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Importers: Those who subscribe to the bond offered by the Central Bank could also use it to pay taxes

2023-12-17T21:00:43.055Z

Highlights: Government and companies that have debts with suppliers for US$ 60,000 million are negotiating this facility. Those who subscribe to the bond to be issued by the Central Bank could apply it to the payment of taxes. The bond will accrue an interest rate of 5% per year, can be paid in pesos and there is the possibility of early redemption. Some tension emerged between the authorities and the importers who have in their hands SIRAs approved for a value, according to the BCRA, of 62,000 dollars.


The government and companies that have debts with suppliers for US$ 60,000 million are negotiating this facility to make the paper that will be issued by the Central Bank more attractive.


The characteristics of the bonus that will be offered to importers to pay the debts accumulated with their suppliers have not yet been fully defined. But an ingredient would have already been added to it. Those who subscribe to the bond to be issued by the Central Bank could apply it to the payment of taxes.

Although the Central Bank has already warned that it will be issued at different maturities, will accrue an interest rate of 5% per year, can be paid in pesos and there is the possibility of early redemption, some tension emerged between the authorities and the importers who have in their hands SIRAs approved for a value, according to the BCRA itself, of 62,000 million dollars. equivalent to no less than 10 percentage points of GDP.

In recent days, objections have appeared on the part of the importers about the bond in question: they find the interest rate low, they question the fact that it is amortized at maturity (bullet) and that it is issued under Argentine law.

But above all, it did not go down well that the dollars that are now entering the Central Bank – it bought 727 million last week – are used to pay for the new imports that have been presented since December 13, that is, the new flow, and there are no dollars to pay off the accumulated debt stock.

These issues were discussed last week and the objections will arrive in writing this Monday to the Secretary of Commerce led by Pablo Lavigne. The review of such claims will move forward at the same time as the registry is opened for importers to declare the debt they owe to their external suppliers.

Once the registry is closed, which will be open for a couple of weeks, the call to subscribe to the bond will move forward.

In the tug-of-war between officials and companies, the government will accept that whoever subscribes to the bond in question could apply it to the payment of taxes. And the same could be done by whoever buys the bond on the secondary market. It happens that importers will be able to go out and resell the bond in order to get the dollars they need to pay off debts or, in this case, pesos to pay tax obligations.

This seems to have been a key point that narrowed the gap and could guarantee some demand for the so-called Bond for the Reconstruction of a Free Argentina (BOPREAL), for which up to 30,000 million dollars could be issued.

The fight over how to use the dollars that are coming into a central bank that has negative reserves of more than $10 billion also sparked an interesting discussion. The government wants to give 000% certainty to those who import from now on, based on a precise schedule. For example, dollars for drug imports will appear 100 days after the foreign exchange order was registered. "This certainty will be able to regenerate trust between importers and their suppliers," the officials say.

From the business side, they have a different opinion. They say that suppliers want to start paying off old debt now. And that is why they would like at least part of the dollars that arrive at the BCRA to be applied to that debt.

The government says it wants to be very careful with the new dollars and has chosen to give guarantees to those who import from now on. And they are confident that from March or April the outlook will begin to relax when the dollars from the thick harvest arrive. They also expect that, given the economic contraction that the adjustment will cause, the demand for dollars for new imports will decrease.

The Central Bank will maintain the restriction of access to the spot market with settlement to importers who do not buy the bond. They don't want the demand for foreign currency in those markets to put pressure on the exchange rate gap, which plummeted to 21% in a week.

According to consultant Fernando Marull, whoever buys the importer bond will be able to get dollars in the secondary market or wait for the bond to mature. He calculates that the bond will be released on the secondary market at a 20% discount. That is, the importer who bought the bond at $800 plus the 17.5% country tax, that is, at $940, when selling it on the secondary market would pay $1,175 for each dollar.

Source: clarin

All business articles on 2023-12-17

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