Payments of Capital Goods Imports are Eased

The Argentine Central Bank (the “BCRA,” after its Spanish acronym) issued Communique “A” 7253, published on March 30, 2021, pursuant to which access to the foreign exchange market for advance payment of imports of capital goods no longer requires prior BCRA approval.

For this purpose, the Communique establishes the following:

1. Tariff positions denominated as BK (Capital Good) in the Common MERCOSUR Nomenclature (Decree No. 690/02 and complementary communications) are to be considered; and
2. When an advance payment includes capital goods and other goods, prior BCRA approval is not required if:

• the capital goods represent at least 90% of the total value of the goods acquired;
• the importer files an affidavit stating that the remaining goods are spare parts, accessories or materials necessary for the design, operation and installation of the acquired capital goods.

Additionally, the time limit up to which the intervening financial institution can extend the deadline to register the customs entry of those goods is increased to 545 calendar days, provided that certain conditions are met.

Finally, it establishes that the amount for which importers can access the foreign exchange market under the conditions set forth in point 2 of Communique “A” 7030 and complementary communications is increased to the equivalent of 50% of the amounts that, as from October 2, 2020, the importer transfers and settles in the foreign exchange market as export advances or pre-financing of exports with a minimum term of 180 days.