Argentina takes off

Owners of large investment projects (energy, mining, infrastructure, technology, etc.) that join the regime.

Owners of large investment projects that adhere to the RIGI, in particular in the oil and gas sector (offshore and onshore operators) and the new technology verticals (nuclear, aerospace/satellite, AI, software, biotechnology, defense). It benefits those who had not yet adhered by extending the deadline one more year.

Holders of approved RIGI projects, who are the ones that must certify compliance with their supplier plan every two years from their accession date, and companies registered as suppliers to the regime, which file an annual sworn statement before 31 March with a licensed accountant's certification. It reaches indirectly every local supplier of goods and works: the committed 20% is the door through which the regime brings them in.

World-scale investors with projects >USD 1,000 M in activities that are NEW to the country: Art. 4 of the enacted text defines scope by the novelty of the activity, with objective criteria and measurable parameters left to the implementing regulation. The sectors named in the debate and in the press (hyperscalers/AI, semiconductors, batteries, hydrogen, nuclear) are NOT in the articles and are not its normative scope. First declared candidate: Meitner Energy (Ansari Group, US + INVAP 40%) — ACR-300 modular nuclear reactor (SMR, ~300 MW) at the Atucha site, ~USD 1,200 M and ~2,000 direct jobs; an initiative filed on Jul 2, 2026 and announced by the Ministry of Economy, subject to ARN licensing and to the bill's enactment in the Senate. Flagship project at a larger scale: OpenAI's letter of intent (Stargate Argentina) for a 500 MW data center in Patagonia, ~USD 25,000 M (Oct-2025; intention, NOT FID). On the local side: supplier SMEs — the approved text requires committing at least 20% of spending to domestic suppliers when there is local supply on market terms.

Agricultural and industrial exporters who would gain preferential access to high-value markets (Japan, Canada, Australia).

Companies that invest and settle in Neuquén in promoted sectors (energy and related hydrocarbons, agribusiness, forestry industry, tourism, technology, health, infrastructure). The Simplified tranche (USD 500,000 to 1,000,000) targets precisely the size of a Vaca Muerta satellite-services SME: it is the ecosystem's fiscal gateway, not the megaproject's. It requires 70% Neuquén labor. prob ↗

Micro, Small and Medium Enterprises (up to Medium Tier 2, with an MSME certificate under Res. SEPyME 220/2019) covered by art. 53 of the Income Tax Law, for productive investments nationwide. ARCA, the Energy Secretariat and the Secretariat of Agriculture, Livestock and Fisheries are involved.

Companies that settle NEW industrial activity in Neuquén (or expand an existing one), including the Vaca Muerta satellite-service supplier that wants to install a plant, workshop, operating base or warehouse. The fiscal-price-land benefit targets directly whoever settles in the parks of Neuquén capital, Añelo, Plaza Huincul or Zapala. prob ↗

Companies (MSMEs, large ones and economic groups) that invest in the province. The design explicitly rewards whoever buys from Neuquén suppliers: for the local satellite supplier it is a demand magnet, because companies that invest have a direct tax incentive (20% vs 5%/0%) to hire it instead of an outside supplier. prob ↗

OBLIGATED PARTIES (art. 3.a and art. 7): individuals or companies, joint ventures or any associative form that are holders, permit holders or concession holders of mines or of areas for prospecting, exploration, production, transport, splitting, distribution and refining of liquid or gaseous hydrocarbons, operating in fields under provincial jurisdiction. It ALSO REACHES COMPLEMENTARY SERVICES - service, engineering and construction companies - BUT ONLY IF THEY ARE CATEGORIZED AS A LARGE COMPANY BY THE TAX AUTHORITY: that is the threshold, and it leaves the entire SME band of contractors outside the obligation. Obligated parties must also pass the requirement down their whole value chain, stating it in their contracting terms and expressly noting that it must be complied with. BENEFICIARIES (art. 3.b): individuals, companies, joint ventures and independent professionals that have obtained certification as a Neuquen supplier

The company applying to the provincial regime with an investment above USD 50,000,000, which becomes obliged to submit and comply with the supplier development program; and the Buenos Aires SME that wants to be on the other side of that floor, for which it must register with the Buenos Aires Supplier Development Registry. Registration is online and free, is aimed at SMEs based in the province, and a productive address in Buenos Aires is the underlying condition. Mandatory paperwork: proof of ARCA registration, proof of Turnover Tax or Multilateral Agreement registration, and a sworn statement of the address where the productive activity takes place —plus, if under the Multilateral Agreement, the annual sworn returns for the last two fiscal years—. Also requested, where applicable: legal power of attorney for the representative and municipal or sector permits; quality certifications (ISO, IRAM) are listed without the mandatory marking. Once the filing is approved, they assign a registration number and send the certificate by email. verif ↗

SMEs and suppliers based in Catamarca that want to sell to the lithium miners (Rio Tinto/Minera del Altiplano, Zijin-Liex, POSCO, Galan, Albemarle) and the copper miners (MARA), and to companies from other provinces, which stay out of the register unless they establish themselves locally or come in through a joint venture with a local firm. As of July 2026 the register has 229 active suppliers, with a series running from 31 (2022) to 112 (2023), 194 (May-2025) and 229 (May-2026); the 2025 distribution concentrates 75 of 194 in the provincial capital and only 12 in Antofagasta de la Sierra, the department where the producing lithium sits. prob ↗

Any supplier of goods, inputs or services to Argentine mining that wants to appear on the national roll, and the mining companies that use it as a shop window to find suppliers. It binds no one: there is no quota tied to this registry and no penalty for staying out. Registering is free, done online, and asks for three documents: the ARCA tax-registration certificate, the staff payroll list and proof of membership in a local suppliers' chamber, plus a form with company name, tax ID, address, line of business and the products or services offered. The chamber is the only requirement that costs anything: you have to be a member of one. The registries that do decide money are the provincial ones — Re.P.E.M. in Catamarca, RE.PRO.MIN in San Juan, RPPLEM in Salta, and the certified-supplier rolls of Neuquén and Río Negro. verif ↗

Mining companies operating in Salta, and supplier SMEs that, to qualify for the quota, must register with the Provincial Registry of Local Suppliers to Mining Companies, which the law creates within the Salta Mining Secretariat, free of charge and public (section 15). Section 16 defines a local supplier with four requirements: (1) establishing and maintaining an actual or corporate AND tax domicile in the province of Salta; (2) at least 80% of its payroll actually domiciled in Salta, with specialized professionals and technicians registered with the corresponding provincial professional association; (3) if a legal entity, being incorporated in Salta and having 51% or more of its shareholding held by partners or shareholders with an actual or corporate domicile in the province; (4) if a joint venture, having at least one Salta-based partner with a minimum 30% interest.

Mining municipalities and departments (which receive works, not money: Ley 5.642 of 2020 assigns them 35% of the royalties to the department where the deposit sits and its zone of influence (in equal parts if it covers two or more, art. 2) and 5% to the departments that supply water, but only entitles them to propose works, not to decide them); public-works firms and suppliers that want to execute those works; and the miners themselves, whose contributions feed the fund. Examples of works financed with mining revenue reported by the provincial press: $500 million for the Belén hospital and $300 million for paving in Andalgalá/Aconquija (May-2025), plus CT scanners in Andalgalá and Santa María. Two precisions on scope: the remaining 60% held by the Province is earmarked by art. 1 (infrastructure, capital goods and productive development), it does not enter general revenue; and art. 9 of Ley 5.642 sets local purchasing priority for works paid with mining revenue — that is, the trust channel brings its own local-content rule, independent of the Re.P.E.M. prob ↗

The operators of the projects that fall on the disputed strip of the Salar del Hombre Muerto and, by extension, every supplier that invoices there. The mechanics, read in the annex protocol by protocol: (1) Royalties — “mining royalties determined under Mining Investment Ley 24.196, as amended and supplemented, shall be distributed in equal parts between the jurisdictions, fifty percent to each of them”; the party liable for payment files the sworn returns in both. Wells located outside the scope of application pay royalties only in the province where the well sits. (2) Turnover tax / TAX ON economic activities — distributed under the Multilateral Agreement: revenue attributable to, and expenses borne within, the scope of application are attributed in equal parts to each province for the unified coefficient of section 2 of the Agreement. And the point that hits the supplier directly: “other taxpayers” carrying out activities in the area MUST REGISTER UNDER THE MULTILATERAL AGREEMENT IN JURISDICTIONS 903-CATAMARCA AND 917-SALTA. (3) Withholding and collection — the appointed agent remits to each jurisdiction fifty percent of the invoiced amount as the taxable base, but only if both the party withheld from and the agent are registered in both jurisdictions; verbatim: “the fifty percent (50%) distribution indicated above shall not apply where the party is not registered in both jurisdictions, in which case it must declare, withhold and remit under the rules in force in each jurisdiction.” (4) Stamp tax — the full amount of the instrument is attributed in equal parts between the jurisdictions. (5) Governance — the DIABLILLOS agreement creates an Interprovincial Management Committee with a bipartite seat, under which sit three subcommittees: procedural coordination, review of Environmental Impact Reports, and control. Its recommendations are non-binding and each province issues its own environmental approval. (6) The agreements are provisional rules: they are signed “without implying any recognition or waiver of territorial rights.” verif ↗

Copper/gold/silver miners operating in San Juan at any stage (prospecting, exploration, construction, exploitation, closure and post-closure; sec. 249 of the Mining Code), their contractors and supplier SMEs. Requirements for a supplier to enter and stay in the RE.PRO.MIN, all of which must be met SIMULTANEOUSLY (sec. 12): (1) an operating establishment licensed in its own name, with a real domicile in the community of influence or in the rest of the province; (2) legal and tax domicile in that same jurisdiction; (3) at least ONE of two roots criteria: (a) ≥51% of the share capital —or of the votes that form the corporate will— held by persons with local legal and tax domicile, evidencing local ultimate beneficial owners where the partners are legal entities (sole-proprietor firms are exempt from this item), or (b) for industrial goods production or service provision, that the main establishment be its exclusive property and located in the province; (4) employing at least 80% local workers on the average annual payroll of contracts tied to San Juan mining projects; (5) keeping all of its vehicles registered in San Juan and paying the provincial vehicle registration tax on them. Seniority, in two tiers: 24 months to qualify as a local supplier of the community of influence, 12 months for the rest of the province. Construction firms must also be listed in the Provincial Registry of Builders with no less than 24 months of seniority (sec. 13). Local worker (secs. 7 and 8): real domicile recorded in the national ID and evidenced effective residence, with a minimum of 24 months of continuous residence immediately prior to hiring for the worker from the community of influence and 12 months for the provincial one. A five-tier ORDER OF PREFERENCE, the same for employment and for purchases (secs. 6 and 10): 1) department of direct influence, 2) indirect influence as recognized in the DIA, 3) rest of the province, 4) rest of Argentina, 5) abroad. Penalties (sec. 20): warning, formal notice, a fine of up to 200,000 tax units, suspension of certificate issuance, suspension of the registration from 30 days to 1 year, temporary disqualification and cancellation of the registration; the fine is halved if cured within 10 days. Incentive for the miner (sec. 25): a company that meets both thresholds simultaneously and sustains 80% employment and 60% purchases over an annual period —provided that, within those percentages, at least 30% of workers and 20% of suppliers come from the Community of Influence— obtains a tax credit certificate against provincial taxes, transferable in whole or in part and on a one-off basis to suppliers registered in RE.PRO.MIN. It requires legal and tax domicile in San Juan, or a commitment to relocate it within 12 months, on pain of forfeiture and repayment with interest.

The Government's official release states the size of what is being put on the table: the concession runs for 50 years, over 7,594 kilometres of track spread across 16 provinces, on the three lines. It reaches whoever wants to take the concession —rail and logistics operators, alone or in a consortium, who may bid for each line separately or add the purchase of the rolling stock— and, downstream, everyone who pays freight today to move cargo out of the north: mining in Salta, Catamarca and Jujuy, grain from the north-west and north-east, and the industry that ships through the Paraná ports. For the service supplier what changes is not the tender document but who invoices the freight from 2027 on: today it is a state-owned company with an administered tariff, and it becomes a private concessionaire for 50 years. ⚠️ And there is a second market that opens before the freight one: a concessionaire taking on ageing track has to renew it, and since Decree 748/2026 that work on pre-existing track counts as construction for the RIGI. prob ↗

On the mining producer it sets the most enforceable floor in the series, because it is not met by goodwill: there is an annual report, there is a Registry that intervenes and there is a fine priced in litres of diesel. To the Jujuy supplier it gives something no other rule in the country gives: price headroom. It can be up to 10% above and the miner is obliged to ask it to adjust before buying elsewhere. To the outsider it opens a door other provinces close: setting up a branch or representative office in Jujuy is enough, with no need for 50% of the capital to be local — the same door Río Negro leaves open and Neuquén shuts.

On whoever already holds the provincial permit or concession it sets the highest floor in the country, and it cannot be shed by subcontracting: the same requirement runs down to subcontractors and to any company working in provincial hydrocarbon areas. On the outside supplier it puts a local-roots barrier, not a price one: legal domicile, head office and three years of established presence evidenced by municipal licence and tax registration — which means moving in today does not count until three years from now. And to the La Pampa SME it reserves eight of every ten pesos, but only inside provincial areas.

To the investor it gives the legal certainty of the federal regime without adding a provincial layer on top. To the Mendoza supplier it says the opposite of what the observatory's other five provinces say: in Mendoza there is no percentage reserved by acceding to the RIGI, and the only floor in force is the national regime's 20%. What can oblige local purchasing in Mendoza is not here: it is in each project's environmental permit, which the Legislature votes as law.

Owners of large investment projects located in Neuquén —mainly energy and unconventional hydrocarbons in Vaca Muerta (YPF and majors, midstream such as VMOS, LNG, gas pipelines)— that adhere to the national RIGI and need the 30-year fiscal stability to also reach the provincial taxes. Indirectly, the whole ecosystem of suppliers and satellite services built around each megaproject the RIGI unlocks. prob ↗

The beneficiary is a supplier - individual, company, joint venture, cooperative or professional - with more than TWO YEARS of registered address, tax address and principal place of business in the Province of Neuquen (art. 4.a). Joint ventures qualify if their members meet that condition (art. 4.b). Note that those linked to or controlled - under the Companies Law - by national or foreign economic groups that do not meet those same requirements are EXCLUDED, even if they meet everything else (art. 5)

Holders of railway projects —freight and associated infrastructure— seeking to join the RIGI, and in particular anyone investing in EXISTING track, for whom it was not written down until now whether that counted. Downstream it reaches the supply chain those works contract: track and civil works, signalling, railway telecommunications, electrification, bridges and engineering structures, and freight logistics (hubs, dry ports, marshalling yards). And through the Technology leg, pre-existing projects that add a new product with at least USD 250 million in computable investment.

Large investors (projects > USD 200 M) that base projects in Rio Negro: they access the tax, customs and foreign-exchange benefits of the national RIGI at the provincial level too. Concrete result: 3 of the country's first RIGI projects have their terminal or route in the province (VMOS, Southern LNG, San Matias Pipeline).

For the obligated parties (VMOS, SESA, operators, EPC contractors and their subcontracting chains) it sets a local-procurement floor of 60%; for Rio Negro SMEs it does not guarantee the sale: it guarantees the invitation — art. 7 gives them the right to MATCH the best offer only if their price does not exceed it by more than 8%, and above that window the award goes to the outside bidder. With the art. 4.2 door open for outside groups to 'become local' by establishing themselves. Mandatory publication of contracting requests on an official platform (art. 13).

Río Negro MSMEs (up to Medium Tranche 2) investing in productive assets: they access the RIMI's national tax benefits (accelerated depreciation + VAT refund) and, with the same certificate, the provincial promotion regime of Ley 5766 (provincial tax exemptions). Developers of industrial and logistics parks get their own dedicated channel.

The operators of the projects on the disputed strip — Sal de Oro (POSCO Argentina S.A.U.) and Diablillos — and every supplier that invoices there. The specific purpose of the Framework Agreement, read in the published annex, is to provide a promotional scheme allowing the provinces to split in equal parts the taxes, royalties and any other levy on minerals extracted in the disputed area, and it establishes that both will benefit in the same proportion from any future national or provincial tax benefit affecting the project. The scope of application is the cadastral overlap area between the two provinces plus an Operations Expansion Zone (ZAO). The agreement expressly states that it implies no waiver or recognition of either party’s territorial rights, and acknowledges that the boundaries of the two jurisdictions are not defined within the area. verif ↗

Taxpayers with obligations due as of 03/31/2024 (moratorium); resident natural persons, undivided estates and companies that regularize assets (asset declaration); Wealth Tax taxpayers (REIBP/rate reduction); natural-person and estate real-estate sellers (end of the ITI); dependent workers and self-employed covered by 4th-category income tax; small monotributo taxpayers. It excludes public officials, certain bankrupt parties and those convicted of tax/customs crimes.

The entire National Public Administration (a real cut in primary spending across jurisdictions, transfers, public works and subsidies) and, indirectly, every economic agent in the country: the surplus is the condition the government repeats for every tax/export-duty cut and the anchor of the investment climate and of disinflation.

In-force component: the National Administration, required to execute 2026 with balance or surplus. Projected component: it would reach the entire National Public Sector, the officials who authorize spending without accredited resources and the BCRA authorities for irregular issuance, in addition to disciplining the Legislative Branch (any law with additional spending would require its financing in the following year's budget). prob ↗

Goods importers (NCM, except the basic basket, certain fuels/energy and excluded items) and those contracting foreign-trade freight/transport services, who paid the PAÍS Tax when acquiring foreign exchange for those operations. With the 12/23/2024 elimination, all of them stopped paying that 7.5% on the import cost.

Owners who rent out housing (small landlords and multi-property owners, with no cap on units), sellers of real estate and assignors of rights over real estate (residents and non-residents), developers and real estate agencies. Negative flip side: legal entities that rent property to individuals cannot deduct those rents (a feature of the law per specialized press, not checked against the primary source ourselves).

Natural and legal persons with tax obligations, social-security contributors and withholding/collection agents. The Simplified sworn-statement regime specifically targets natural persons and undivided estates with income <= $1,000,000,000 and net worth <= $10,000,000,000.

Once implemented, it would reach companies (corporate income-tax cut 30%→27% and 35%→31.5%; elimination of internal taxes and the check tax), natural persons (a simplified income-tax regime) and, centrally, the provinces: the Super VAT would replace Turnover Tax —the main source of provinces' own resources (~78% in 2025)— with a provincial rate of up to 12% within the unified VAT, which requires revenue-sharing reform and the agreement of each provincial legislature. Per an IDESA analysis cited by Chequeado, only ~8 jurisdictions (CABA, Buenos Aires, Chubut, Córdoba, Mendoza, Neuquén, Santa Cruz and Santa Fe) could self-finance under the new scheme and the ~16 remaining ones would face difficulties. As of June 2026 the impact is prospective: there is no rule creating obligations.

Providers of tourist-accommodation services (hotels, inns, cabins, campgrounds) and food service (restaurants) located and operating in the promoted Alto Neuquén and Limay regions. It benefits local tourism SMEs and entrepreneurs —both direct taxpayers and Multilateral Agreement ones— who stop paying provincial Turnover Tax on that activity, freeing resources to reinvest in the service and generate employment. It does not cover tourism in the large provincial centers (not included in these two regions). prob ↗

All Turnover Tax taxpayers in Neuquén. For the Vaca Muerta satellite ecosystem it is double-edged: (1) the mid-sized/small supplier that qualifies as a micro or small company accesses the reduced Art. 7 rate (2% or 3.5% by revenue) instead of the full 5% — real relief for the local workshop, warehouse or service; (2) on the other hand, whoever provides construction-related services (711001 and related items) now pays 2.25%/2% and not 1.5%, and communications, banking and financial intermediation are left at the highest rates (5.5%, 9%, 8.25%). The general 3% floor is kept as an anchor. prob ↗

Every Turnover Tax taxpayer in Neuquén — it is the granular fiscal data point (the real Turnover Tax rate) that touches any satellite supplier of the Vaca Muerta ecosystem, not just the RIGI megaproject. The tiered SME scheme of Art. 7 (2% to 3.5% by revenue tier) relieves the burden of the mid-sized and small of retail, general services, construction and the professions — but ⛔ it does NOT reach the well services supplier: section 7 lists subsections a)2, a)5, b)4, b)5, b)6, b)7 and g) of section 4, and hydrocarbons are subsection m), which sets 3.5% for codes 091001/091002/091003/091009 with no scale by size; the DPR estimates that more than 95% of the register accesses reduced rates. The new side hits the digital economy: crypto platforms, crypto-asset custody/mining and app messaging come to pay Turnover Tax (5% to 5.5%). The Fiscal Code's VFRI caps the Property Tax rise for every owner (companies and individuals). verif ↗

The entire Neuquén provincial public administration and, indirectly, every economic agent and investor with exposure to the province: the budget sets the framework of spending, resources, public works and borrowing of Vaca Muerta's main district. For the satellite-ecosystem investor, provincial solvency -a projected surplus, falling debt and hydrocarbon royalties as the anchor of resources and the guarantee of the debt- is a subnational sovereign-risk variable: it conditions local fiscal predictability (rate stability, capacity to honor commitments, continuity of the public works that drive service demand). prob ↗

Neuquén taxpayers with provincial fiscal debt (Turnover Tax, Property Tax, Stamp Tax) who want to catch up with an interest reduction; and, above all, those who adhered to the national asset-declaration scheme (Ley 27.743) and needed to shield the operation at the provincial level. In Vaca Muerta terms: subcontractors, suppliers and service SMEs of the ecosystem that repatriate or externalize capital and want to channel it into the activity without the externalization triggering provincial Turnover Tax on the declared assets. prob ↗

Operators (extraction 3%), oilfield-services companies (3%), corridor builders (2% - civil works pay less than oilfield services), pipeline carriers (3%) and any assignment of areas (15-per-mille stamp tax, the tax on upstream changes of hands).

Taxpayers under the General Regime who declared a 2024 taxable base not exceeding 8,250,000 Tax Units and who hold a “No Risk” tax compliance rating from 01-01-2026 (section 2). The rate benefit reaches only retail and hotels and restaurants: mining, mining services, freight transport and construction are NOT covered by the 20% cut. The twelve-month exemption, by contrast, reaches any new taxpayer registering voluntarily, whatever their sector.

Natural persons resident in Argentina (MULC access to buy banknotes/hoard with no USD 200 cap or prior authorization) and, via the repeal of the blend dollar, goods and services exporters who settle through the free FX market. National scope (issuers BCRA + National Executive).

Companies with non-resident shareholders (foreign capital) seeking to remit dividends abroad, and the financial institutions / FX operators that intermediate those operations in the MULC. National scope (issuer BCRA).

The Treasury, which would lose the route of financing itself through issuance; the Central Bank itself and its board, whose appointment and removal rules would change; and anyone making decisions beyond a one-year horizon: banks, borrowers, exporters and importers, and every long-lived investment project whose cost of capital hangs on the monetary rule not being changeable by the government of the day.

Companies with financial debt owed to foreign parent companies or related creditors (multinationals, subsidiaries, intra-group financing); individual exporters of goods and services (knowledge economy included); project-finance structurers; cardholders spending abroad. Relevant for the RIGI ecosystem: megaprojects are financed mostly intra-group.

The National Treasury (issuer); international private creditor banks (BBVA, Santander and Deutsche Bank per press reports, with a reported closing of ~USD 3.2 billion); guarantor institutions (World Bank/IBRD/MIGA and IDB); bondholders and country risk; by spillover, every local borrower that benefits from a lower sovereign benchmark cost. The ~6.5% rate cited is a statement by Caputo, not in the decree. prob ↗

It reaches the National Treasury and the BCRA (cancellation of non-transferable dollar bills, refinancing of the 2022 EFF) and, through its effect on the fiscal/FX anchor and reserve accumulation, the whole of the Argentine macroeconomy: investors, companies and sovereign financing. It creates no direct obligations on private parties, but it conditions the path of reserves, exchange rate and country risk that frame every investment decision. verif ↗

The entire Argentine FX market: importers and exporters (the more predictable, inflation-tied band reduces the risk of an abrupt FX jump), peso holders (the re-monetization via reserve purchases expands the money supply in step with money demand), and the financial sector (LECAP/repo operations and gradual reserve-requirement normalization). For the investor in long USD projects, it redefines the exchange-rate crawl rule and the BCRA's reserve-accumulation path.

All goods exporters required to settle foreign exchange (energy/Vaca Muerta, mining, agriculture/soy complex, manufactures). Under the blend they received an effective export exchange rate improved by the 20% settled at CCL; with the elimination they settle 100% at the unified official MLC exchange rate. verif ↗

Only importers of goods and services (natural and legal persons) up to the amount of the imports they have pending payment abroad. The text of "A" 7918 is explicit: 'only importers of goods and services may participate in the subscriptions of these instruments, up to the imports they have pending payment'. The temporal cutoff of the eligible universe (debt with customs registration/services rendered up to 12/12/2023 inclusive) does NOT come from "A" 7918 but from Decreto 72/2023.

Goods importers in general (all companies, regardless of size) and the financial institutions and exchange houses that grant MULC access. It especially benefits the industry that imports inputs and capital goods, by shortening the working capital immobilized between customs entry and payment to the foreign supplier. It keeps previous favorable exceptions: energy/fuels with immediate access and special terms (30 days) for pharmaceuticals, food, fertilizers and agrochemicals already contemplated since A 7917.

The whole economy: exporters and importers (it corrects the anti-export bias of the previous gap), peso holders, dollarized and dollar-indebted sectors, and foreign trade in general. The BCRA notes that the realignment allowed a genuine improvement in the trade balance and a recovery of the level of liquid international reserves.

The entire official FX market: importers, exporters, dollar debtors, savers and price setters. The crawl pace is the economy's FX reference. The FX anchor is especially followed by tradable sectors and the energy chain (Vaca Muerta).

Directly: the banks, which can now lend a pool of dollar deposits that previously could only go to the export chain, and companies — any legal entity — that were kept out of foreign-currency credit for not billing exports. Within the ecosystem we track, the natural candidate is the supplier to a RIGI project that buys imported equipment and gets paid in pesos: currency mismatch is its structural problem, and a dollar facility flips its sign. ⚠️ With two caveats that must be stated together: (1) the decree does not mention the RIGI, nor Ley 27.742, nor any province or sector — verified by reading the text, so any sectoral landing is our reading and not the act's; (2) dollar credit to someone billing in pesos transfers currency risk to the borrower, and that risk is exactly what the 2002 rule was designed to avoid.

All importers defined in section 1 of art. 91 of the Customs Code, regardless of size or sector. It especially benefits industry and SMEs that import inputs, parts and capital goods and that previously were at the mercy of the SIRA's discretionary approval and of the Non-Automatic Licenses (whose delay could stall an operation indefinitely). It also reaches parties with commercial debt for imports from foreign suppliers, who had to register in the Commercial Debt Registry. Import-intensive satellite chains —oil & gas, mining, metalworking— are the most sensitive to the liberalization.

Exporters of beef, poultry, agri-food products, honey, ethanol and manufactures that gain preferential access to the EU; beef packers and the meat chain (new quota + Hilton quota at 0%); SMEs and customs brokers (Declaration of Origin regime); importers/consumers of European goods. Sensitive industrial sectors face European competition under long phase-out schedules (8+ years). prob ↗

Exporters to the US (beef packers/meat first and foremost; industry across 1,675 tariff lines); importers of machinery, medical devices, chemicals and auto parts; automakers and auto-parts makers (quotas + 2%); investors in energy and critical minerals (EXIM/DFC); pharma and intellectual-property holders. Congress must approve it before it takes effect.

Industrial exporters in chemicals and petrochemicals (polyethylene, polypropylene, PVC, methanol), steel and non-ferrous metals, fertilizers, rubber and the entire automotive chain (automakers and parts makers). It improves the netback of SME suppliers and opens up work for foreign-trade and tariff-classification services. verif ↗

Manufacturing exporters across the country (auto parts, farm machinery, metalworking, hydrocarbons/Vaca Muerta services, food) and their SME input suppliers, which for the first time enter the regime as 'associated suppliers'. Also customs brokers and foreign-trade operators.

Importers of used capital goods of Chapters 84 to 90 of the NCM: metalworking industry, oil & gas, mining, printing, automotive tooling and, in general, SMEs and companies that re-equip with imported used machinery. It reduces immobilized working capital by eliminating prior approval.

Importers and manufacturers of auto parts and safety elements (end of the CHAS, ex-post certification open to international laboratories); natural persons who want to import a vehicle (0km or homologable) for their own use, up to 1 unit per year for non-commercial purposes; the INTI loses its role as sole approver of the CHAS scheme; assemblers, dealers and commercial importers of the auto market. verif ↗

Importers and marketers of goods subject to technical requirements (electrical goods, electronics, auto parts, materials, low-risk medical products, cosmetics, veterinary products, phytosanitaries); local laboratories and certifiers (INTI, private), whose redundant re-testing business shrinks; importing SMEs and consumers through lower cost and shorter lead times.

SMEs and industrial firms that need to modernize or expand installed capacity without the capital for new equipment (metalworking, food processing, plastics, power generation, logistics/smart warehouses). Domestic producers of new capital goods retain a captive demand equal to 10% of the imported FOB value. The UIA reportedly rejected the measure over fears of an influx of scrap-grade machinery (press account, no primary source checked). prob ↗

Foreign-trade operators that authorize bonded warehouses or enroll in the in-plant export regime (shippers, exporters, customs brokers, exporting industrial plants). It lowers friction and authorization time by replacing a prior municipal-authorization procedure with a sworn statement. Downstream of nearly every export project —including the RIGI and the exporting provinces (hydrocarbons in Neuquén/Río Negro, mining, agriculture)—.

The Province of Neuquén (as the new granting authority over sections of national routes in its territory), the National Highway Directorate (the agreement counterpart, which retains ownership), the future private/mixed concessionaires that take the RN242 and the RN22 section (Arroyito-capital) by toll, the construction and road-maintenance companies, the toll- and weighing-system operators, and the users of those routes —particularly the freight transport linked to Vaca Muerta and the Pino Hachado international pass—. Also the other 8 delegated provinces (Corrientes, Santa Fe, Córdoba, San Luis, Mendoza, Río Negro, San Juan, Santa Cruz). prob ↗

National and cross-cutting scope: domestic commerce and retailers (end of Shelves and Supply), tenants and owners (end of the Rental Law), members and companies of private health insurance, the commercial-aviation sector, importers/exporters, state-owned companies and — in the now-suspended Title IV — workers and employers nationwide. It lowers the regulatory-compliance cost and opens previously protected markets to the whole satellite ecosystem.

Companies and businesses in the domestic market that were subject to price-control regimes, mandatory reporting and directed credit/stabilization; producers and mills of the wheat complex (end of the FETA); private educational institutes (end of the notification/fee-cap regime of Decreto 2.417/1993). It reduces the compliance burden and regulatory uncertainty for the productive and commercial sector nationwide.

Cross-cutting: if enacted, it removes obsolete regulatory burdens weighing on economic activity and individuals nationwide. The opposition (UxP) questioned some sensitive repeals (Ley 26.688 on public production of medicines, Ley 25.750 on cultural goods and heritage). Until enactment, it produces no effects.

Issuers accessing the public offering (companies seeking financing via shares, corporate bonds and other securities), SME issuers, financial trusts, closed mutual funds, capital-market agents and participants, and investors. Also the regulator itself (CNV), which shifts from prior authorization to subsequent oversight.

National and foreign airlines (scheduled and non-scheduled), new operators seeking to enter the market, airport operators and commercial-aviation service providers. Enforcement authority: the UNDERSECRETARIAT OF AIR TRANSPORT, under the Transport Secretariat of the Ministry of Economy (art. 11); in aerial-work matters jurisdiction remains with ANAC.

Construction companies and consulting firms that contract public works and services with the National Public Administration. It eliminates the prior filter of mandatory enrollment/certification in sector registries: the universe of potential bidders widens (SMEs and new entrants that previously were left out for lacking the Constructors Registry's capacity certificate). Per the text of art. 4, control moves to a single database administered by the Governing Body (its concrete implementation —the SICO of Decreto 206/2025— remains to be confirmed in the primary source).

Cabotage shipowners and operators (maritime and river), Paraguay-Paraná waterway shippers, embarked crews and maritime unions, and shippers/exporters who move grains and goods along the waterway. The reversal leaves cabotage again reserved to national-flag vessels under the previous regime.

Freight carriers (companies and self-employed) with vehicles of load capacity over 3,500 kg in national and international inter-jurisdictional transport; provinces, municipalities and CABA, which are barred from requiring additional requirements of carriers already enrolled in the RUTA.

Carriers and road passenger-transport companies of national jurisdiction (urban/suburban of the AMBA under 830/2024) and inter-jurisdictional/long-distance (between provinces and CABA, between provinces, and at national ports/airports, under 883/2024). Enforcement authority: Transport Secretariat of the Ministry of Economy. Operators of the previous regime move to the new registry automatically. It does not cover strictly provincial/municipal transport or international routes.

Anyone moving heavy freight by road, which across our five provinces is almost everyone: frac sand and tubulars towards Vaca Muerta, reagents and supplies up to the puna salt flats, ore and concentrate down to the ports. Also hauliers and the workshops that build and adapt equipment, because an approved configuration determines which fleet gets bought.

Bottlers, distributors, marketers and importers of LPG, and household cylinder consumers. LPG supplies a significant portion of Argentine households without access to a natural-gas network.

Liquid-fuel retailers and service stations nationwide (adoption is optional); fuel retail chains, dispensing-point operators and pump suppliers. It also affects sector workers (pump attendants) and final consumers.

The entire national wine chain: wineries, grape growers/producers, bottlers, carriers and marketers. It benefits those who produce/elaborate by lowering compliance cost (fewer transit permits, fewer intermediate inspections, digital procedures). The judicial conflict exposes an asymmetry: the growers (grape producers) claimed and obtained the reinstatement of the CIU as evidence to defend the value of their harvest against the wineries. Geographically concentrated in Mendoza and San Juan (the wine core), with presence in La Rioja, Salta, Neuquén and Río Negro.

Motorists and mechanical workshops; it breaks the concession business of the provincial VTV plants. prob ↗

Foreign beneficiaries that receive Argentine-source income under a DTT (art. 102 of the Income Tax Law) and the paying parties/withholding agents (art. 6(f), Ley 11.683): companies that remit royalties, interest, dividends, fees or services abroad. It standardizes and speeds up the accreditation of tax residence to apply the treaty's reduced rate.

New commercial air and aerial work operators, instruction and training centers, and aeronautical repair shops undergoing certification before ANAC. It lowers time-to-market: an operator that has met the technical/safety requirements can start operating without waiting for ancillary administrative paperwork (fees, apostilles, registries, translations).

Meatpacking plants and facilities that slaughter/process products, by-products and derivatives of animal origin nationwide (abattoirs, meat-processing plants) — a sector with strong weight in Argentine exports. It lowers a fixed structural cost (the Technical Director position stops being mandatory) without touching the licensing system, official inspection, or the operator's primary responsibility for safety.

Companies and suppliers that process authorizations, permits, licenses and registrations before the provincial State (including the Vaca Muerta satellite ecosystem: service companies, SMEs, logistics providers); the general public; municipalities that connect to the ecosystem. Direct benefit: less re-filing of documentation, a traceable digital file, shorter timeframes. prob ↗

MSMEs located or to be located in Neuquén that need credit and lack sufficient collateral of their own: suppliers and service companies of the Vaca Muerta ecosystem, industrial, commercial and services SMEs. Indirectly, the financial institutions (Banco Provincia, commercial banks) that lend against the top-rated BCRA public guarantee. prob ↗

Oil and gas producers, refiners and marketers; LNG importers/exporters; gas transporters (TGS in the pipeline case); energy-sector investors; and the hydrocarbon provinces as granting authorities.

Vaca Muerta producers (gas evacuation), licensed transporters (TGN, TGS), distributors, ENARSA and CAMMESA (rescinded contracts), large users and power generators. Indirectly, the satellite ecosystem of midstream and evacuation infrastructure.

Directly, whoever wants to take the concession: high-voltage construction firms and consortia, transmission companies and funds financing the concession, plus the banks and insurers that put the guarantee together. Below them, the supply chain a 500 kV line buys from, which is where an SME comes in: tower erection and conductor stringing, foundations and earthworks, access roads and switchyards, site camps and accommodation, special transport, surveying and testing, right-of-way and environmental management, and once energised, line inspection and maintenance. And at the other end, whoever CANNOT grow today for lack of grid: the lithium and copper projects of the Puna and the Vaca Muerta corridor, which are what the line is meant to supply.

The new private operators (Central Puerto, the Edison group/CEMPPSA, the BML/MSU consortium); electromechanical, turbine, engineering and O&M SMEs and service companies in Neuquén and Río Negro; the two provinces (hydro royalties and their relationship with the concessionaires); the wholesale power market (MEM) and the Treasury.

Households receiving energy subsidies nationwide; electricity and gas distributors; the national Treasury (energy subsidies are the largest line item among economic subsidies). For the investor: it improves the energy price signal and the sector's fiscal sustainability.

Exporters of the Argentine mining sector whose products appear in the Annex (non-metallic and metalliferous mining, construction rocks, fuels, precious/semi-precious stones): operators and SMEs that export lime, granite, borates, dolomite, bentonite, copper, zinc, lead, among others. Mining accounts on average for ~80% of the export basket of provinces such as Jujuy, Santa Cruz, San Juan and Catamarca (decree recitals). Lithium and silver exporters are excluded from the benefit and keep 4.5%.

Agricultural producers and exporters (grains and derivatives) and the biodiesel industry.

Renewable-energy developers and generators, large industrial users that contract energy (PPA buyers), electricity distributors (now enabled to contract in the MATER), CAMMESA (loses its centrality as sole buyer) and residential distributed-generation users (lose FODIS/CCF/FANSIGED).

Shale/tight operators and concessionaires (who must comply with treatment and traceability) and, above all, the providers of water treatment, flowback management, cuttings disposal and environmental services: to operate they must register in the REPPSA, locate plants 8 km or more from urban areas and obtain prior approval of their technology by the Environmental Undersecretariat. The rule generates forced and recurring regulatory demand, but with concrete authorization barriers. prob ↗

The permit holders and concessionaires of hydrocarbon areas in Neuquén whose areas include land owned by the provincial treasury: they are the obliged parties for whom the secretariat opens a file, settles the amount and serves notice. And the Province itself, which collects: the payment goes to the Fondo para la Conservación y Recuperación del Medio Ambiente Natural of Ley 2183, with notice to the Dirección Provincial de Ingresos Energéticos. ⚠️ It does not reach easements over private fields: those are agreed between the operator and the landowner under the same federal schedule, but outside this procedure.

Mining companies with projects under the Ley 24.196 regime (lithium, copper, gold, silver) and their capital-goods importers; customs brokers; the enforcement authority (Mining Secretariat). Direct impact in the mining provinces (San Juan, Catamarca, Salta, Jujuy) where the large copper and lithium projects are concentrated.

Mining companies (copper, lithium, gold, silver) and hydrocarbon companies with projects in mountain zones of glaciers/periglacial environment; the provincial environmental authorities (which come to identify the protected object and to decide via environmental impact assessment); the IANIGLA (National Glacier Inventory, now an unavoidable reference but with the removal of landforms without a water function). Provinces with the mining mountain range —San Juan, Mendoza, Catamarca, Salta, Jujuy— are the substantive addressees.

Sugar mills in the north and corn-based bioethanol plants, which would move from quota allocation to a floor by feedstock plus a competitive tranche; soybean-oil biodiesel producers, today concentrated in Santa Fe; refiners, who are required to buy and blend; and any company that today cannot enter the biodiesel market because article 11 of Law 27,640 bars it until the installed capacity of the incumbents is used up. prob ↗

The Productores Firmantes of the Plan Gas.Ar — the natural gas producers with volumes awarded in the rounds of Decreto 892/20 — and the piped gas distribution companies, which become the direct counterparty of the contracts they previously held with ENERGÍA ARGENTINA S.A. It reaches only those that sign up by express act: whoever does not sign up stays under the previous regime, quarterly report included. ⚠️ And it reaches anyone tracking the investment commitments from outside — suppliers planning their workload, producing provinces, analysts — because the quarterly report broken down by month was the channel through which that progress was produced on a regular basis.

The landowners — owners of the fields in Mendoza, Neuquén, Río Negro, La Pampa, San Juan and San Luis where drilling, production or transport takes place — who are the ones collecting, and the operators, who pay. The resolution itself orders notice to be given to the Cámara de Exploración y Producción de Hidrocarburos, to the Asociación Argentina de Propietarios y Superficiarios Afectados por la Explotación Hidrocarburífera, Minera y Eléctrica (AASEP) and to the six provinces. ⚠️ In Neuquén there is one more turn: when the land belongs to the provincial treasury, the one collecting is not a private party but the Fondo para la Conservación y Recuperación del Medio Ambiente Natural of Ley provincial 2183, under the procedure of Resolución 0012/21.

Three kinds of company, and the third is the one that matters to us. First: whoever explores or extracts without Argentine authorisation. Second: whoever holds a stake in them, directly or indirectly. Third and widest: whoever sells to them, provides a service, finances them, handles their logistics or advises them — article 2(3) names logistical, technical, consultancy and advisory operations, and adds «whether for consideration or free of charge», so getting paid is not even required. On the map we have loaded, the chain exposed to that third class is marine and subsea services in the San Matías Gulf: marine engineering, heavy lift and piling, mooring installation, towage and offshore logistics, and vessel conversion.

On the project's contractor more than on the owner. The environmental permit's obligations stop being administrative and take on the rank of law, and among them is article 23, which obliges the owner to extend its integrity and compliance programme across the whole supplier chain «through mirror clauses and prior and periodic due diligence». For a company that wants to work at PSJ, that is not a buyer preference: it is a legal condition.

Concession holders, permit holders and contractors (required to file an Abandonment Plan, categorize wells and pay the Monthly Abandonment Fee for each temporary abandonment) and, above all, cementing and P&A service companies: only firms registered in the Provincial Registry of Well Abandonment Operating Companies may perform the work, and every permanent abandonment requires at least two cement plugs with tightness verification. It is regulatory demand with a licensing barrier — the pattern that favors the already-registered provider.

Direct: YPF S.A. and the LNG Project (Argentina LNG) vehicles/SPVs and their partners (ENI, XRG/ADNOC). Indirect: the Vaca Muerta satellite-services ecosystem — service companies, gas-pipeline and liquefaction-plant builders, logistics, metalworking and SME suppliers that plug into the megaproject and the infrastructure-bonus works. The Province of Neuquén as tax authority (it defines its royalty flow for 30 years) and the Comarca Petrolera (Añelo and surroundings) for the local economic impact. The provincial opposition (UxP, FIT, sectors of ATE) questioned the differential royalties as a "cession of fiscal sovereignty for 30 years". prob ↗

Users of Neuquén's distribution grid (households, businesses, SMEs, industry, farmers, horizontal-property condominiums) who want to self-supply with renewable energy and inject surpluses; EPEN as the distributor obliged to receive the injection and settle the net balance; and —key to our thesis— the ecosystem of installers: electrical engineers licensed with the Neuquén Engineers Council, qualified installation companies, importers/distributors of panels, inverters and certified bidirectional meters. prob ↗

Operators with a CENCH in Neuquén that hold areas without fulfilling the committed pilot plan (risk of lapse and reassignment); new entrants to Vaca Muerta via assignment/M&A (GeoPark as a case); GyP, which enters as a partner in re-awarded blocks; and the service companies and satellite SMEs, which gain demand when the area passes to an operator that actually invests (drilling, fracking, batteries, infrastructure). prob ↗

Shale/tight operators and concessionaires, who see the cost of frac water become more expensive and variable (a direct opex, indexed to fuel) and must keep traceability by final destination with sworn statements. On the other side of the counter, it opens forced demand for the providers of water treatment, reuse and recirculation, flowback management, and for complementary-use projects (irrigation, forestry, industrial): each reused m³ is a fee the operator saves. It also touches the water-transport providers, already required to use buried rigid piping by Prov. 67/2023. prob ↗

YPF S.A. (sole concessionaire: the concession is 100% YPF, with no stake of Gas y Petróleo del Neuquén — GyP — in the decree) and the Vaca Muerta satellite-services chain that plugs into a development of ~91 horizontal wells across both blocks (drilling, fracking, sand, OCTG, water/flowback, logistics, midstream). It also affects the Kaxipayiñ Mapuche community, which challenged the decree for lack of prior consultation. prob ↗

Road-construction companies, public-works suppliers and regional logistics (a direct satellite opportunity: ~USD 267M in works to be tendered). Alto Neuquén towns (Loncopué, El Huecú, El Cholar, Andacollo, Las Ovejas, Varvarco, Guañacos). Binational-trade and tourism operators via the Pichachén Pass. Indirectly, energy integration with Chile and the export outlet corridors toward Chilean and Atlantic ports linked to Vaca Muerta. prob ↗

Operators and majors negotiating new unconventional concessions in Neuquén's Vaca Muerta (Shell, Total, YPF via VMI), which in this agreement come in with GyP as a 10% partner and with road works as part of the price. GyP, the provincial oil company, which consolidates its role as a shareholder in privately operated areas. And, via the satellite route, the service and road-works SMEs: payment in kind turns the agreement into concrete roads and works in the boom zone (Rincón de los Sauces). prob ↗

Vaca Muerta operators (the 9-11 signatories), which advance capital deductible from royalties/taxes. And -key to our thesis- the satellite ecosystem of road construction, earthworks, asphalt, signage and logistics: USD 50 M (and an expanded plan to 2030: announced at >USD 150 M in Apr-2026; the Jul-2026 negotiation puts it at ~USD 300 M prob no administrative act) of de facto public works financed by private players, contracted and executed in the territory. Also the route users (carriers, suppliers) who will pay tolls for 15 years in exchange for safer routes and shorter travel times. prob ↗

Every hydrocarbons operator and concession holder in Neuquén — it is the framework under which every exploration permit and every production concession is granted, including the non-conventional CENCH of Vaca Muerta (YPF, TotalEnergies, Pampa, Vista, Shell and the rest). For the investor of the main skin: here is the activity's real fiscal regime, not in the headlines — the 12% royalty people talk about is this law's number (Art. 61), and provincial tax stability (Art. 58) is a right the concession holder has by framework law, no RIGI needed. For the satellite ecosystem the effect is indirect but real through two channels: (a) Art. 1 declares as a priority 'the industrialization of the resources at their place of origin', the legal root on which the provincial local-content rules later rest; (b) Art. 66 (per-well royalty reduction for wells not economically exploitable, decided 'without appeal' by the enforcement authority) gives the province a lever of discretion over the economics of mature wells — relevant for whoever looks at workover and reverted conventional areas.

Vaca Muerta operators and concessionaires (the large ones obliged to the high reporting levels, with direct measurement and satellite verification) and, above all, the providers of environmental and measurement services: methane monitoring/quantification companies (LDAR — leak detection and repair, OGI cameras, sensors, overflights), MRV/OGMP 2.0 consultancies, authorized third-party validators/verifiers of the reports, and mitigation-technology providers (venting replacement, capture, low-emission equipment). It is new forced regulatory demand, distinct from the shale water/waste one. prob ↗

Any natural or legal person, public or private, national or foreign, that exploits, industrializes and/or markets minerals granted by the provincial State (Art. 5); joint liability among co-holders. Micro-enterprises are exempt (def. Art. 55 Ley 25.300). Concretely: future lithium, copper, gold and potassium projects developed in Neuquén, today without a royalty burden — among them the Andacollo mine, which according to the provincial press the province plans to re-tender via Cormine. For the satellite ecosystem: mining, environmental and oversight-service providers gain new demand (tax filings, control, FODEMSA), and the 2% vs 3% differential rewards whoever installs processing inside the province.

Operators and concessionaires of unconventional Vaca Muerta areas (YPF, TotalEnergies and others), which face a denser rent-capture model (12% rate + compensatory bonuses + state partner GyP in the new CENCH — the 18% floor remained an announcement) and the risk of losing up to half the block if they do not meet the investment/production plan. For the satellite-services ecosystem the effect is second-order but relevant: the binding triennial monitoring turns into an obligation executing the committed well plan (you cannot sit on the area), which sustains demand for drilling, fracking, OCTG, sand, water and logistics over time; and GyP's growing role as partner and gas trader opens the door to suppliers contracting with the provincial state company. prob ↗

Operators and investor (non-operator) companies that want to hold permits/concessions or acquire stakes in Neuquén areas; buyers and sellers in M&A operations over concessions (regulatory due diligence); legal-accounting firms that assemble the enrollment and certify financial statements. For satellite-service SMEs the decree is context (it does not enroll them but their operator clients), but it defines the universe of potential clients the province enables to operate. prob ↗

Natural or legal persons holding investments or concessionaires of projects to install electricity-generation plants from renewable sources (solar, wind, hydro and other renewables) located in Neuquén, framed under Leyes nacionales 26.190 and 27.191. It covers any plant scale, which makes it the fiscal gateway for the mid-sized and small renewable developer/supplier, complementary to Ley 3502 ("Invest in Neuquén", floor USD 500,000). prob ↗

The entire export corridor: VMOS (terminal and single-point moorings), Southern Energy (FLNGs and dedicated pipeline), Argentina LNG (Eni-YPF-XRG phase) and the San Antonio port logistics chain. It also imposes prior provincial approval and concurrent oversight on the covered parties.

Conventional-oil SMEs (Geopetrol, Petrolsur and the Titanium-Emepa joint venture competed; the latter did not qualify) and oil employment in Catriel and the province's northwest, hit by the decline of mature fields (municipal labor emergency Res. 35/2025). verif ↗

The municipalities and comisiones de fomento of Neuquén that signed up to the regime, since this is where much of their operating budget comes from. And, indirectly, anyone depending on the municipal infrastructure of an oil town: the municipality's cash grows with the population the census records and with the total provincial pool, not with the production of its own district.

Investors and developers (lower expropriation risk, faster recovery of real property); foreign capital interested in rural land/agribusiness (the 15% cap is lifted); urban and rural property owners; the treasury (expropriating becomes more expensive). Opposed: Peronism, worker-recovered company cooperatives and environmental groups.

Loss-making state companies and their sectors (freight rail, water, energy, aeronautics, roads). It reduces the State's subsidy/spending.

The high-voltage power transmission sector; wholesale market (MEM) operators and large users that depend on the Transener/Transba grid; investors in energy infrastructure; transmission suppliers and service companies (towers, transformer stations, line maintenance). A signal for the rest of ENARSA's privatization program.

Corredores Viales S.A. (a state company to be dissolved and liquidated), the National Highway Directorate, the Ministry of Economy as enforcement authority, the future private concessionaires that take the sections by toll and the users of the national routes under the company's administration. [The concrete names of the awarded concessionaires come from secondary sources: we do not list them as data until we see them in the primary source.] verif ↗

IMPSA (Industrias Metalúrgicas Pescarmona S.A., with a plant in Mendoza), its workers (ARC committed to maintaining operations and employment), its creditors (~USD 576 M debt under renegotiation), the national State and the province of Mendoza as sellers, and the buyer IAF/ARC Energy. Indirectly, the capital-goods-for-energy sector (hydro, nuclear, wind) where IMPSA is a strategic supplier.

Exporters (agriculture/grains), Greater Rosario and coastal ports, shipping companies; toll users (USD 3.80/NRT initial, rising to 4.65 and 5.78 in stages). prob ↗

It reaches the national State and the signatory provinces (18 governors + CABA) as a common roadmap of structural reforms. It creates no direct legal obligations on private parties; its impact on investors and companies is indirect, via the reforms it enables (tax, labor, pension, revenue-sharing, natural resources). Absent/non-signatories: opposition governors (Kicillof/Bs As, Quintela/La Rioja, Insfrán/Formosa, Melella/Tierra del Fuego, Ziliotto/La Pampa).

Organizers and participants of traffic-route blockades (pickets/blockades of streets, highways and avenues) in federal jurisdiction, and in provincial/CABA territory when the federal forces intervene. It enables the Gendarmerie, Prefecture, Federal Police and Airport Security Police to clear the route. It benefits those who travel and the economic activity dependent on transport (logistics, supply, commerce).

Mining explorers and operators (lithium, copper, gold, rare earths, uranium); suppliers and service companies of the mining sector; logistics/energy/water SMEs in the Zapala–Andacollo area; the provincial State of Neuquén as a shareholder; former Andacollo Gold workers (beneficiaries of the bridging contribution). unconf

Neuquén tourism-service providers (accommodations, agencies, food service, guides, experiences and active tourism), municipalities and development commissions of each region (Ley 3480), and entrepreneurs/SMEs that want to plug into the tourism chain. For the satellite ecosystem: it opens a diversification axis different from Vaca Muerta — nature, gastronomic and adventure tourism in the mountains and lakes — with a regionalized and digitized institutional framework (self-management via a smart system) that lowers authorization friction. Seal-certified gastronomy and accessible tourism are concrete entry niches. prob ↗

Whoever invests and settles in Neuquén —especially the Vaca Muerta satellite ecosystem and the knowledge economy—, because it concentrates in a single portfolio territorial planning, the provincial investment agency (ADI NQN) and State digitization: instead of trudging through several offices, there is a single interlocutor for development. Also the entire provincial public administration, which comes under the modernization leadership (interoperability, digital procedures, fiber optic, AI). thesis tesis confidence For the mid-sized supplier, less bureaucratic friction and a clear approval channel is exactly the kind of governance that cheapens plugging into the boom. prob ↗

The entire provincial public administration (centralized, decentralized, autonomous entities and public companies), required to adapt plans and budgets by region. For the investor/company, its relevance is indirect but structural: it defines the territorial unit (region) that the promotion regimes then use to graduate benefits. Whoever assesses settling in Neuquén needs to know which region their town belongs to — e.g. a Vaca Muerta satellite supplier falls in Region 7 (Añelo, Rincón de los Sauces, San Patricio del Chañar), while the tourism promoted at 0% Turnover Tax falls in the southern/mountain regions. prob ↗

Construction companies and public-works suppliers with contracts in force or stalled in Neuquén (those who renegotiate recover collection and term certainty, but lose lost profit as an indemnity floor if termination comes). Downstream: road, water/gas/electricity-network, aggregates, freight-transport and engineering-service SMEs that plug into the 451 works. For the Vaca Muerta ecosystem, the reactivation of Route 7 and the Añelo bypass relieve the logistics of heavy transport. prob ↗

Private-sector employers and workers (Employment Contract Law), unions (the Ley 23.551 regime and collective-agreement approval), mobility and delivery platforms, SMEs (RIFL/RIMI). Judicial front: after back-and-forth over injunctions, the Federal Administrative Litigation Court of Appeals confirmed around Jul 9, 2026 the denial of the CGT's injunction — the reform applies in full; the underlying constitutional challenge remains pending.

Private-sector employers and workers (regularization regime, trial period, Labor Termination System alternative to the severance of art. 245 LCT) and, through Title II Ch. IV, national public employment (adaptation of the Public Employment Framework Ley 25.164).

Employers (natural and legal persons, "indirect recipients") operating in Neuquén who need to participate in public or private tenders: the Emplea Neuquén certification becomes a mandatory requirement to bid (art. 14). Particularly relevant for SMEs and satellite-service companies of the Vaca Muerta ecosystem that hire local labor. Those exempt from Turnover Tax and those adhering to the Simplified Turnover-Tax Regime are outside the benefit (not the requirement) (art. 16.d). Direct beneficiaries: unemployed people over 18 with real residence in the province enrolled in the system (arts. 3-4). prob ↗

Every employer with activity in Neuquén — private companies, SMEs, associations and unions in their role as employers. For the Vaca Muerta satellite-service supplier the critical point is operational: enrollment in the RIdE is mandatory from 04/17/2026 and is a condition to be a provincial-State supplier and to hook into the Compre Neuquino, Emplea Neuquén and Kimun Law programs. Without the RIdE those channels are not accessible. The Vaca Muerta Regional Delegation (Añelo / Rincón de los Sauces) concentrates labor oversight in the heart of the cluster. prob ↗

Public and private works declared of provincial interest or with state financing - in practice, the entire corridor build (VMOS, San Matias Pipeline, LNG). For the Rio Negro worker it is a labor-market reserve; for the contractor, a real operating constraint that forces local training before bringing people from outside.