The Government of Javier Milei achieved this Wednesday the half sanction in the Chamber of Deputies for the "Super RIGI", a project aimed at promoting mega investments exceeding USD 1 billion in “industries of the future” that do not yet exist in the country.
The initiative was approved with 130 affirmative votes and 106 negative votes. As expected, the project was rejected by Unión por la Patria, the Left Front, the Civic Coalition, and United Provinces, who do not agree with creating new industries in the country and generating thousands of jobs for Argentines.
The Super RIGI aims to create favorable conditions for large-scale investments in technological and high-potential productive areas.
The Government achieved the half sanction of the Super RIGI
The scope of the regime includes everything from lithium battery manufacturing and electric vehicles to developments in Artificial Intelligence, data centers, renewable energies such as solar and wind, and projects related to the uranium value chain.
The benefits of the Super RIGI
Among the main benefits contemplated, the scheme establishes tax, exchange rate, and customs incentives. A rate of 15% in the Income Tax is highlighted, along with an accelerated depreciation regime for investments in infrastructure and capital goods.
It also allows for the deduction of losses without a time limit and sets a reduced rate of 3.5% on dividends and profits.
The project also includes zero tariffs for imports and the elimination of export withholdings. At the provincial level, a cap of 0.5% for Gross Income is established in the adhering jurisdictions, while the collection of municipal fees calculated on sales is prohibited.
President Javier Milei
As in the original regime, legal stability is guaranteed for a period of 30 years, a central point for attracting capital in a competitive global context.
During the defense of the project, Deputy Bertie Benegas Lynch, president of the Budget committee, pointed out the sectors that opposed the initiative and justified the need to advance with such tools.
“These are tax, exchange rate, customs incentives, and security for the industries of the future. These are four concepts that civilized countries already have incorporated, and that’s why they are doing well. Because we come from being cavemen, we need to make a law to protect property rights,” he stated.
He added: "Capital should not be fought because it leads us to the worst nightmare of poverty, that’s what has happened. Capital has no homeland, we compete with other markets, and capital goes where there is legal security, where there are no politicians like you.”
With this half sanction, the Milei Government advances in its strategy to promote the arrival of large-scale investments, boosting economic development and job creation.
