3. International Commercial & Trade
  5. Argentina: Implementation of SIRA, the Import System of the Argentine Republic, and SIRASE, the Import System of the Argentine Republic and Payment of Services Abroad

Argentina: Implementation of SIRA, the Import System of the Argentine Republic, and SIRASE, the Import System of the Argentine Republic and Payment of Services Abroad

17 Oct 2022    1 minute read

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.

Contents

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. 

To access the Spanish version, click here.

Contact Information
Gabriel Gomez Giglio
Partner
Buenos Aires
Read my Bio
gabriel.gomez-giglio@bakermckenzie.com
Esteban Ropolo
Partner
Buenos Aires
Read my Bio
esteban.ropolo@bakermckenzie.com
Francisco Fernandez Rostello
Partner
Buenos Aires
Read my Bio
francisco.fernandezrostello@bakermckenzie.com
Victoria Acevedo Freixas
Associate
Buenos Aires
victoria.acevedo@bakermckenzie.com
Juana Allende
Associate
Buenos Aires
juana.allende@bakermckenzie.com

Copyright © 2023 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.

HighQ
Copyright Baker McKenzie 2023 | Disclaimers | Supplemental Privacy Statement