The Government provided greater details about the procedures that must be followed to process imports within the framework of the Large Investment Incentive Regime (RIGI).
Companies that adhere to the Large Investment Incentive Regime (RIGI) and that import new capital goods, spare parts, parts and components intended for investment projects, must manage such operations through the General Directorate of Customs (DGA), agency dependent on the Customs Collection and Control Agency (ARCA).
The measure was made official through the Resolution 1358/2024, published in the Official Gazette that establishes that companies will be able to access customs benefits, such as exemptions from VAT and other taxes, subject to the future approval of their application.
Likewise, the regulations seek to implement a control system over the execution of investment plans. To do this, the VPU (Investment Project Value) must report, under sworn declaration, the operations projected and executed within the framework of its plan, as provided in the resolution.
What are the tax benefits enjoyed by companies participating in the RIGI?
The requirements to join the RIGI:
- Minimum investment per project US$200,000,000.
- Provide for the integration of the invested assets within a period of 2 years from the approval of the plan and registration in the regime.
- To process membership, the activity for which the contribution is intended and the details of the project must be indicated and the application authority is empowered to monitor and control the development of the project.
The rule contemplates a series of tax benefits:
- Income Tax Rate 25%.
- Accelerated depreciation deduction.
- VAT Tax Credit Certificates.
- 100% of the Tax on Bank Debits and Credits computable as payment on account in the Income Tax.
- Exemption from export duties for 2 years.
- Free import for goods necessary for the development of the investment.
Source: Ambito
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