The Economy Ministry, led by Sergio Massa, issued fines of more than US$1 billion in just one semester for maneuvers in foreign trade, both for over-invoicing and under-invoicing of exports. According to a Customs report, fines in foreign trade operations increased six-fold, comparing the first and second semesters of 2022. In the last months of 2022, the audited amount rose to US$4.75 billion, with fines issued for US$1.02 billion –667% more than the previous semester’s US$133 million in fines. “These maneuvers aim to establish financial assets abroad (in foreign currency), leveraging on the exchange rate gap,” said sources from Customs. There have been 3,146 precautionary measures issued in the last two years linked to the previous imports system –called SIMI– for a total amount of US$2.52 billion.

Source: Bueno Aires Herald January 19, 2023 21:24 UTC