MSMEs may endorse, assign, and discount electronic credit invoices from 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 Small- and Medium-Sized Enterprises and Entrepreneurs (Secretaría de la Pequeña y Mediana Empresa y los Emprendedores, SEPyME) from the Ministry of Productive Development.
Like the procedure for e-checks, the system for the open transfer of electronic credit invoices will enable MSME providers of large companies to draw on a larger number of financing sources in advance. This will also improve 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 electronic credit 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’ invoicing so that electronic credit invoices may be traded through financial institutions.
In turn, the AFIP published General Resolution 4919 in the Official Gazette in an attempt to streamline the implementation of the new invoicing system, and made available user manuals, among other measures.
Where electronic credit 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 electronic credit invoices through financial institutions.
This system will enable to make a number of transactions such as: operations outside exchanges, trade, transfer, payment through interbank clearing, and payment record after acceptance (implied or express) and before maturity.
Where unpaid electronic credit 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 electronic credit invoice upon maturity will be informed to the BCRA Debtors’ Database.
This measure was adopted by the BCRA, promoted by the Secretariat of Small- and Medium-Sized Enterprises and Entrepreneurs 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.
