Excepción al encaje para obras de infraestructura
Published date | 12 October 2006 |
Author | Roberto E. Silva (h.) |
Date | 12 October 2006 |
Law Firm | Marval O'Farrell Mairal |
El 17 de septiembre de 2006 el Ministerio de Economía y Producción (el “Ministerio de Economía”) dictó la Resolución N ° 731/2006 por la que estableció una nueva excepción a la constitución del depósito nominativo, no transferible y no remunerado previsto en los incisos c) y d) del artículo 4º del Decreto Nº 616/2005, conocido como “encaje” la “Nueva Resolución ”).
El Decreto N° 616/2005 estableció que están sujetos al encaje (a) todo ingreso de fondos al mercado local de cambios originado en el endeudamiento con el exterior de personas físicas o jurídicas pertenecientes al sector privado, excluyendo los referidos al financiamiento del comercio exterior y a las emisiones primarias de títulos de deuda que cuenten con oferta pública y cotización en mercados autorregulados; y (b) todo ingreso de fondos de no residentes cursados por el mercado local de cambios destinados a (i) tenencias de moneda local; (ii) adquisición de activos o pasivos financieros de todo tipo del sector privado financiero o no financiero, excluyendo la inversión extranjera directa y las emisiones primarias de títulos de deuda y de acciones que cuenten con oferta pública y cotización en mercados autorregulados; y (iii) inversiones en valores emitidos por el sector público que sean adquiridos en mercados secundarios.
El encaje consiste en la constitución de un depósito nominativo, no transferible y no remunerado, por el 30% del monto involucrado en la operación correspondiente, durante un plazo de 365 días corridos. Este depósito debe ser constituido en dólares estadounidenses en las entidades financieras del país, no pudiendo ser utilizado como garantía o colateral de operaciones de crédito de ningún tipo.
El Ministerio de Economía ya había establecido diversas excepciones a la constitución del encaje en la Resolución N ° 365/2005. Sin perjuicio de ello, la Resolución N º 637/2005 de ese ministerio estableció que todo ingreso de fondos al mercado local de cambios destinado a suscribir la emisión primaria de títulos, bonos o certificados de participación emitidos por el fiduciario de un fideicomiso, que cuenten o no con oferta pública y cotización en mercados...
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