Amendments to the Regulatory Framework of the Large Investment Incentive Regime (RIGI)

Decree 105/2026 introduces amendments to the regulatory framework of the Large Investment Incentive Regime (RIGI), approved by Decree 749/2024.

The changes pursue three central objectives:

1.- Extend the deadline to adhere to the regime.
2.- Adjust key definitions, especially in energy and technology.
3.- Clarify operational, tax, and foreign exchange aspects.

  1. Extension of the adhesion deadline

Law 27,742 established that RIGI would have a two-year adhesion period from its entry into force (July 8, 2024), with the possibility of a single extension of up to one year.

The decree makes use of that authority and extends the deadline by an additional year.

New deadline to adhere: July 8, 2027.

  1. Changes in the covered sectors

Technology

The scope of the “Technology Sector” is specified, including innovative activities in:

  • Biotechnology and nanotechnology
  • Mobility with new propulsion technologies
  • Energy transition technologies
  • Aerospace and satellite industry
  • Nuclear industry
  • Software, robotics, and artificial intelligence
  • Defense and arms industry

In addition, specific rules are introduced for expansions in this sector (see point 5).

Oil and gas

The scope of the sector is expanded and detailed, expressly including:

  • New onshore hydrocarbon developments
  • Offshore exploration, exploitation, and production
  • Associated infrastructure: processing plants, pipelines, storage
  • Petrochemicals, refining, and LNG projects for export
  1. What qualifies as a “new onshore development”

The decree defines a new development as a Single Project located in an area that:

  • Had no significant development at the time Law 27,742 was enacted.
  • Had no investment in exploitation or production at the time of applying for adhesion.

If RIGI and non-RIGI activities coexist in the same area, they must be clearly separated, with independent measurement and traceability. The project vehicle (VPU) may only own the assets and operations linked to the promoted Single Project.

  1. Imports: new rules for suppliers and the VPU

The decree clarifies which goods may be imported with benefits.

For suppliers of goods

The importation of the following is permitted:

  • Inputs or intermediate goods only if they will be transformed into capital goods (BK) or information and telecommunications goods (BIT), or into final goods linked to infrastructure.
  • Final BK or BIT goods directly destined for a RIGI Project.

The importation of inputs for resale without transformation is not permitted.

Transformation may consist of:

  • A change in tariff classification, or
  • Integration into essential infrastructure.

In the latter case, the value of imported goods may not exceed 50% of the total contract value, unless specially authorized.

For service providers

If there is no industrial transformation, benefits apply only to final BK or BIT goods.

Required documentation

Suppliers must submit:

  • Identification of the supplier and the project.
  • Contract, letter of intent, or sworn statement of participation in a bidding process.
  • Details of the goods and declaration of exclusive destination.
  • Estimated foreign currency flow for the first three years.

If a net demand for U.S. dollars is expected, the Central Bank will intervene to assess the foreign exchange impact.

  1. Project expansions

The decree redefines the concept of “expansion” and distinguishes three situations.

  1. Pre-existing non-adhered project (general rule)

It must involve an increase in productive capacity.

  1. Technology Sector (relevant exception)

The incorporation of a new product is also considered an expansion, provided that:

  • It has at least a 50% difference in components measured in economic value.
  • The investment is equal to or greater than USD 250 million.
  • The commercial life cycle is 10 years or less.
  • An independent technical report is submitted to justify it.

 

  1. Expansion seeking to enter as a RIGI Single Project
  • Only the expansion receives benefits, not the original project.
  • A “Dedicated Branch” must be created exclusively for the expansion.
  • Shared use of infrastructure is permitted, provided that the allocation of benefits is clear.

 

  1. Expansions of projects already under RIGI
  • They do not require prior authorization.
  • New investments receive the same benefits.
  • The deadlines of the original regime are neither renewed nor extended.
  1. Minimum amounts and “non-distortion”

The article on minimum amounts by sector is updated and clarified to require proof through effectively made investments.

It also clarifies the presumption of “non-distortion of the local market”: it is presumed that there is no distortion when the project produces and exports commodities.

  1. Accelerated depreciation

The accelerated depreciation regime:

  • Is optional.
  • If chosen, it must be applied to all investments throughout the entire life of the VPU.
  • Assets must remain in the company’s patrimony until the end of the productive

cycle or their useful life.

  • If sold earlier, the benefit must be repaid with interest and penalties.

Its application is authorized for infrastructure and plants integrated into concessions, subject to appropriate technical certification.

  1. Dividends and remittances abroad

The rules are adjusted for cases where dividends are not distributed directly by the VPU, but by a related company or the holder of a dedicated branch.

In such cases:

  • The remitting company acts as withholding agent.
  • It must apply the corresponding rate to the portion attributable to the VPU.
  • The aim is to prevent distortions arising from corporate structures.
  1. Access to the foreign exchange market

The Central Bank may require that the VPU access the foreign exchange market only if it has previously brought in and settled foreign currency in an amount equal to or greater than the amount it seeks to purchase.

This does not apply to:

  • Payment of financial interest.
  • Dividends already authorized.

It is clarified that foreign currency contributions or financing provided by partners, shareholders, or related companies also qualify as foreign currency brought in, provided that:

  • They are effectively allocated to the Single Project.
  • They are recorded in a traceable manner.
  1. Procedures and oversight

Operational adjustments are introduced:

  • Suppliers may request voluntary deregistration if they have no pending sanctions.
  • A 30-business-day period is established to submit evidence in administrative proceedings.
  • The Project Evaluation Committee is formally established.
  • The Secretariat of Industry and Commerce will evaluate supplier applications.

Entry into force

The decree enters into force upon its publication in the Official Gazette, on February 19, 2026.

Overall, Decree 105/2026 extends the temporal horizon of RIGI and refines its operation in sectoral, tax, foreign exchange, and procedural aspects, with particular impact on energy, infrastructure, and technology.