On April 13th, 2026, the Ministry of Economy published Resolution 484/2026 (“Resolution 484”), which modifies the ratio required for an investment to qualify as long-term under the Large Investments Incentive Regime (“RIGI”), created by Law No. 27,742 (“Foundations Law”) and regulated by Decree 749/2024 (see our prior comments here, here and here).
Under Article 172(2) of the Foundations Law, a RIGI investment qualified as long-term only if the ratio between (i) the expected net present value of cash flows (excluding capital expenditures) for the first three years from the initial capital outlay, and (ii) the net present value of planned investments for the same period, did not exceed 30%. The article also authorized the competent authority to modify this ratio for all RIGI sectors simultaneously, provided the change preserves the regime’s focus on long-term investment stability.
With Decree 105/2026 (see our comments here), the exploitation and production of new onshore liquid and gaseous hydrocarbon developments were included within the oil and gas sector. Given their investment profile and capital recovery structure, unconventional developments may exhibit accelerated initial returns exceeding the previous 30% threshold. A higher ratio is therefore needed to preserve the long-maturation criterion.
Accordingly, Resolution 484 raises the maximum ratio under Article 172 of the Foundations Law from 30% to 35%. Although the inclusion of new hydrocarbon activities prompted the change, the revised threshold applies to all sectors within the scope of the RIGI.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, Nair Ivanoff Ravnensky, and/or Fermín Bartos.