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Customs continues to focus on customs valuation and transfer pricing issues

The Argentina Customs Director announced in a November press conference that Customs will continue focusing on customs valuations and transfer pricing issues.

The asphyxiating foreign exchange regulations currently in place in Argentina are seen by Customs as an incentive for importers to artificially increase the import value of goods (since this will result in the transferring abroad of more foreign currency; a practice known as “over-invoicing”) as well as for exporters to artificially reduce the export value of goods (since this will result in some foreign exchange remaining abroad instead of being mandatorily converted into Pesos at an artificially low foreign exchange rate; known as “under-invoicing”).

Source Baker & McKenzie

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