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Unlocking the Power of BOPREAL Bonds: AFIP Resolution 5469/2023 Explained

In the realm of fiscal matters, the Argentine Federal Public Revenue Administration (AFIP) has issued Resolution 5469/2023, a pivotal document outlining procedures related to Decree No. 72/23 and its connection to the “BONOS PARA LA RECONSTRUCCIÓN DE UNA ARGENTINA LIBRE” (BOPREAL) initiative. Let’s delve into the details of this resolution, exploring how it impacts tax and customs obligations and the applicable exchange rates.

Understanding the Decree No. 72/23 Framework
The foundation of Resolution 5469/2023 lies in Decree No. 72, dated December 21, 2023. This decree introduces a groundbreaking provision allowing the use of bonds or securities issued by the Central Bank of the Argentine Republic to settle obligations arising from the importation of goods or services. Specifically, these obligations must have a documented customs entry or pertain to services rendered up to December 12, 2023.

BOPREAL Bonds: Catalysts for Fiscal Relief
The resolution hinges on the creation of the “Bonos para la Reconstrucción de una Argentina Libre” (BOPREAL) by the Central Bank. These bonds aim to facilitate international currency access for participants engaged in foreign trade with pending payments for imported goods and services. The AFIP, in collaboration with the Central Bank, plays a crucial role in overseeing the application, collection, and supervision of these fiscal and customs obligations.

Key Highlights of Resolution 5469/2023
Let’s break down the significant points addressed in AFIP Resolution 5469/2023:

Series and Their Fiscal Impact
The resolution designates Series 1A, 1B, and 1C of BOPREAL bonds as having the power to cancel tax and customs obligations, along with associated interests, fines, and accessories. These obligations fall within the purview of Decree No. 72/23. The bonds, detailed in Communication “B” 12695 dated December 22, 2023, have specified maximum values and timelines for their effectiveness.

1A Series: USD 1,000,000,000 from April 30, 2025, to April 29, 2026.
1B Series: USD 1,000,000,000 from April 30, 2026, to April 29, 2027.
1C Series: USD 1,500,000,000 from April 30, 2027, to October 31, 2027.

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Exchange Rates in Focus
Resolution 5469/2023 delineates the applicable exchange rate methodology for determining the canceling power of BOPREAL bonds. The chosen exchange rate is the higher value in pesos, computed from the average exchange rate specified in Communication “A” 3500 (BCRA) five business days preceding each reference date. Additionally, it considers the implicit exchange rate derived from averaging the buying and selling of eligible public securities in foreign currency, settled locally, over the same five business days.

Future Guidelines and Implementation
The resolution empowers AFIP to establish the necessary guidelines and complementary rules to operationalize Decree No. 72/23. This includes defining the procedures and conditions for taxpayers and entities in meeting their tax and customs obligations using BOPREAL bonds.

Conclusion
AFIP Resolution 5469/2023 marks a significant stride in aligning fiscal policies with economic recovery efforts. By leveraging the potential of BOPREAL bonds, Argentina aims to stimulate international trade and ease financial burdens on businesses. As the AFIP takes the lead in implementing these measures, taxpayers and entities should stay attuned to forthcoming guidelines for a seamless transition into this innovative fiscal landscape.

Published on December 26, 2023, in the Official Gazette.

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