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Electronic Credit Invoice: New System

Micro-, small- and medium-sized enterprises (MSMEs) may endorse, assign, and discount electronic credit invoices (e-invoices) on a bank account. This measure—effective since April 1—is the result of the joint work of the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos, AFIP), the BCRA, and the Secretariat of MSMEs from the Ministry of Productive Development.

Like the procedure for ECHEQs, the system for the open transfer of e-invoices will enable MSME providers of large companies to draw on a higher number of financing sources in advance. This will ensure collection since any default will be recorded on the BCRA Debtors' Database. The system will become operative on the date the AFIP posts on its website the manuals for MSMEs and large companies to adapt their own invoicing to the new system for the open transfer of e-invoices.

User manuals are available at the website https://servicioscf.afip.gob.ar/facturadecreditoelectronica/default.asp.They are intended for developers, who will adjust MSMEs and large companies’ e-invoicing so that they may be traded through financial institutions.

In turn, the AFIP published the General Resolution No. 4919 in the Official Gazette, and made available user manuals, among other measures, in an attempt to streamline the implementation of the new invoicing system.

Where e-invoices are not paid within the currently applicable 30 days’ term from their issue date, they may be transferred to a collective depository agent (stock market). Users may openly transfer e-invoices through financial institutions.

This system will enable to make some transactions such as: over-the-counter operations, trade, transfer, interbank clearing, and payment record after acceptance (implied or express) and prior maturity.

Where e-invoices are not paid on due date, MSMEs may make out-of-court payment agreements or else apply for a certificate to file a legal case—both actions are carried out through the system. Companies’ failure to pay an e-invoice upon maturity will be informed to the BCRA debtors' database.

This measure was adopted by the BCRA, promoted by the MSMEs Secretariat from the Ministry of Productive Development, supported by the National Securities Commission, and tailored by the AFIP. It seeks to streamline the use of this system through a straightforward operation that accommodates MSMEs´ daily practice.

January 29, 2021.

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