The Government has formally announced, with decree 72/2023 published this Friday in the Official Journal, that – as anticipated Clarion– companies that receive the bonds that the Central Bank will issue to pay off the debt with importers They can be used to pay some tax debts.
The debt owed to importers who approved the SIRAs in their possession but which were not used to purchase foreign currency amounts, according to the BCRA, amounts to approximately 62 billion dollars.
To regularize this debt, the Central Bank will issue dollar securities with maturities that may vary from 6 months to 4 years, and will accrue a rate which, in principle, would be 5% per annum.
What this decree defines is that whoever receives these bonuses will be able to apply them, with a stop, to pay off debts with AFIP. The decree establishes the amount of the overall issue – which could reach 30,000 million dollars – $3.5 billion can be used to pay off debts to the Treasury.
Article 1 of the Decree explains it: “The bonds or securities issued by the Central Bank (…) for those who have debts for imports of goods with customs registration and/or importation of services – within the terms established by the BCRA – actually supplied, until December 12, 2023Also, They can be given as payment for the cancellation of tax and customs obligations, plus interest, fines and accessories.the application, perception and control of which is the responsibility of AFIP, under the conditions and terms established by this decree, with the following exceptions:
TO). Contributions and Contributions intended for the Social Security Scheme; B). Contributions intended for the Social Works Scheme.; C). The rates corresponding to Mandatory Life Insurance; D). Contributions intended for employment risk insurers; AND). Tax on credits and debits in bank accounts and other operating accounts; F). Obligations deriving from substitutive or joint liability for third party debts or from their action as tax withholding agents and collection agents.
Article 2 establishes a calendar for the application of bonds to repay debts: a maximum value equivalent to 1,000 million US dollars from 30 April 2025 to 29 April 2026, both dates inclusive. A maximum value equivalent to 1,000 million US dollars from 30 April 2026 to 29 April 2027, both dates inclusive. A maximum value equivalent to US$1,500 million from 30 April 2027 to 31 October 2027, both dates inclusive.
The decree clarifies that companies that subscribe to these bonds They will be able to sell it on the secondary market. In other words, the cancellation of debts through the delivery of this security will be within the reach of the importers or those who acquire it, which means that the security will have a price on the market that will allow the importers to obtain liquidity before the maturity of the bond and the investors take advantage of the discounted price to obtain a security that allows them to catch up with the Treasury.
The decree reads as follows: “it is expressly recognized that the payment of bonds or securities for the cancellation of bonds, pursuant to article 1 of this decree, constitutes an acquired right, both for the subscriber and for any other holder of those and, therefore, it falls within its right of ownership, a reason which leads to expressly expressing the recognition that any restructuring, whether mandatory or voluntary, does not affect its calculation for the purposes of the provisions of this provision.
Source: Clarin
