Establishing import restrictions
Since 2008, Argentina established non-automatic import licensing requirements. Under regulations that took effect on 1 February 2012, preregistration, review and approval is now required for all import transactions.
Establishing foreign currency restrictions
Payment for services such as information and IT services, royalties, trademarks and patents, and copyrights are allowed, but only after mandatory registration of the agreements with the Federal Revenue Administration (and only once such registration is approved). In the case of payments to related parties or residents in low-tax jurisdictions, or in the case of payments to bank accounts in low-tax jurisdictions, Central Bank authorization is required where amounts over USD100,000 per year and per concept are involved.
Impact on foreign businesses
Because monetary penalties and criminal charges may apply where foreign exchange rules are breached, foreign companies with Argentine operations need to proceed carefully and retain appropriate documentation to demonstrate their compliance.