ARTICLE
Government Eases Requirements to Import Used Fixed Assets for the Hydrocarbons Industry
This new regime is specifically aimed at those included in the “Registro Nacional de Inversiones Hidrocarburíferas” and their suppliers.
October 31, 2014
The Secretary of Commerce and the Ministry of Industry issued Joint Resolutions 184/2014 and 294/2014 to encourage the definitive importation of used fixed assets for the hydrocarbons industry.
Historically, the regime applicable to the importation of used fixed assets has been very complex and time consuming.
By issuing this Resolution the Government is facilitating the procedure, at least to companies engaged in the hydrocarbons industry.
Only those registered in the “Registro Nacional de Inversiones Hidrocarburíferas” and their suppliers can take advantage of this new regime.
The Resolution created the “Provisional Import Certificate”, which allows companies to import and use the relevant equipment while the approval procedure takes place.
Once this Certificate is issued, the importer has 180 days to submit all the documentation required for the final approval. Otherwise, the imported equipment will have to be exported. Furthermore, the customs authority will execute the guaranty and apply sanctions.
The importer will have to submit simple information about their corporate status and about the relevant good (i.e. FOB value, description, etc.).
The Under-Secretariat of Foreign Trade (Subsecretaría de Comercio Exterior) will conduct and supervise the procedure.
Historically, the regime applicable to the importation of used fixed assets has been very complex and time consuming.
By issuing this Resolution the Government is facilitating the procedure, at least to companies engaged in the hydrocarbons industry.
Only those registered in the “Registro Nacional de Inversiones Hidrocarburíferas” and their suppliers can take advantage of this new regime.
The Resolution created the “Provisional Import Certificate”, which allows companies to import and use the relevant equipment while the approval procedure takes place.
Once this Certificate is issued, the importer has 180 days to submit all the documentation required for the final approval. Otherwise, the imported equipment will have to be exported. Furthermore, the customs authority will execute the guaranty and apply sanctions.
The importer will have to submit simple information about their corporate status and about the relevant good (i.e. FOB value, description, etc.).
The Under-Secretariat of Foreign Trade (Subsecretaría de Comercio Exterior) will conduct and supervise the procedure.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.