In brief

By means of Joint General Resolution 5271/2022 of the Argentine Tax Authority (AFIP) and the Trade Secretariat ("Resolution") published on 11 October 2022: (i) the Import System of the Argentine Republic (SIRA) and the Import System of the Argentine Republic and Payment of Services Abroad (SIRASE) systems (together, "Systems") were implemented; (ii) the Import Information and Monitoring System (SIMI) and the Integral System for Monitoring Foreign Payments of Services (SIMPES) were terminated; and (iii) the Single Current Account for Foreign Trade ("Account") was created. The Systems and Account became effective on 12 October 2022.

The Argentine Central Bank (BCRA) issued Communication "A" 7622 ("Communication") on 13 October 2022 to adapt the Foreign Trade and Exchange regulations to the new Systems and the Account.

In focus

The following are the main points of the Resolution and the Communication with respect to the Systems and the Account:

  1. SIRA – requires importers to declare the import destinations to be registered. Such declaration will be valid for 90 days. The BCRA and the Trade Secretariat will evaluate the information submitted and will indicate to the importer when it will be able to access the registered foreign exchange market.
  2. SIMI - as of 12 October 2022, imports were canceled and registered through the SIRA if they were in an officialized or observed status. Imports in exit status on 12 October remained valid under SIMI, unless the AFIP thought that they should be revalidated under SIRA.
  3. SIRASE – applicable to the payment of services abroad. It will be valid during the calendar month in which the payment is made, and the foreign exchange market will be accessed on the date indicated upon declaration. Imports that had an associated SIMPES declaration in exit status on 12 October maintained their validity and the process under which they were established was or will be applied.
  4. The Account – will be applicable to all systems. As from 17 October 2022, when requesting access to the foreign exchange market, financial entities will have to register the total amount of certain foreign exchange transactions in pesos. After registering the transactions, the AFIP will evaluate such data in relation to the information submitted by the importer and will either (i) validate it and assign a transaction number, (ii) indicate that it has not passed control, or (iii) declare that it has inconsistencies.

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