Following with the process of easing exchange obligations on exporters of services, the Argentina´s Central Bank recently issued Communication A 3167.
The Communication eliminates the obligation to enter and settle foreign exchange from the export of services. From this communication, already effective, foreign exchange earnings from services exports will be freely available currencies, and are not subject to the obligation of nationalization, even if they have been received abroad. If they were received in Argentina, the currencies can be kept without deadline and they will also be freely available.
The measure also applies to currencies obtained by the sale and transference of non-produced non-financial assets, including, for example, patents, copyright, trademarks, Internet domains or sports passes.
The communication clarifies that the collection of foreign currency from services exports is only subject to the obligation of entry and settlement in Argentina in case that income is part of an export of physical goods, in which case the regulations corresponding to the Charges for the export of goods.
Communication A 6137 thus ends more than 15 years in which it was reinstituted the compulsory liquidation of currencies arising from export of services. This is a beneficial measure welcomed by every exporter of services, a sector with a growing export dynamic, and which the current administration supports through measures such as the one reported.
If you would like to know more about this Communication and the foreign exchange regime applicable to the export of services or non-produced non-financial assets, contact Dr. Palico Millé at palico@mille.com.ar. You can find the Communication in the following link: http://www.bcra.gov.ar/Pdfs/comytexord/A6137.pdf.
Let´s all have a Happy 2017!