Foreign Exchange Operations and Movements of Funds with Abroad: CAMEX 1-204, OPRAC 1-232, COPEX 1-163, SEPEX 1-29

CENTRAL BANK OF THE ARGENTINE REPUBLIC

COMMUNICATION "A" 1434 29/05/89

TO FINANCIAL INSTITUTIONS AUTHORIZED TO OPERATE IN FOREIGN EXCHANGE AND FOREIGN EXCHANGE BROKERS:

Ref.: Circulars on Foreign Exchange Operations and Move- ments of Funds with Abroad CAMEX - 1 -
204. Active Operations OPRAC - 1 - 232.
External Collections and Payments COPEX - 1 - 163.
External Operations of the Public Sector SE-
PEX - 1 - 29.

We address you and through you all interested parties, to bring to your knowledge that, in accordance with the guidelines established by the economic authorities, the following provisions on foreign exchange matters were adopted.

I - Scope of the provisions

The participating institutions may process through the Single Exchange Market the following Operations.

1. Payments for imports of merchandise.

1.1. New Operations arranged as from 30.5.89 inclusive, covered by documentary credits or shipments made as from that date through any other payment instrument.

The formalization of these operations must comply with the following minimum terms for payment abroad, which may be effected no more than two business days in advance of their due date.

a. Merchandise in general, except capital goods

The F.O.B. value may only be paid in installments of no less than 180 days counted from the date of shipment, including, where applicable, the value of the respective financing interest.

b. Capital goods

The list of products included is detailed in the Annex.

Operations whose F.O.B. value is up to u$s 250,000 or its equivalent in other currencies may be paid at a minimum of 180 days from the date of shipment. For operations greater than that amount, the minimum payment term shall be one year. Financing interest must be paid together with the principal installments or at least every 180 days.

In operations whose F.O.B. value exceeds u$s 250,000 or its equivalent in other currencies, advance payments prior to

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shipment of up to 5% of the F.O.B. value of the purchase shall be allowed, and, in addition, against delivery of the shipping documents, an additional amount may be paid to that transferred for the aforementioned formalization, with which up to 15% may be totaled. In cases where this exemption is used, the import must be instrumented with a documentary credit, for an amount not less than the total paid up to the delivery of the shipping documentation, in which the amortization conditions of the balance being financed shall be stated.

For the making of advance payments, in the corresponding documentary credits it shall be stated that the exporter must deliver the respective shipping documentation within the validity period of the credit and that, otherwise, it undertakes to reimburse the transferred amount within 10 days following the expiration of said period.

1.2. Operations covered by documentary credits in force, transmitted abroad up to 19.5.89 inclusive, which may not be extended after that date, and their interest.

For original maturities not extended and in force, the obligation may be canceled no more than two business days in advance of its due date.

1.3. Operations not covered by documentary credits as of 19.5.89 inclusive, which may not be extended after that date, and their interest.

They may access the exchange market no earlier than 180 days from the original or extended maturity of the obligation, which may be canceled no more than two business days in advance of its new maturity. Interest may not be paid before 180 days from the date of shipment.

1.4. Operations extended in accordance with section 1., point 1.2. of Communication "A" of 4.4.89

They may access the exchange market at the maturity of the new agreed term, in accordance with the referenced regulatory provision.

1.5. Excepted from the payment regime set forth above is the import of merchandise in general, except capital goods, coming from and originating in the countries making up the Latin American Integration Association (ALADI) and negotiated within its scope, which may be paid in full or in part in cash against delivery or presentation of shipping documentation or with installment financing, as agreed between the parties.

1.6. To process payments abroad for imports of the private sector that are not covered by documentary credits, the institutions must verify that they are duly documented obligations and that they correspond to the value of merchandise that has been imported definitively or temporarily (Decree 1554/86) or that is within customs jurisdiction in procedures for such purposes. This must be evidenced beforehand by docu-

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B.C.R.A. COMMUNICATION "A" 1434 29.5.89

mentation issued by the competent customs agency or, in its replacement, by the respective Official Departments when it concerns sales to the State with customs clearance in their charge, and the receipt of the respective payment of duty, where applicable.

Alternatively, authorized institutions may make payments abroad upon prior constitution of a bank guarantee or real or other guarantees to the satisfaction of the participating institution that secures compliance with customs clearance within the following 60 days. If within said period the corresponding evidence is not presented, the participating institution must bring that circumstance to the knowledge of this Bank, within the following three business days, reporting the reasons for the delay in completion of the clearance.

The guarantee must cover the amount in australes equivalent to 80% of that applied for the payment of the import through the Single Exchange Market.

In cases of payments abroad covered by documentary credits - except advances on shipment - authorized entities must also carry out the verification mentioned in the first paragraph and the report of its eventual non-compliance, within the respective period indicated in the second paragraph.

2. Exports of merchandise

2.1. The F.O.B. value of merchandise exports and interest earned from financing foreign sales.

2.2. Advance collections from exports (point 1.4. of Circular COPEX - 1 and complementary ones).

2.3. Foreign currency loans to finance exports, referred to in point 1.5. of Circular COPEX - 1 and complementary ones, and their interest.

2.4. Expenses abroad that make up the F.O.B. value of exports of industrial plants or works contracted with the condition of being delivered "turnkey", for the amount authorized by this Bank (Form 2097).

3. Other concepts

3.1. Freight, insurance and consular expenses related to foreign trade.

3.2. Remittances of funds collected in australes in the country, as freight for foreign international transport companies, after deduction of local expenses.

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3.3. Expenses of ships and aircraft.

3.4. Leases of ships and aircraft.

3.5. Container rental. An invoice must be presented.

3.6. Commissions of representatives or sales agents for Argentine exports. Up to the usual limits according to the nature of the product being exported may be transferred, and may not exceed 6% of the F.O.B. value in the case of traditional products and up to 10% for promoted ones. In no case may it be deducted from the F.O.B. value declared in the respective shipping permit. Payments made for this concept may not exceed the amount of foreign exchange negotiations carried out up to that moment for the corresponding export.

3.7. Payments of insurance premiums to Argentine companies for commercial insolvency risks, related to Argentine exports. A commercial invoice must be presented.

3.8. Payments for the concepts considered by Communication "A" 1159 of 4.3.88 (expenses for medical treatment and purchases of medicines abroad), up to the amount authorized for each application individually considered. This foreign exchange treatment covers submissions with certifications issued by the Ministry of Health and Social Action of the Nation or provincial or similar competent body in the matter.

3.9. Transfers abroad as retirement and pension benefits.

3.10. Expenses for registration of patents and trademarks abroad. An invoice must be presented, and within a period of 60 days, proof of registration.

3.11. Copyright, exclusively. A certification from a Public Accountant legalized by the Professional Council of Economic Sciences must be presented regarding the origin and enforceability of the debt.

3.12. Telephone, postal, telegraph and telex rates.

3.13. Purchases of books and subscriptions to newspapers and magazines by individuals. Up to u$s 150 or its equivalent in other currencies per purchaser and per month, and at most, up to u$s 1,500 per calendar year.

3.14. Contributions to foreign retirement funds. Up to u$s 250 or its equivalent in other currencies per obligated person and per month. Within a period of 60 days, the payment receipt provided by the fund-receiving entity must be presented to the intervening entity. The intervening entity will not process new operations until said requirement is met.

3.15. Information services. The commercial invoice must be presented.

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B.C.R.A. COMMUNICATION "A" 1434 29.5.89

3.16. Extraction and legalization of birth, baptism, marriage and death certificates.

3.17. Membership dues to international organizations. Up to u$s 1,000 or its equivalent in other currencies per member and per year. An invoice must be presented.

3.18. Registration fees for international congresses. Up to u$s 200 or its equivalent in other currencies per attendee and per year. An invoice must be presented.

3.19. Expenses for registration, space rental, installation and maintenance of stands for attendance at international fairs. Up to u$s 10,000 per firm and per year. Sales for higher amounts may only be made in the case of fairs that have official sponsorship. For this purpose, a certification from the Secretariat of Industry and Foreign Trade must be presented stating the existence of said sponsorship and the approval of the amount to be transferred. Invoices or certifications replacing them must be presented.

3.20. Commissions and expenses for loans whose direct creditors are international or national foreign financing organizations.

3.21. Transfers by foreign personnel contracted and working in the country. A certification from the employer will be required, which must also state the amount of their salary in australes, compliance with pension and tax obligations regarding the funds to be transferred and, when applicable, the contract registration number before the Registry of Technology Transfers.

3.22. Payment of the cost of repairs of goods or items temporarily exported for that purpose. A commercial invoice and a certification from a Public Accountant legalized by the Professional Council of Economic Sciences regarding the enforceability of the payment must be presented to the intervening entity.

3.23. Alimony payments derived from compliance with judicial sentences. A copy of the judicial sentence must be presented to the intervening entity.

3.24. Fees for lawsuits processed abroad, related to Argentine export operations. An invoice must be presented to the intervening entity and, within a period of 60 days, the payment receipts.

3.25. Registration and purchase of guides, telex. A commercial invoice must be submitted.

3.26. Salaries of Argentine personnel assigned abroad. Up to u$s 1.000 or its equivalent in other currencies per beneficiary and per month.

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A certification from a Public Accountant legalized by the Professional Council of Economic Sciences regarding the existence of the obligation must be submitted to the intervening entity and, within a period of 60 days, proof of payment.

3.27. Expenses for commercial representation abroad. A certification from a Public Accountant legalized by the Professional Council of Economic Sciences regarding the existence of the obligation must be submitted to the intervening entity.

3.28. Sales of foreign exchange for up to u$s 500 per person to foreign tourists from non-bordering countries, at the end of their stay in the country, upon prior demonstration of having brought in and negotiated in the Single Exchange Market an amount greater than the amount requested.

3.29. Scholarships and study expenses. Up to an amount of u$s 300 per calendar month and per beneficiary. The party undertaking the transaction shall expressly state in the respective sworn declaration that the transfer, added to those that may have been made to the same beneficiary during the same month for this or another concept, does not exceed the indicated limit of u$s 300.

3.30. Family assistance. Up to u$s 200 or its equivalent in other currencies per party undertaking the transaction or beneficiary and per calendar month. They may be made only when the beneficiary is the spouse, father, mother, child or sibling, or a disabled person under 18 years of age, of the party undertaking the transaction. Remittances may only be made in favor of beneficiaries with another degree of kinship with respect to the party undertaking the transaction, when their habitual nature is reliably demonstrated with a minimum prior period of one year.

3.31. Travel expenses abroad. Sales of foreign exchange shall be made against presentation of an Argentine identity document and the respective ticket, the latter must be stamped recording the amount in foreign currency sold. Where applicable, a passport must also be presented, which will also be stamped for the sale of foreign exchange.

They may only be made up to 15 business days in advance of the traveler's departure date.

In cases of cancellation of tickets, transport companies will first verify that the holder has returned to the exchange market the amount in foreign currency acquired and for which they are affected.

The amounts to be granted for the indicated concept shall be the following:

• South American countries, non-bordering: up to u$s 50 per day of travel duration and a maximum of u$s 500 per calendar year.

• Other countries, non-bordering: up to u$s 100 per day of travel duration and a maximum of u$s 2.000 per calendar year.

To determine, in both cases, the established annual maximum, transactions processed from the date and until 31.12.89 must be computed for the current year.

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B.C.R.A. COMMUNICATION “A” 1434 29.5.89

Travelers who are absent in compliance with official missions entrusted by National, Provincial or Municipal Agencies, State Enterprises, and Companies with State participation, may not make use of the transfer for travel expenses, when they are assigned per diem or other uses of foreign exchange to cover their expenses abroad. The same rule shall apply to scholarship holders or students, for whose stay expenses the provisions set forth in point 3.29 shall govern.

4. Capital movements and their interest

4.1. Financial credits entering from the date in foreign currency, through negotiation in the Single Exchange Market, must be arranged at terms of no less than one year and in all cases with a certain maturity date. They may be subject to renewals for periods of no less than 180 days.

Interest rates and bank commissions: They shall be those agreed upon by lenders and borrowers. Interest may only be paid for semiannual periods in arrears.

The amortization of capital and the payment of interest may be made directly by the intervening entity. Transfers must be made at the maturity of the terms established in their contracting, and only up to two business days in advance.

These rules do not cover operations of the private sector that have the endorsement or guarantee of the State nor those carried out by the public sector, which in all cases will continue to require the prior authorization of this Bank, by virtue of Circular SEPEX - 1 and complementary ones.

4.2. The cancellations of financial credits entered and negotiated prior to the date of this communication, through the former Single or Official Exchange Markets, shall have access to the Single Exchange Market, provided that their original or extended maturities are deferred by no less than 180 days. The interest on loans entered in accordance with the above may be paid in accordance with the second paragraph of the preceding point.

Likewise, the cancellations of on-lending operations (“On Lending”), for capital and interest, shall have access to the Single Exchange Market.

4.3. Disbursements and amortizations of loans, and their interest, of entities of the Public and Private Sector with guarantee of the National, Provincial and Municipal States.

4.4. Disbursements and amortizations of loans, and their interest, from multilateral financial organizations.

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II - OTHER PROVISIONS

1. Imports of inputs destined for the manufacture of medicinal products, which have a complementary certification to the D.J.N.I. issued for medical treatment and purchase of medicines abroad (point 3.8. of this Communication), shall be paid at 60% of the seller's exchange rate set daily by this Bank.

2. Advance payments and foreign currency loans to finance exports (Points 1.4. and 1.5. of Circular COPEX - 1 and complementary) maintain the term of validity in accordance with the provisions in force at the date of negotiation in the foreign exchange market. New operations may be arranged up to a maximum term of 360 days.

3. Compensation exchange operations, referred to in Communication "A" 825 of 30.12.85, may be carried out in accordance with these rules, excluding imports referred to in point 1. Precedent.

4. The provisions on income and negotiation of foreign currency, endorsement of shipping permits and reporting of failure to receive foreign currency (Form No. 1519) remain in force for export operations.

5. It is noted that Communication "A" 932 of 14.10.86 is in force for new operations arranged from the date of this Communication, as well as for those that had been timely received through the former Official and Free Exchange Markets until 19.5.89.

6. Operations of public or private sector entities that have a guarantee from the National, Provincial or Municipal states shall be subject to the prior approval of this Bank, in accordance with the provisions of Circular SEPEX - 1 - 1, Communication "A" 320 of 26.5.83 and complementary.

7. Exchange treatment for exports prior to 30.5.89 (Registered with the A.N.A. or with sales declared with the J.N.G.) and for the cancellation of foreign currency loans to finance exports, (point 1.5. of circular COPEX - 1 and complementary) received until 13.4.89.

7.1. Exports of goods settled from 30.5.89 inclusive whose shipping permits have been registered with the National Administration of Customs or, in the case of products covered by Law No. 21.453, whose sales have been declared with the National Grain Board, in both cases until 29.5.89, shall have the following exchange treatment:

    a. Products included in the list annexed to Decree No. 713/89, which have not paid the duty established by Decree No. 553/89.

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B.C.R.A. COMMUNICATION "A" 1434 29.5.89

They shall be settled at 70% of the buyer exchange rate set daily by this Bank, in the case of products with an official price established by the National Administration of Customs, and at 76.923% when they do not have an official price.

b. Products included in the list annexed to Decree No. 713/89 that have paid the duty established by Decree No. 553/89.

They shall be settled at 90% of the buyer exchange rate set daily by this Bank, in the case of products with an official price established by the National Administration of Customs, and at 93.590% when they do not have an official price.

c. Products not included in the List annexed to Decree No. 713/89 that have not paid the duty established by Decree No. 553/89.

They shall be settled at 80% of the buyer exchange rate set daily by this Bank, in the case of products with an official price established by the National Administration of Customs and at 83.333% when they do not have an official price.

7.2. The foreign currency from the exports referred to in point 7.1. above shall be sold at the same exchange rate, when applied to the cancellation of foreign currency loans to finance exports (Point 1.5. of Circular COPEX - 1 and complementary) that had been received until 13.4.89 through the former Official and Free Exchange Markets. To access said treatment, at least 50% of the proceeds of the exports must be allocated to cancel loans received through the former Official Exchange Market. The balance until completing the receipt of the export may be applied to cancel foreign currency loans to finance exports negotiated in the former Free Exchange Market.

7.3. Foreign currency loans to finance exports (Point 1.5. of Circular COPEX - 1 and complementary) received through the former Official and Free Exchange Markets until 13.4.89, which do not comply with the provisions of point 7.2. above, and through the former Free Exchange Market from 17.4.89 and until 19.5.89, must be cancelled at the full exchange rate of the Single Exchange Market.

The interest on this financing, whatever the form of cancellation of the principal, shall be settled at the full exchange rate of the Single Exchange Market.

7.4. The foreign currency from exports not registered with the National Administration of Customs as well as, in the case of goods covered by Law No. 21.453, whose sales were not registered with the National Grain Board, in both cases as of 29.5.89, which pay the duties established by Decrees

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Nos. 553/89 and 713/89, and which have foreign currency loans to finance exports (Point 1.5. of Circular COPEX - 1, Communication "A" 12 and complementary) received until 13.4.89 through the former Official and Free Exchange Markets, may be allocated to the cancellation of that financing under the conditions established in point 7.2. above, and shall have the following exchange treatment:

7.4.1. Exports that do not contain temporarily imported inputs (Decree No. 1554/86).

Their settlement shall correspond to the purchase of the foreign currency from the export at the buyer exchange rate by the Single Exchange Market of the day of the operation and the sale of foreign currency at the exchange rates indicated in point 7.1. above, according to the duties paid.

7.4.2. Exports that contain temporarily imported inputs (Decree No. 1554/86) and enjoy the exemption of Art. 4 of Decree No. 553/89.

The provisions of the preceding point shall apply only to the net amount after deducting from the F.O.B. value of the export the CIF value of the temporarily imported component incorporated into the final product.

8. Prefinancing operations for promoted exports (Point 2.1. of Circular OPRAC - 1 Communication “A” 1205 and complementary provisions).

Those granted up to 19.5.89 inclusive shall be canceled at the applicable exchange rates, in accordance with the exchange treatment assigned to the export of the merchandise.

Agreements for new stages, new agreements and their cancellations shall be made through the Single Exchange Market at the full exchange rate.

The approach set forth above covers operations arranged under Communications “A” 598 of 28.2.85, “A” 13.5.86 and those of point 2.1.10.2.2. of Circular OPRAC - 1 Communication “A” 1205 and complementary provisions. In these last two cases, for the cancellation of operations at the exchange rates established in point 7.1., the pertinent foreign currency must be acquired at the same exchange rates through the Exchange Operators Desk of this Bank.

9. Financing Operations for Promoted Exports (point 2.3. of Circular OPRAC - 1, Communication “A” 1205 and complementary provisions) and Credit Lines (formula 2417).

a) Operations presented for discount at this Bank whose shipping permit is dated prior to the date of this Communication shall be settled at the exchange rate established in point 7.1. as applicable, with the exception of the following operations:

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B.C.R.A. COMMUNICATION “A” 1434 29.5.89

1. That they include a copy of the deposit slip certified by the intervening entity for payment of the duty established by Decrees Nos. 553/89 and 713/89.

2. Income from exports covered by point 7.2. above.

3. Income from services that form part of the F.O.B. value of Argentine exports of industrial plants or works contracted under the condition of being delivered “turnkey”.

The operations indicated in points 1., 2. and 3. above shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation.

b) In the case of operations covered by point 7.4. above, the following procedure shall be followed: the bill discount operation shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation, and exporters may acquire the foreign currency corresponding to the exchange rates indicated in point 7.1. above, according to the duties paid when the export does not contain temporarily imported inputs.

When the export contains temporarily imported inputs (Decree No. 1554/86) and benefits from the exemption of Art. 4 of Decree No. 553/89, the purchase of foreign currency shall have the following treatment: the portion of the temporary import of the F.O.B. value shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation. The balance, up to covering the total value of the export, shall be settled at the exchange rate established in point 7.1. above, as applicable.

c) New operations that certify having paid the duties of Decrees Nos. 553/89 and 713/89 shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation.

10. With reference to the regime established by Communication “A” 1410 of 2.5.89, the second and third paragraphs are replaced by the following:

The portion of the F.O.B. value of export products consisting of merchandise of foreign origin entered into the country under the regime of Decree No. 1554/86, pending cancellation as of 13.4.89, shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation. For the remainder of the F.O.B. value, the provisions of point 7.1. of this communication shall apply.

When the foreign currency from the export is applied to the cancellation of loans in foreign currency (point 1.5. Circular COPEX 1, Communication “A” 12 and complementary provisions), which had entered up to 13.4.89 through the former Official and Free Exchange Markets in accordance with the conditions stipulated in point 7.2., the portion of foreign currency corresponding to merchandise of foreign origin entered tempo -

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rarily, pending cancellation as of 13.4.89, must be assigned to this Bank at the buyer's exchange rate of the Single Exchange Market on the day of the operation, and may be repurchased at the exchange rates arising from the provisions of point 7.1. of this communication, as applicable.

11. The provisions made known by Communication “A” 1409 of 2.5.89, section I, point 2. and by point 7.1. of this Communication, are not applicable to operations covered by Art. 3 of Decree No. 553/89. Consequently, they shall be settled at the buyer's exchange rate of the Single Exchange Market on the day of the operation.

12. Foreign currency from exports of merchandise not entered within the periods established by current regulations, for maturities occurring up to 29.5.89 inclusive, which have no inspection carried out or in process, shall have the following exchange treatment, provided they are negotiated within 30 business days from 30.5.89:

12.1. Merchandise that does not pay the duty established by Decree No. 553/89, at the exchange rate established in point 7.1. for 30.5.89, as applicable.

12.2. Merchandise that pays the duties established by Decree No. 553/89, at the exchange rate of the Single Exchange Market of 30.5.89.

A term of thirty business days is agreed for the intervening entities to submit to the Central Bank a new form 1519 for each of the export operations that is pending settlement of foreign currency, with a negotiation term that has expired under the regulations. Such report will be handled within the guidelines of the foreign exchange criminal regime.

13. Payments for imports of merchandise referred to in section I, point 1.2. of this communication, which fell due during the foreign exchange holiday period ordered by the authorities, may be made following a payment schedule that will begin on 1.6.89 with the operations due on 20.5.89, observing for the remaining ones an interval of one business day between each due date, that is, those due on 21.5.89 would be paid on 5.6.89, those due on 22.5.89 on 7.6.89 and so on.

III. INFORMATION REGIME - PERMANENT SURVEY OF EXTERNAL DEBT

1. Entities authorized to operate in foreign exchange may only settle through the Foreign Exchange Market deferred payment obligations with abroad of the Private and Public Sector, which have the respective sworn declaration registered under the usual practice form in the Permanent Survey of External Debt (forms Nos. 5003, 5005, 5013 or 5015), reported in accordance with the provisions of Communications “A” 433, 461 and complementary of 12.1.84 and 8.3.84, respectively.

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B.C.R.A. COMMUNICATION “A” 1434 29.5.89

2. Import obligations covered in point I, 1. of this, with a shipment date prior to 22.5.89 that do not have at the date the respective declaration in forms Nos. 5005 or 5015 as applicable, will have until 7.7.89 to make the respective presentation, without prejudice to the provisions of point 1.

3. Obligations with abroad of mixed economy companies and official financial entities for their own operations, will have the same foreign exchange treatment as those of the Private Sector, and must declare in the Permanent Survey of External Debt in form No. 5015 under the usual practice form, in accordance with the provisions made known by Communication “A” 461 of 8.3.84 and complementary.

4. Operations included in this communication, which have the respective declaration in form No. 5005 or 5015, as applicable, will not have the obligation to make a new declaration as long as there is no modification of the terms reported to the Central Bank.

5. For the payment of Freight, Insurance and Consular Expenses linked to foreign trade not included in the declarations mentioned in point 4., the intervening entities may process them through the Single Foreign Exchange Market, being under their responsibility the verification and settlement of such concepts.

We greet you very attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Clodomiro R. Raposo
Deputy Manager of Foreign Trade
Antonio G. Zoccali
Deputy General Manager

B.C.R.A.
LIST OF CAPITAL GOODS
Annex to
Com. “A” 1434

NADI Position Exclusions (1)
(2) 44
(2) 68
73
73
73
73
74
76
76
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
23
11
16
21
22
37
09
08
09
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
99
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
02
02
02
02
02
07
03
05
06
00
02
(3) 02
(4) 02
03
(3) 04
(5) 04
05
(6) 05
06
(3) 01
(3) 01
(3) 01
01
(7) 01
(8) 01
02
03
(3) 04
04
00
00
00
00
01
02
04
98/99
00
99
00
00
00
00
00
00
02
01
01
01
01
01
02
01
01
00
01
01
02
02
02
02
00
02
01
02
01
02
02
91
00
00
00
00
00
00
00
00
00
00
00
00
00
06
04
07
03 / 04
00
00
06
99
00
01
02
03
11
23
99
00
00
99
00
01
00
00
00
00
00
00

-- 2 --

	NADI position				Exclusions (1)
84	16	00	00	00	00	02	00
84	17	00	00	00	01	00	00
					02	01	02 and 04
					(3) 02	01	12
					(9) 02	03	21
					02	08	00
84	18	00	00	00	01	02	71
					02	01 and 04	00
					02	06 and 20	00
					03	00	00
84	19	00	00	00	01	00	00
					03	00	00
84	20	00	00	00	01	00	00
84	21	00	00	00	03	04	03 and 10
						05	00
84	22	00	00	00	02	02	01
					00	98/99	00
					00		00
84	23	00	00	00	07	01-04/07	00
					07	10 and 98/99
84	24	00	00	00	05	00	00
84	25	00	00	00	05	00	00
84	26	00	00	00	03	00	00
84	27	00	00	00	02	00	00
84	28	00	00	00	02	00	00
84	29	00	00	00	02	00	00
84	30	00	00	00	02	00	00
84	31	00	00	00	03	04 / 11	00
					03	98/99	00
84	32	00	00	00	02	00	00
84	33	00	00	00	02	00	00
84	34	00	00	00	01	02	07 /09
					02	01 / 06	00
					03	00	00
84	35	00	00	00	05	00	00
84	36	00	00	00
84	37	00	00	00	02	01	01
84	39	00	00	00	00	03 / 04	00

-- 3 --

B.C.R.A.
LIST OF CAPITAL GOODS
Annex to the
Com. “A” 1434

NADI position					Exclusions (1)
84	40	00	00	00	01	00	00
					05	00	00
					07	00	00
84	41	00	00	00	01	01	00
					02	00	00
84	42	00	00	00	00	04	00
84	43	00	00	00	01	02	00
					02	00	00
84	44	00	00	00	02	01	99
84	45	00	00	00
84	46	00	00	00
84	47	00	00	00
84	48	00	00	14
84	49	00	00	00	02	00	00
84	50	00	00	00	00	02	00
84	51	00	00	00	01	04	00
84	52	00	00	00
84	53	00	00	00
84	54	00	00	00
84	56	00	00	00	05	99	00
84	57	00	00	00	00	02	00
84	58	00	00	00	00	02	00
84	59	00	00	00	08	99	01
					09	00	00
85	01	00	00	00	01	01	02
					06	00	00
					08	04 / 05	00
					10	01-03 and 99	00
					11	00	00
85	04	01	01	00
85	04	01	99	00
85	05	00	00	00	00	90	05 and 07
					00	99	00
85	07	00	02	00
85	11	00	00	00	01	03	00
					02	02	00
85	13	00	00	00	02	00	00
85	14	01	03	02
85	14	01	03	99
85	15	00	00	00	02	99	00
					03	99	00
					04	00	00
					05	00	00

-- 4 --

	NADI position					Exclusions (1)
85	15	00	00	00	06	00	00
					10	01	03 and 98/99
					10	02 / 04	00
					10	05	01 and 05
					10	05	98/99
					10	06 / 07	00
85	16	00	00	00	00	02	00
85	(10) 18	00	00	00
85	22	00	00	00	01	02	00
					02	99	00
86	01	00	00	00
86	02	00	00	00
86	03	00	00	00
86	04	00	00	00
86	05	00	00	00
86	06	00	00	00
86	07	00	00	00
86	08	00	00	00
86	10	00	00	00	00	03	00
87	01	00	00	00
87	02	01	03	00
87	02	02	00	00
87	02	03	00	00
87	03	00	00	00
87	04	00	00	00
87	07	01	00	00
87	14	02	01	01
88	01	00	00	00
88	02	00	00	00
88	05	00	00	00	00	03	00
89	01	00	00	00	02	01 / 02	00
89	02	01	01	00
89	03	00	00	00
89	05	00	00	00
90	09	00	00	00	00	01	99
					00	03	00
90	10	00	00	00	02	00	00
					03	01	05
					03	01	08 and 16
					03	02	00
					03	03	00
90	12	00	01	01
90	(11) 16	01	02	99
92	11	04	01	01
92	11	04	01	02

-- 5 --

B.C.R.A.
LIST OF CAPITAL GOODS
Annex to
Com. “A” 1434

(1) - Comprises the last three pairs of digits of the corresponding NADI position.

(2) - Exclusively complete prefabricated constructions.

(3) - Only those intended for use in motor vehicles, self-propelled machinery and internal combustion engines.

(4) - Fuel feed pumps for internal combustion motor vehicles.

(5) - Only those intended for use in internal combustion motor vehicles.

(6) - Only rotary fuel injection pumps for diesel engines.

(7) - Only those intended for use in motor vehicles and/or self-propelled machinery.

(8) - Only turbochargers intended for internal combustion engines.

(9) - Only those intended for use in motor vehicles and/or self-propelled machinery.

(10) - Only condensers or capacitors for medium and low voltage networks of more than 25 KVAR and 1 KVAR, respectively, and voltages above 600 Vac.

(11) - Ampoule inspecting machines only.