By means of Communication ‘A’ 7556 (“Communication“), the Central Bank of Argentina (ACB) established new regulations applicable to resident individuals or legal entities that are grain producers and/or grain traders, and do not export on their own account (“Beneficiaries“).
The main points of the Communication are set out below:
- It establishes that those Beneficiaries selling soy as from 27 July 2022 to a buyer who will export directly or as a result of a production process in Argentina may, until 31 August 2022, (i) purchase foreign currency for the formation of foreign assets, for up to 30% of the proceeds of the sale (after the withholding provided for in RG AFIP No. 4815 and the PAÍS Tax is applied), and (ii) credit the amount of pesos received that was not allocated for item (i) in a ‘Special Account for holders with agricultural activity’ (“Account“).
- To this end, the Beneficiary shall designate a financial institution that will (i) issue the certification with the amounts in its favor, to credit the funds in the Account and acquire the foreign currency, and (ii) register the soy sale transactions with the ACB. Prior to the issuance of the certification, the Beneficiaries must present a sworn statement compromising that they will not carry out certain transactions with securities from the time the certification is required and for the following 90 days.
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