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International Trade and Customs Alert – January 2020

ALERT – INTERNATIONAL TRADE AND CUSTOMS

New customs provisions that regulate exports may extend the deadlines for requesting the return of the balance in favor of IGV, as well as the benefit of Drawback.

According to the amended text of Regulations of the General Customs Law (approved by Supreme Decree No. 367-2019-EF), Customs may extend the period of regularization of export operations up to 7 months in those cases in which the goods do not have a definitive exchange value (for example, contracts with price revision clauses). Adding to the aforementioned term the regular period of 30 calendar days, it will be required that, in practice, an export declaration could be pending of regularizing up to a period of 8 months.

In this regard, it is necessary to specify that the permanent definitive export customs regime has three consecutive stages: i) the procedures prior to shipment (with presentation of provisional information and obtaining authorization to embark); ii) verification of shipment; and iii) export regularization (based on definitive information).

The new provision mentioned affects the third stage and is directly related to obtaining definitive information regarding the value of the export sale. For the entry into force of this provision, a staggered mechanism has been established that goes from January 31 to April 30, 2020. Thus, as of April 1, 2020 this new provision must be applied by all Customs Administration nationwide.

The exporter may not request the return of the balance in favor of IGV or the benefit of Drawback while the export has not been regularized.