To avoid under-invoicing and maneuvering with foreign exchange, the government of Argentina established reference values for beef shipped

The Customs issued General Resolution 4914/2021 on Wednesday, by which reference values were established for beef exports to a group of countries, including China, which absorbs almost 80% of shipments. The decision has to do with avoiding "under-invoicing operations in exports" in a business that last year broke records, with more than 900 thousand tons exported for about 2.5 billion dollars. Among these possible maneuvers is trying to stop the so-called "currency exchange", which consists of declaring a value less for the shipments of meat, in order to leave part of the money obtained abroad, in dollars, avoiding the mandatory settlement that they must do foreign exchange exporters in the wholesale exchange market, where they receive pesos at the official exchange rate. In the resolution, as it did in other areas, Customs set reference prices below which it would not accept beef exports, ranging from $ 1.5 per kilo to 4.4 kilograms, depending on the type of cut and the mode of ...