corn and wheat. From this measurement, will be extended to 30 calendar days.
Additionally, if the exporter receives payment for his sale abroad, he currently has a period of 5 business days for its entry and settlement, always subject to compliance with the corresponding deadline for the tariff position. This period is extended to 20 business days, official sources explained to Ámbito.
And they exemplified: “If you have a period of 180 calendar days for a tariff position and collect on day 60, I had until now 5 days from the collection date to settle. Now you will have 20 working days from payment. If you collect on day 170, since the 20 business days exceed 180, a cap of 180 will apply.
Stocks: more flexibility to settle service exports
In the case of service exportsthe current general term is 5 business days from the date of collection and It also goes to 20 business days.
“In this way it is equated with the current period for exporters who are human persons and are exempt from liquidation according to the current rule, which already has 20 business days,” the sources indicated.
Stocks and financial debt
The BCRA measure also makes the handling of dollars more flexible that companies obtain from taking financial debt abroad.
It happens that, although exchange regulations do not require the entry and settlement of financial debts abroad, it is currently a condition to have settled them in order to access the official market to service capital and interest services. Typically, the first service of interest falls between 90 and 180 days after issuance. “The term of the first interest service ends up acting as the maximum term for settlement,” official sources explained.
Furthermore, among the conditions that allow access to the market for any concept of currency outflow from the country, it is a requirement to present a sworn declaration that there are no freely available funds abroad for more than US$100,000. Thus, for a firm that takes on debt abroad and regularly accesses the market, for example to pay for imports of goods and services, this condition also impacts the period in which it can settle a foreign debt.
With the new BCRA rule this will change. “To allow greater flexibility in the management of funds received as of November 29 for placements of foreign debtshould not be included for the first 180 days in the aforementioned sworn declaration, which “In practice, it allows funds to be left abroad until the date of the first interest due date, with a maximum of 180 days.”explained sources from the monetary authority.
Likewise, the measure maintains the current possibility of not including these financial debt operations in the sworn statements for up to 365 days in the event that the deposited funds do not exceed the equivalent of paying capital and interest in the following 365 calendar days.
Import of services
Finally, the new regulations also establish that the deadline for payment of import to firms not linked by cultural, personal and recreational services, which is currently 90 days, is now 30 dayswhich is the general term for services that are still covered by payment terms. There are some, such as tourism and health, that do not have a deadline.
Source: Ambito
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