LatinNews Daily - 18 October 2022

In brief: Argentina introduces new import authorisation system

*Argentina’s government led by President Alberto Fernández has announced the creation of a new import regulation system, which it stated would generate “predictability and traceability in import operations”. The new import system of the Argentine Republic (Sira) replaces the integral import monitoring system (Simi), which was introduced by the government of former president Mauricio Macri (2015-2019). The new system primarily aims to protect the foreign currency reserves of Argentina’s central bank (BCRA) by regulating import authorisations more closely to prevent fraud and over-invoicing. The Sira includes analysis of an importer’s financial capacity to ensure it is in line with its request. It also requires importers to designate only one bank account for foreign trade and introduces more precise timing for importers’ purchases of hard currency from the BCRA. The new system will also allow small and medium-sized companies to reduce the timeframe for import payments from 180 days to 60 days, but will maintain the maximum period of 180 days for other operators.

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