14th January 2016
Following the election of new president Mauricio Macri, major economic reforms are underway in Argentina that are opening the country up to international markets.
Among the biggest changes are the free float of the Argentine peso and a new import mechanism, which took effect in December.
Buenos Aires based MGI Jebsen & Co. has published English-language summaries of the reforms, which are just the beginning of the new president’s efforts to jumpstart the economy and boost international trade.
The first looks at a new set of easier import regulations that replace the controversial and disliked Declaración Jurada Anticipada de Importación (DJAI) mechanism - the Prior Sworn Import Declaration.
In its place is the Comprehensive System of Imports Monitoring - the Sistema Integral de Monitoreo de Importaciones (SIMI), which the new government hopes will boost foreign trade.
The second summary from MGI Jebsen & Co. details the looser foreign exchange rules, which started with the free float of the peso but has much wider implications for businesses inside and outside Argentina.
The unshackling of the peso is accompanied by the loosening of restrictions around foreign exchange dealings and overseas income.
For more on the reforms, read the summary documents:
THE EXCHANGE MARKET IN ARGENTINA NEW REGULATIONS IN FORCE AS FROM 17/12/2015 - DOWNLOADABLE PDF
NEW IMPORT MECHANISM – DOWNLOADABLE PDF
MGI Worldwide is a global network of accounting firms with over 5,000 professionals in 321 locations worldwide. For more information visit www.mgiworld.com.
To contact MGI Jebsen & Co. please visit the firm’s MGI World Member profile page.
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