Argentina Creating Temporary Import Regime for Hydrocarbon Industry
Argentina recently established a “special temporary import regime” for used goods “intended for exploration, exploitation and perforation activities by the hydrocarbon industry,” according to an Aug. 29 report from the Hong Kong Trade Development Council. Certain imports under this regime…
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will face an import duty that is “0.5 to 1.0 percentage points higher for each year of age than the applicable [Most Favored Nation] import duty for new goods,” the report said. Other goods are subject to duty-free treatment, the report said. Companies must be registered in the “registry of oil companies” or act as a supplier for a registered entity, the HKTDC said. The temporary tariff regime will remain in effect until Dec. 31, 2020.