Argentina’s House of Representatives announced it approved the Law of Bases and Starting Points for the Freedom of Argentines (Ley de Bases y Puntos de Partida para la Libertad de los Argentinos) on Friday, 28 June 2024.
The law introduces a new special incentive regime for major investments known as the “RIGI”. This programme offers customs, tax, legal, and foreign exchange benefits for investments surpassing USD 200 million, which is available for Argentine and international companies.
However, to be eligible for the tax benefits, the investments must be made in foreign currencies.
The RIGI scheme focuses on sectors such as tourism, infrastructure, forestry, mining, steel, technology, and energy sectors such as oil and gas.
Investment projects qualifying under the RIGI scheme will benefit from a reduced corporate income tax rate of 25% for 30 years. Qualifying investments will also be exempt from new taxes and foreign-currency export income regulations.
Additionally, these investments will be exempt from import duties on capital assets such as machinery, components, and spare parts, as well as export duties for three years.
The deadline for enrollment is two years from the date of the scheme’s enactment.
