They warn of “serious consequences” and denounce “improper charges” by banks for new tax

The new official measures, including the generalization of the tax on imports – the government’s fiscal devaluation – added to obstacles introduced yesterday through a new bureaucratic wall to doing foreign trade business, prompting the first criticism of major companies. which warned of its implications and also warned of “improper charges” by banks to companies due to AFIP measure.

The Industrial Union of Argentina (UIA) was the first to speak out today against the current situation of lack of reserves in the Central Bank (BCRA) and successive official tourniquets to stop the bleeding of dollars. They are measures which, the manufacturing body is told, continue to add “difficulties” and create “severe impacts” on the operations of major industries. They are part of the technical agreement reached by the government with the International Monetary Fund (IMF).

“The Industrial Union of Argentina (UIA) and its sectoral representation network continue to monitor the impact of the latest measures and propose to the competent authorities amendments and clarifications to the regulations, in particular those related to decree 377 and its supplementary regulations, which have created serious effects on the activities of Argentine industry. The changes in the systems of the Single Current Account of Foreign Trade (Ccuce) and the determination of the Financial Economic Capability (CEF), which occurred in the last few days, added even more difficulties to the daily operation of businesses, especially small and medium ones. ” UIA said in a statement.

Ayer THE NATION He realized that at the beginning of August the AFIP CEF system was again heavily affected, the first hurdle to overcome in Argentina for any company that needs to carry out a foreign trade operation such as an import. They told the government that companies that have foreign currency exports pending liquidation will not be able to access the single foreign exchange market for that amount. Yesterday, however, there were companies complaining that the CEF plateau affected companies without outstanding settlements.

There is currently $3.1 billion in liquidation pending, according to information maintained by the government. This decision allows them to influence the CEF, according to its article 5, which they indicated to justify the import blackout of the last hours. Official sources also added that the same decision applies to VAT refunds to exporters. They will not have access to this “benefit” if they do not liquidate their outstanding coins, the Government added.

Weeks ago, the economic team led by Sergio Massa had promoted a partial devaluation that generalizes the PAIS tax on imports (rate of 7.5% for goods and 25% for services) and $340 for regional economies and corn. There were exceptions, but for the UIA and other chambers it was not enough and doubts remain.

“It is important to exempt temporary imports in their entirety from the PAIS tax so as not to affect Argentina’s competitiveness and the production of genuine trade currencies,” added the entity led by Daniel Funes de Rioja, concerned about the impact on industrial exports. .

“The UIA considers that the measures provided are heavily biased towards export value chains, to the extent that temporary imports are not exempted across the world of inputs and intermediate goods that requires the production of the exportable supply of manufactured goods and processed foods and in many cases will cause economic damage such that it threatens the continuity of production, resulting in a drop in exports, loss of foreign markets, production line stops and jobs.

The entity also requested that it be regulated “as soon as possible” or clarified that the PAIS tax exemption for inputs and intermediate goods directly related to the products of the basic food basket and for goods related to energy production, consider your entire universe.

“Regarding the products of the basic basket, the UIA also asked those that are part of the Fair Prices agreement are exempt from country tax, as its taxability will cause an increase in costs that will prevent us from keeping the commitments we have made on time,” they warned about the sustainability of the official program.

On the other hand, the manufacturing entity questioned the advance payment of the new PAIS Tax set by the AFIP and disputed that the companies are being “unduly charged” by the commercial banks. “The UIA also warned that, with the effect of decree 377/2023, companies suffer improper charges of the COUNTRY tax by commercial banks and/or the payment to an account specified by AFIP in general resolution 5393/2023, which create greater fiscal pressure on activities excluded by Decree 377/2023, creating an increase in costs in the production chains in question with its corresponding inflationary impact,” they said.

“Except, this tax retroactively modifies the payment of import and service contracts that were previously planned and already approved (SIRAs and SIRASEs) but due to the schedule established by the system for foreign exchange transfers, they are paid in 60/90/120/180 and up to 365 days, which, in addition to operational difficulties, creates financial problems for many companies. and delays and/or non-compliance with foreign suppliers,” they complained.

“All this is happening in a context where problems for transferring foreign exchange abroad are multiplying, both for goods and services linked to production, where the approval of SIRAS and SIRASES is increasingly difficult.”he pointed to the UIA and concluded: “It is essential to put the relevant mechanisms in place to deliver critical inputs, intermediate goods and spare parts for capital goods as quickly as possible.”

Conocé The Trust Project

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