This Wednesday, starting at 12 p.m., the Chamber of Deputies becomes the ring for the hottest political fight. The ruling party is throwing its full weight behind approving the Incentive Regime for Large Investments in New Industries, the famous Super RIGI, which promises to move the economic needle but also stirs up controversy. And, as if that weren’t enough, the discussion also includes payment to vulture funds, an issue that always sets off alarms.
The move comes just one day after successfully defusing the special session the opposition wanted to use to question the Chief of Cabinet. A tactical play that makes clear who controls the timing in the chamber. But the calm was short-lived: now the agenda is a ticking time bomb.
The Super RIGI is no ordinary thing. It is a mega-project aimed at attracting global investments in frontier technology sectors and experimental activities that don’t even exist in the country yet. Note: it leaves out natural resources and infrastructure, a detail that does not go unnoticed. Compared to the first RIGI, this one raises the stakes: the minimum capitalization threshold jumps from 200 million to 1 billion dollars. And the enrollment periods extend to five years, with an option for extension. All to lure the big players.
The tax benefits are a sweetener. The project, which has already secured a committee opinion with signatures from the PRO, UCR, and Federal Innovation, offers a horizon of fiscal, customs, and exchange rate stability for 30 years. Among the juiciest points: reduction of the corporate income tax rate to 15%, accelerated depreciation allowing a 60% deduction of investments in the first year, full exemption from import duties, and elimination of export withholdings. And, to top it off, progressive access to 100% of the dollars generated from exports by the third year. A menu that, according to critics, mortgages the country’s future.
But the session doesn’t end there. The second main course is the bill that already has half approval from the Senate to authorize payment to vulture funds. The legislation seeks to endorse the settlement agreements with creditor groups Bainbridge Ltd. and Attestor Value Master Fund, which hold defaulted sovereign bonds from the 2001 crisis. An issue that always sparks controversy, as many see it as a capitulation to speculators.
Additionally, the agenda includes a series of international agreements: accords to avoid double taxation and tax evasion with France, a fisheries cooperation treaty with Italy to combat illegal fishing, and social security agreements with Switzerland and San Marino. All in one day.
The opposition is already sharpening its knives. While the ruling party plays hardball with the Super RIGI and the vulture funds, an intense debate is expected, with cross accusations and heavy pressure. Will it manage to impose its agenda, or will the opposition succeed in stopping this advance? The chamber is smoking, and the country is watching.
Para mí este super RIGI es lo que necesitamos para que Argentina vuelva a ser grande y los zurdos llorando como siempre. Pagarles a los buitres es justicia no queremos más default. Los Kukas se quieren agarrar de la sesión para sabotear pero no les va a dar el cuero. Vamos Argentina carajo Milei presidente.
Para mí esto es un choreo del FMI con los buitres, y el RIGI es un regalo a los amigos de Macri, claramente. Los laburantes nos vamos a cagar de hambre mientras estos hdps se llenan los bolsillos. Yo creo que se tienen que ir todos, carajo, esto huele a entrega nacional.