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On 14 October 2009, the Federal Administration of Public Revenue (AFIP) issued General Resolution 2687 introducing reference values applicable to Argentine shortfin squid (illex argentinus) for export. The measure lists a free on board (FOB) price per kg in USD to each type of squid product including the countries of destination.
The reference values affect the Mercosur Nomenclature (NCM) code 0307.99.00 and the values for each type of squid range from USD 0.75 per kg to USD 3.10 per kg. There is also a tolerance level of 12%, i.e., the actual export price shall not deviate by more than 12% from the reference value noted in the resolution.
Argentina introduced reference values of precautionary nature for exportgoods in 2005 (in Spanish: valores referenciales de carácterpreventivo). The stated purpose is to safeguard the revenue derived fromthe payment of export duties (see WTO Trade Policy Review).The reference values are based on free on board (FOB) prices in USD. Alist with all current reference values can be consulted under: www.afip.gob.ar/Aduana/valoracion/Valores%20Referenciales%20vigentes.pdf
The measure was effective on 22 October 2009 and replaced by General Resolution 3110/2011 on 19 May 2011 (see 'Related Measures').
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