Today, the BCRA has adopted measures to finance the payment among related companies for imports of professional services and freight. Moreover, it has established that the payment of interest on intra-company debt must be authorized by the BCRA in advance. Together, these measures represent a deferral of foreign currency payments for USD2,000 million until the end of 2023.
If a creditor is a counterparty related to the debtor, prior authorization will be required until the end of 2023 to access the forex market to pay interest on commercial debts for imports of goods and services, and/or financial loans held abroad.
In addition, the Board of the BCRA has authorized companies to make deposits that earn interest based on the development of the official exchange rate in an amount in pesos equal to the amount of interest not yet repaid. Companies are now also authorized to use their own foreign currency funds for the payment of debts when their creditor is a related counterparty.
The measure about access to the forex market to pay imports of services does not include the payment of services that are currently subject to the Tax for an Inclusive and Solidary Argentina (Impuesto Para una Argentina Inclusiva y Solidaria, PAIS), such as entertainment platforms (e.g., Netflix, Spotify and YouTube), which will continue to be paid as they have been paid until now.
The following services must be paid 60 (sixty) calendar days after the date of approval of the SIRASE affidavit:
S17. Legal, accounting and management services.
S18. Advertising, market research and public opinion surveys.
S19. Architectural, engineering and other technical services.
S22. Other business services.
To access the forex market for payment within said 60 day-period, prior authorization from the BCRA shall be needed.
Payment to related counterparties abroad for freight or other transport services shall be made 90 days after the date the service was actually rendered.
April 20, 2023