Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

June 13, 2022

Argentine Central Bank exempts certain individuals and legal entities from foreign exchange controls on exports of services

The communique exempts individuals and legal entities from the requirement to settle through the official foreign exchange market the proceeds from exports of certain services. Companies doing business in Argentina through exports of services should carefully analyze the requirements to determine if they are covered by the exemption.

On 2 June 2022, the Argentine Central Bank (BCRA) issued Communique A 7,518 (Communique), which exempts individuals and legal entities that perform certain activities from settling through the official foreign exchange market a portion of the proceeds from exports of services to the extent certain requirements are met.


On 1 September 2019, the Argentine Government published in the Official Gazette Decree 609/2019 (the Decree), which implemented foreign exchange regulations. The Decree requires individuals and legal entities to convert into Argentine pesos (ARS) in the local financial system, the value of goods and services exported, in accordance with the conditions and terms to be established by the BCRA.

On the same date, the BCRA issued Communique A 6,770, which established various rules for exports of goods and services, imports of goods and services, foreign assets, nonresident operations, financial debt, debts between residents, profits and dividends, and information systems. For more information, see EY Tax Alerts, Argentina implements foreign exchange control regulations, dated 4 September 2019, Argentine Central Bank issues consolidated text of foreign-exchange regulations containing some definitions and clarifications, dated 2 January 2020, and Argentina issues guidance on foreign exchange regulations, dated 12 October 2020.

Under those rules, the proceeds derived from exports of services must be entered and settled through the official foreign exchange market within five business days from collection.

Communique A 7,518

Under the Communique, individuals and legal entities that export certain services (e.g., IT services, telecommunications services, charges for the use of intellectual property) are exempt from settling a portion of those proceeds (i.e., converting those funds into ARS) through the official foreign exchange market.

The Communique clarifies that the funds collected from these exports must be credited in foreign currency accounts held in local financial institutions (i.e., the funds must be entered into Argentina but can be kept in foreign currency).

For individuals, up to US$12,000 per calendar year is exempt from the settlement through the foreign exchange market requirement. The exemption will apply, provided they file a sworn statement with the local financial institution involved in the transaction, stating that they did not use the blue-chip swap mechanism with public debt1 for the previous 90 days and commit not to use it for the next 90 days.

Legal entities exporting those services will be exempt to the extent they obtain a “Certification of increase in the collection of funds from export of services in 2022” (the Certification) from a local financial institution.

To obtain the Certification, the legal entity must meet the following requirements:

  • The proceeds from the exports of these type of services that entered into the official foreign exchange market in 2022 exceed the proceeds from the exports of these services that entered into the foreign exchange market in 2021.
  • During 2021, the exporter entered and settled in the official foreign exchange market proceeds from the exports of these type of services.
  • The value of the Certification issued cannot exceed the lower of the following:
    • 50% of the value by which the proceeds from the export of these services in 2022 entered through the official foreign exchange market exceeds the amount received for such services during the entire previous year
    • 20% of the gross remunerations paid to employees in the previous calendar month multiplied by the number of months remaining until the end of the year, including the month in which the Certification is requested
  • The legal entity submits a sworn statement stating that:
    • Funds exempt from the settlement through the foreign exchange market requirement will be used exclusively to pay employees’ remunerations in foreign currency in accordance with the limit established by the Labor Law (i.e., 20% of the gross salaries)
    • Funds that, as of 31 December 2022, have not been used for the purpose foreseen above must be settled (i.e., converted into ARS) in the official foreign exchange market within five business days thereafter
    • It is in compliance with the regulations regarding the receipt and settlement of payments for exports of services
    • It did not use the blue-chip swap mechanism with public debt for the previous 90 days and it commits not to use it for the next 90 days


For additional information with respect to this Alert, please contact the following:

Pistrelli, Henry Martin & Asociados S.R.L., Buenos Aires

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young Abogados, Latin American Business Center, Madrid

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific



  1. Blue chip swap mechanism with public debt is a transaction by which an individual or legal entity can access foreign currency abroad, through the purchase and sale of public bonds.

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more