Argentina: Decree 597/2023 - Modifications to the Export Increase Program

24 Nov 2023    1 minute read
Export Increase Program

In brief

With the issuance of Decree 597/2023 ("Decree"), the executive branch extended the Export Increase Program established by Decree 549/2023 ("Program") until 10 December 2023 and introduced certain amendments.

Contents

In depth 

In addition to extending the Program, the Decree amended the following, effective as of 21 November 2023: 

(i) The percentage of the counter value of the export of goods included in the Nomenclatura Común del Mercosur (NCM) (including pre-financing and/or post-financing foreign exchange for exports abroad or a liquidation advance) and of services abroad — which are collected upon the issuance of an electronic invoice — ("Counter Value"), which shall be settled (i.e., converted into Argentine pesos) through the local exchange market, modifying it from 70% to 50%

(ii) The percentage of the Counter Value that should be applied to sale and purchase transactions with marketable securities purchased with foreign currency and sold for local currency, modifying it from 30% to 50%

The Decree also provides that for the goods covered by the same, exporters must pay the duties, taxes and other items, considering their foreseen exceptional and transitory counter value.

Click here to read the Spanish version.

Contact Information
Francisco Jose Fernandez Rostello
Partner
Buenos Aires
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francisco.fernandezrostello@bakermckenzie.com
Enrique Gomez Guijarro
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Buenos Aires
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Jeronimo Argonz
Attorney-at-law
Buenos Aires
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