Doing Business In Argentina

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conditions to import when the declared unitary FOB value represents less than eighty percent (80%) of the reference value. In these cases, the import process will continue, but the importer will bear additional restrictions such as: 3/4/2008 Increase on Valued Added Tax (VAT) and Income Tax paid on imports, reaching 21% and 11% respectively, depending on the type of product. Loss of tax benefits such as exemption or deferment of VAT and Income Tax payments. Perception of a guarantee equivalent to the difference between the reference value and the declared value. Deposit/guarantee policies are no longer accepted for these cases. Only cash, bank collaterals, or public debt bonds will act as a guarantee to allow the import transaction. Customs Notes 55, 57 and 58 in 2007 updated and expanded the list of minimum/reference prices, and required importers of any goods from designated countries which are invoiced below the reference prices to have the invoice validated by both the foreign customs agency and the appropriate Argentine Embassy or Consulate. At the same time, the Argentine Customs Bureau announced that there would be specific Customs checkpoints, which will control imports of certain types of product categories such as textiles, apparel, footwear and toys. These items are traditionally the most affected. For a complete list of the U.S.-made products for which minimum import prices have been established, please contact the U.S. Commercial Service Buenos Aires at Buenos.Aires.Office.Box@mail.doc.gov. Trade Barriers Return to top The basic legislation affecting import and export transactions is contained in the Customs Code (Law 22,415), which came into force in September 1981, and has been modified and complemented several times through subsequent laws, resolutions and other regulations. In the 1990s, the GoA eliminated most non-tariff barriers (through government procurement and investment regime reform) and specific duties, and made major progress in reducing traditional border barriers (such as tariffs and import licensing). Trade was opened to all potential exporters and importers, making Argentina one of the most open economies in the world. In the year following the January 2002 collapse of Argentina’s currency board, a 70 percent nominal devaluation of the peso led to a 56 percent drop in imports and a three percent decline in exports (the latter due to general post-crisis uncertainty and lack of financing). Since that time, the nation’s exchange rate policy has been based on a managed float, targeting a nominal exchange rate in the ARP 3 per U.S. dollar range. Market analysts consider the peso’s real exchange rate broadly undervalued, a factor that (along with historically high global commodity prices) has contributed to a significant increase in the volume and value of Argentine exports. 2005 Argentine worldwide goods and services exports totaled $46.2 billion, up an accumulated 58.8 percent since 2002.
In 2006, there was a significant increase in the regulation of goods and capital flows by the GOA. The most significant changes include product-specific export restrictions; variations in tariffs on key export commodities; the extension of an Argentina/Brazil automotive managed trade regime that had been due to expire in 2006; the implementation of government-promoted private sector agreements to limit intra- MERCOSUR trade in sensitive sectors including textiles and shoes; and more extensive regulations of capital movement. There are currently no restrictions on cash withdrawals from local bank accounts, or payment delays for the release of foreign exchange. Foreign companies are allowed to send profits abroad. Export proceeds, on the other hand, still must be repatriated to Argentina. Repatriation deadlines vary based on product categories, and eventually could become more flexible as the economy continues to evolve favorably. Companies located in Argentina wishing to import must be registered in the National Registry of Importers and Exporters. Registration is free of charge and procedures are relatively simple. Antidumping and Countervailing Measures Regulations define "dumping" to exist when the export price of imported merchandise is lower than the comparable sales price in normal commercial operations of identical or similar goods destined for consumption in the domestic market of the country of origin. Imported goods for consumption that benefit from a subsidy abroad may also be subject to a compensatory duty when they cause, or threaten to cause, serious damage or delay to the commencement of a productive activity in Argentina. Argentine fair trade laws are based on Article VI of the WTO under Resolutions 281/97 and 622/95. Argentina has set antidumping and countervailing measures at various opportunities, some of which still remain currently in force. Tariff Barriers MERCOSUR (Common Market of the South), created in 1991, gradually eliminated almost all non-tariff restrictions and other limitations to trade among its members (Argentina, Brazil, Paraguay and Uruguay). As of 2006, over 99% of all MERCOSUR tariff lines had been reduced to zero. Sugar has not yet been incorporated into MERCOSUR’s internal free trade regime, and certain other products such as autos and auto parts, while officially incorporated, are actively managed, including by the use of quantitative restrictions. For countries outside the MERCOSUR area, Argentina and its MERCOSUR partners established the MERCOSUR common external tariff (CET) on January 1, 1995. The CET currently ranges from zero to 20 percent for most products. However, some products in the automotive sector can reach 35 percent. There is a list of sensitive products temporarily exempted from the CET. The first group includes very sensitive products such as Information Technology and Capital Goods. At the same time, the MERCOSUR countries can set an import duty different from the CET until December 31, 2010 for specific products, using the so-called Exceptions List 3/4/2008
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Doing Business in Argentina: 2008 C
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3/4/2008 Argentina’s banking syst
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3/4/2008 The zero percent import du
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Return to table of contents Chapter
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Policy Short-term Short/Medium Term
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meetings. The service includes at l
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approximately 87 percent of the tot
Page 15 and 16: more limited and delivery is a grow
Page 17 and 18: Goods: Preference will be given to
Page 19 and 20: material, input, or material needed
Page 21 and 22: terminals at international airports
Page 23 and 24: As in many countries, personal rela
Page 25 and 26: "Clarin", "La Nacion", and "Ambito
Page 27 and 28: Av. de Mayo 605, Piso 3 C1084AAB Bu
Page 29 and 30: Business Facilitation Service: CS A
Page 31 and 32: organizations, both Argentine or U.
Page 33 and 34: available in Chapter 9: Contacts, M
Page 35 and 36: Agricultural Machinery, Equipment a
Page 37 and 38: Electric Power Systems Overview Ret
Page 39 and 40: Food Processing and Packaging Equip
Page 41 and 42: Information Technology Overview Ret
Page 43 and 44: Other market conditions will foster
Page 45 and 46: market. The market has been growing
Page 47 and 48: Mining Sector Specialist at the U.S
Page 49 and 50: significantly smaller than in the U
Page 51 and 52: A gradual recovery has taken place
Page 53 and 54: Best sales prospects for U.S. elect
Page 55 and 56: Travel and Tourism Services Overvie
Page 57 and 58: Telecommunications Equipment and Se
Page 59 and 60: Agricultural Sectors Return to top
Page 61 and 62: Food Ingredients Overview Return to
Page 63 and 64: Pioneer Argentina: www.pioneer.com/
Page 65: Average Tariff Rates by Type of Pro
Page 69 and 70: 3/4/2008 Certain imported goods for
Page 71 and 72: Please note that VAT and Profits Ta
Page 73 and 74: 3/4/2008 Goods covered by Decree 73
Page 75 and 76: A fax of the commercial invoice may
Page 77 and 78: you through this process. You may a
Page 79 and 80: violate export control laws is foun
Page 81 and 82: Initial period: 1 year Extension: 1
Page 83 and 84: Article 6: - Importers, manufacture
Page 85 and 86: emanufactured) and certified by a "
Page 87 and 88: 3/4/2008 Normalizacion) --composed
Page 89 and 90: 3/4/2008 continuing shortage of ind
Page 91 and 92: 3/4/2008 Record No. S01:0116093/200
Page 93 and 94: 3/4/2008 Internet: www.anmat.gov.ar
Page 95 and 96: subject to the orders, guidelines o
Page 97 and 98: In January 2002, the government end
Page 99 and 100: The GOA has established a number of
Page 101 and 102: legality of this pesification decre
Page 103 and 104: deterrent penalties such as prison
Page 105 and 106: Law 17811 of 1968 regulates public
Page 107 and 108: A recent ACO investigation of GOA p
Page 109 and 110: Foreign-Trade Zones/Free Ports Retu
Page 111 and 112: Argentine Parliament (www.diputados
Page 113 and 114: Registry of Foreign Investments. Fo
Page 115 and 116: Local bankers report that the major
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The International Bank for Reconstr
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total project costs for new venture
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C1104AC) Buenos Aires, Argentina Ph
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Buenos Aires has a large number of
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Travelers should note that since Ar
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Internet: www.buyusa.gov/argentina/
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U.S. Department of Commerce Trade I
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(Argentine Chamber of Importers) Mr
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(Ministry of Federal Planning, Publ
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C1020AC Buenos Aires Switchboard: (
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25 de Mayo 487, primer piso C1002AB
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C1036AAJ Buenos Aires Phone: (54-11
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Fax: (54-11) 4312-7184 E-mail: mdem
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E-mail: fargosi@fibertel.com.ar BAS
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Bolivar 332, Piso 6 C1088AAH Buenos
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Mr. Klaus Bertram, President 25 de
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EXOLGAN TERMINAL PORTUARIA S.A. Mr.
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C1006ACI Buenos Aires Phone: (54-11
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Fax: (54-11) 4131-3900 E-mail: info
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www.starwoodhotels.com/sheraton/pro
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