Soy dollar: The government has regulated the decree and provided details on how it will work

Share This Post

- Advertisement -

Today the Official Gazette published resolution 115/2023 which regulates the third Export enhancement program (PIE) or agricultural dollar, established by decree 194/2023.

- Advertisement -

The fine print of the provision determines that exporters who joined the first EIP established in September 2022 and restored on April 9, 2023, who have sworn declarations of sale abroad (DJVE) of the products covered by the decree, (in force within of the regime established by Law no. 21.453 and similar clarification no. 26.351) with the expiry of the declared shipping period plus the automatic extension, in the 60 days following resolution 115, can request an extraordinary extension of the shipping period of 60 calendar days. Such a request must be substantiated for logistical and/or commercial reasons before the nation’s Secretary of Agriculture, Livestock and Fisheries (SAGyP).

Within the operations, will be included the Primary grain liquidations and secondary grain liquidations (LPG and LPG), the contractual operations future of soy, negotiation AvailableTHE advance payments and those corresponding to dollar denominations of contracts liquidated during the validity of the decree. In the new edition of the program, registrations of new DJVE 30 operations will be excluded.

- Advertisement -

The farm dollar It will not apply to sales of fertilizers, seeds and other inputs at low exchange rates made before the entry into force of decree 194/23as well as the DJVE of soybean milling by-products under the temporary admission program of imported soybeans and organic products.

Even subjects who do not adhere to the program are not reached, both for operations such as payment of the field rent, purchase of pellets and/or flour for animal feed, processing for balanced feedand/or any other type of transaction.

The Ministry of Agriculture will be in charge of monitoring the purchase and sale of cereals in relation to the registration of the DJVE which is located within the PIE. Furthermore, it is clarified that those who present inconsistencies or commit violations of the provisions of the decrees and regulations of the PIE will be excluded from the SAGyP Registers.

For their part, traders in soybeans included in the new agricultural dollar program through Secondary Grain Liquidations must ensure they are backed by previous Grain Primary Liquidations or traded in markets authorized by the National Securities Commission.

To verify the purchase and sale transactions of cereals in connection with the registration of the DJVE, it is necessary to demonstrate that the purchases settled between April 10, 2023 and May 31, 2023, expressed in FOB values, are less than or equal to the amount in pesos from the DJVE registers formalized until October 30, 2023. For this calculation, shipping permits formalized until October 30, 2023 and that export duties have been paid until October 30, 2023 will also be considered. corresponding to the amounts above the tolerance of the 90% of the DJVE registered before the PIE and of the products included in annex I of the decree not included in the law n. 21,453.

Shipping permits with goods purchased at a price to be agreed which have DJVE registrations made before or after the entry into force of the PIE can be settled on the foreign exchange market under the conditions set out in Decree 194 and be applied to the cancellation of an export advance settled on the foreign exchange market under the same conditions, provided that this down payment was settled on a date prior to the date of the navigation permit, in the periods 10 April 2023 and 31 May 2023.

In case the company adhering to the program has domestic market sales of the products of Annex I of Decree 194/23, can deduct them from the value of grain purchasesafter converting this value into FOB terms, in transactions carried out between 10 April and 30 October 2023, settled between 10 April and 31 May 2023.

Collectors or consignees issuing LSG during the term of the PIE to any of the exporters registered in the program must present a DJ to SAGyP demonstrating that the peso amount of LSG cleared during the term of the farm dollar is equivalent to the LPG received from producers before or during the duration of the programme.

The General Directorate of Customs and AFIP will make the necessary adjustments for the implementation of the new PIE in the Malvina Information System (SIM) and in the Single Desk for Argentine Foreign Trade (VUCEA).

Source: Clarin

- Advertisement -

Related Posts