Argentina in 10 minutes: the economy, institutions and rules a foreign investor must know

Key rules

1. Federal structure: nation, 23 provinces and the CABA

• Form of government. Representative, republican and federal (Constitution art. 1).
• Provinces keep every power not delegated. Provinces retain all power not delegated to the federal government by the Constitution (art. 121). They create their own institutions and elect their own governors and legislators without federal intervention (art. 122), and each dictates its own constitution, which must ensure municipal autonomy, including in financial matters (arts. 5 and 123).
• Natural resources belong to the provinces. "Original ownership" of natural resources in a province's territory belongs to that province (art. 124, last paragraph). This is why mining and oil and gas investors deal with provincial authorities for concessions and royalties, even under national regimes such as RIGI.
• Provinces may sign international agreements that do not conflict with national foreign policy or federal powers, with notice to Congress (art. 124).
• The CABA is autonomous. The City of Buenos Aires has its own government with legislative and judicial powers, and its head of government is directly elected (art. 129). A national law protects the interests of the federal State while the City is the capital (art. 129, second paragraph). For tax and registry purposes the CABA acts like a province: it has its own tax agency, its own gross income tax and stamp tax, and its own companies registry (the IGJ, the Inspección General de Justicia).
• What provinces cannot do. Provinces may not exercise powers delegated to the Nation. Among other things they may not make partial treaties of a political nature, legislate on commerce or navigation, set up provincial customs, coin money, create banks of issue without authorisation of Congress, or enact the Civil, Commercial, Criminal and Mining codes after Congress has done so (art. 126).
• Supremacy. The Constitution, national laws enacted under it and treaties with foreign powers are the supreme law, and provincial authorities must comply with them despite any contrary provincial rule (art. 31).

What this means in practice. A company with a head office in the CABA, a plant in the Province of Buenos Aires and sales in Córdoba deals with one national tax agency (ARCA), three provincial tax agencies coordinated through the Convenio Multilateral for gross income tax, at least three municipalities, and one or more companies registries. The page on gross income tax explains how the turnover base is split.

2. Constitution and legal system basics

• Civil law system. Argentina follows the continental civil law tradition: rules come mainly from statutes and codes, not from judicial precedent. Congress enacts the Civil, Commercial, Criminal, Mining, and Labour and Social Security codes, in unified or separate bodies, but their application belongs to federal or provincial courts depending on who or what is involved (art. 75(12)).
• Hierarchy. At the top: the Constitution and the human rights treaties listed in art. 75(22), which have constitutional rank. Below them: other treaties, which rank above laws (art. 75(22)). Then national laws, then decrees and the regulations of agencies such as ARCA, the BCRA and the CNV. Provincial constitutions and laws must conform to all of the above (art. 31).
• Foreigners have the same civil rights as citizens. They may carry on their industry, trade and profession, own, buy and sell real estate, and navigate rivers and coasts (art. 20). Specific laws may still restrict particular assets (for example rural land or border zones) (unconfirmed).
• Property and economic freedom. Every inhabitant has the right to work and engage in any lawful industry, to trade and to use and dispose of property, under the laws that regulate those rights (art. 14). Property is inviolable and expropriation requires a law declaring public utility and prior compensation (art. 17).
• Decrees of necessity and urgency (DNU). The President may not legislate, on pain of absolute nullity. Only in exceptional circumstances that make the ordinary legislative process impossible, and never on criminal, tax, electoral or political party matters, may the President issue a DNU, signed by all ministers and the Chief of Cabinet. The Chief of Cabinet must submit it within ten days to a permanent bicameral committee of Congress (art. 99(3)). DNU 70/2023 was issued under this power (DNU 70/2023, recitals, citing art. 99(1), (2) and (3)).
• Delegated legislation. Congress may delegate legislative powers to the Executive only on specific matters of administration or public emergency, for a fixed term and within bases it sets (art. 76). Law 27.742 used this route: it declared a one year public emergency in administrative, economic, financial and energy matters and delegated powers to the Executive (Law 27.742 art. 1).
• Taxing powers. Congress sets customs duties, which must be uniform across the country (art. 75(1)). It may levy indirect taxes concurrently with the provinces and direct taxes for a fixed time when the general good requires; those taxes, except earmarked ones, are shared with the provinces under a "ley convenio" (art. 75(2)). The current sharing law is Law 23.548.
• Courts. The Supreme Court and lower federal courts hear cases arising under the Constitution, national laws and treaties, cases involving foreign states and diplomats, admiralty, and suits between provinces or between a province and foreign citizens (art. 116). Ordinary commercial and civil disputes go to provincial courts or, in the CABA, to the national courts that sit in the City (unconfirmed).

3. Civil and Commercial Code: the private law baseline

The Civil and Commercial Code (CCyC) was approved by Law 26.994 (BO 8 October 2014, supplement). The law itself set entry into force on 1 January 2016 (Law 26.994 art. 7), but Law 27.077 (BO 19 December 2014) brought it forward to 1 August 2015 (as recorded in the Infoleg note to LGS art. 1). It unified the old Civil and Commercial codes and absorbed some company law rules (Law 26.994 art. 3).

Rules a foreign investor meets on day one:

• Freedom of contract. The parties are free to make a contract and set its content within the limits of the law and public order. Since DNU 70/2023, statutory rules are always supplementary to what the parties agree, even where the law does not say so for a given contract type, unless a rule is expressly mandatory, and mandatory character is read restrictively (CCyC art. 958, as replaced by DNU 70/2023 art. 252). The original 2014 text added "morality and good customs" as limits and did not contain the supplementary rule.
• Binding force. A validly made contract binds the parties and may be modified only by agreement or where the law allows (art. 959). Judges may not change contract terms except at a party's request when the law authorises it, or on their own motion when public order is clearly affected (art. 960).
• Foreign currency obligations. Under the original 2014 text, an obligation to pay a currency that is not legal tender was treated as an obligation to deliver "things", and the debtor could discharge it by paying the equivalent in pesos (original art. 765). DNU 70/2023 art. 250 replaced that rule: an obligation to pay money exists whether or not the currency is legal tender in Argentina; the debtor is only discharged by paying the amounts agreed in the agreed currency; and judges may not change the agreed currency or form of payment (art. 765 as replaced). The debtor must deliver the agreed currency "whether or not it is legal tender in the Republic" (art. 766 as replaced by DNU 70/2023 art. 251). This is the legal basis on which dollar denominated leases, loans and supply contracts are now drafted. Whether and how a court would enforce it against the FX rules is a separate question (unconfirmed).
• Choice of law. International contracts are governed by the law the parties choose, expressly or clearly from the contract or circumstances, for all or part of the contract (art. 2651).
• Choice of forum. In international economic matters, the parties may submit to foreign courts or arbitrators, unless Argentine courts have exclusive jurisdiction or the prorogation is prohibited by law (art. 2605). The chosen court has exclusive jurisdiction unless the parties say otherwise (art. 2606).

4. General Companies Law 19.550 and the SAS

• Definition. A company exists when one or more persons, organised under one of the types in the law, contribute to produce or exchange goods or services, sharing profits and losses. A single member company may only be an SA (corporation), and a single member company may not be formed by another single member company (LGS art. 1, as replaced by Law 26.994, Annex II, point 2.2).
• Main types used by investors. The SA (corporation), the SRL (limited liability company) and, outside the LGS, the SAS (simplified corporation) of Law 27.349 (arts. 33 to 62). The LGS applies to the SAS only as a supplementary source (Law 27.349 art. 33).
• Minimum capital of an SA. ARS 30,000,000 (US$ 19,183), fully subscribed at incorporation (LGS art. 186, amount set by Decree 209/2024, BO 1 March 2024). An SAS needs only twice the minimum living and mobile wage (Law 27.349 art. 40) (unconfirmed).
• Permanent State supervision applies to SAs that, among other cases, offer shares to the public or have capital above ARS 2,000,000,000 (US$ 1,278,854) (LGS art. 299(1) and (2); Ministry of Justice Res. 10/2024, BO 8 February 2024, as noted by Infoleg).
• Foreign companies. A company formed abroad is governed by the law of its place of incorporation as to its existence and form. It may carry out isolated acts and sue in Argentina without registration. To act habitually, open a branch or any permanent representation, it must prove its existence under its home law, set up a domicile in Argentina, publish and register as local companies do, and justify the decision to open the branch and appoint a representative (LGS art. 118). To hold shares in or form an Argentine company it must first register in the Public Registry (LGS art. 123). A foreign company whose seat or main purpose is in Argentina is treated as a local company (LGS art. 124).
• DNU 70/2023 changes to the LGS. SAs and partnerships limited by shares may now be partners only in companies by shares and in SRLs; non profit entities may be partners in SAs; all may be parties to associative contracts (LGS art. 30, as replaced by DNU 70/2023 art. 346). A non profit association may transform into a commercial company with a two thirds vote (LGS art. 77(1), as replaced by art. 347). State owned companies must become SAs (DNU 70/2023 art. 48).

5. Law 27.742 (Bases Law): what is in it

Law 27.742, Ley de Bases y Puntos de Partida para la Libertad de los Argentinos, was sanctioned on 27 June 2024 and published on 8 July 2024. Its nine titles:

Article ranges are taken from the first article of each title in the Infoleg text.

RIGI in one paragraph. Only a single project vehicle (VPU) or a dedicated branch may apply (arts. 169 and 170), in forestry, tourism, infrastructure, mining, technology, steel, energy, and oil and gas (art. 167). The minimum investment is US$ 200,000,000 in computable assets, with at least 40% in the first two years (art. 173). Benefits include corporate income tax at a flat 25%, dividends at 7% falling to 3.5% after seven years, no import duties on capital goods, no export duties after three years, progressive release of the obligation to convert export proceeds, and 30 years of tax, customs and FX stability (arts. 183 to 185, 190, 191, 198 to 202 and 205). The adhesion window runs until 8 July 2027 after a one year extension (art. 168; Decree 105/2026 art. 1, BO 19 February 2026). Details on the RIGI page.

6. DNU 70/2023: the deregulation decree

DNU 70/2023, Bases para la Reconstrucción de la Economía Argentina, was signed on 20 December 2023 and published in BO 35,326 on 21 December 2023. It has 366 articles in sixteen titles. Highlights:

• Emergency. Declared a public emergency in economic, financial, fiscal, administrative, pension, tariff, health and social matters until 31 December 2025 (art. 1). The health emergency was extended to 31 December 2026 by Decree 942/2025 (BO 2 January 2026), according to the Infoleg note to art. 1.
• Deregulation principle. The State must ensure an economic system based on free decisions and free competition; all restrictions on the supply of goods and services and all rules that distort market prices are lifted (art. 2). Argentina is to adopt international trade standards and follow WTO and OECD recommendations (art. 3).
• Repeals. Among others, the Supply Law 20.680 (art. 9), the "Compre Argentino" provisions of Law 27.437 (art. 10) and most of Law 18.875 (art. 38). The recitals describe these as undue State interference (recitals, citing Laws 20.680, 18.875, 21.608 and 27.437).
• State companies become SAs (art. 48) and lose public law privileges (art. 50).
• Labour. Title IV rewrote parts of the Employment Contract Law, the Employment Law 24.013 and collective labour law (arts. 53 onwards). Much of that chapter was challenged in court (unconfirmed), and Laws 27.742 and 27.802 later legislated many of the same points.
• Civil and Commercial Code. Foreign currency obligations and freedom of contract (arts. 250 to 252, see section 3 above).
• Companies Law. Arts. 346 and 347 (see section 4 above).
• Congressional control. The decree orders that it be sent to the Permanent Bicameral Committee (art. 365), as Constitution art. 99(3) requires. Whether either chamber has rejected it (unconfirmed) and the procedure under the law regulating DNU control (unconfirmed) are not covered by the sources.

7. BCRA: monetary and FX regime basics

• Mandate. The BCRA must promote, within its powers and the policies set by the national government, monetary stability, financial stability, employment and economic development with social equity (Charter art. 3, wording published on bcra.gob.ar).
• Functions. Regulate the financial system; regulate the quantity of money and interest rates and guide credit; act as financial agent of the State; hold and manage gold and FX reserves; contribute to the capital market; execute FX policy under laws enacted by Congress; regulate payment systems and remittance companies; and protect users of financial services (art. 4, as replaced by Law 26.739, BO 28 March 2012).
• Independence. In performing its functions the BCRA is not subject to orders or instructions of the Executive (art. 4, last paragraph).
• Financing of the Treasury. The BCRA may make temporary advances to the national government up to 12% of the monetary base plus up to 10% of the government's cash revenue of the last 12 months, repayable within 12 months, and in exceptional circumstances a further 10% for up to 18 months (art. 20, as replaced by Law 26.739). Whether this power is currently restricted by other legislation or policy (unconfirmed).
• FX regulator. The BCRA advises the Ministry of Economy and Congress on the FX regime and issues its regulations (art. 29, as replaced by Law 25.562). It alone issues notes and coins, which are legal tender throughout the country (arts. 30 and 31).
• The FX market. There is a single official FX market (Mercado Libre de Cambios, MLC) created by Decree 260/2002, through banks and exchange houses authorised by the BCRA. The rate is whatever the parties freely agree (BCRA FX rules, points 1.1 and 1.3). Access conditions are what the controls regulate.
• Current monetary policy framework. The policy instrument, any exchange rate band and its limits, reserve requirements and the policy rate are set by BCRA communications and press releases that are not in the project sources (unconfirmed).

Key FX rules in force (BCRA consolidated FX rules as updated to Com. A 8481; see the exchange controls page for article by article detail):

• Resident individuals may buy foreign currency for savings without prior approval if they pay by debit to their own local account (point 3.8, from Com. A 8226 of 11 April 2025, effective 14 April 2025).
• Companies need prior approval to buy currency for savings or investment abroad (point 3.10).
• Dividends to non residents may be paid without prior approval from audited profits of fiscal years starting on or after 1 January 2025 (point 3.4.4.1).
• Repatriation of foreign direct investment brought in and converted from 21 April 2025 is free of prior approval after 180 calendar days (point 3.13.1.7).
• Export proceeds must, as a rule, be converted within 20 business days of collection (points 2.2.1 and 7.1.1).

The MEP rate. The "dólar MEP" (electronic payment market rate) is the implied rate obtained by buying a security in pesos and selling it for dollars in the local market. It is a market price, not an official rate, and the regulation of those trades by the CNV is not in the project sources (unconfirmed). Companies that buy dollars in the MLC must declare they have not traded securities settled in foreign currency in the previous 90 days and will not in the next 90 days (BCRA FX rules, point 3.16.3).

8. Country risk

Argentina's sovereign spread over US Treasuries ("riesgo país") is published by a private bank index, not by an official Argentine source, and no figure appears in the project sources (unconfirmed). What the official sources do show is the external balance sheet at the end of Q2 2026:

• Gross external debt at nominal value: US$ 327,855 million, US$ 4,724 million more than at the end of Q1 2026 (INDEC, balance of payments Q2 2026).
• BCRA reserve assets: US$ 44,870 million (same source, international investment position). Reserve assets rose by US$ 3,703 million in the quarter because of balance of payments transactions.
• Net international investment position at market value: a net creditor position of US$ 33,860 million (financial assets US$ 516,936 million; liabilities US$ 483,076 million).
• Current account: surplus of US$ 2,214 million in Q2 2026, against a deficit of US$ 2,452 million in Q2 2025. The financial account showed a net outflow of US$ 2,542 million.

9. Tax system map

Tax sharing. Under Law 23.548, the shareable national taxes are distributed automatically: 42.34% to the Nation, 54.66% to the provinces, 2% to restore the relative position of Buenos Aires, Chubut, Neuquén and Santa Cruz, and 1% to the National Treasury Contributions Fund for provinces (art. 3). In exchange, provinces agree not to levy local taxes similar to the shared national taxes, with listed exceptions such as gross income tax and stamp tax (art. 9(b)). The fiscal pacts approved by Laws 27.429 (2017) to 27.687 (2021) cap provincial gross income tax rates by activity; see the gross income page.

Fiscal reform 2024 to 2026. Law 27.743 (Fiscal Package, 2024) created a tax, customs and social security debt regularisation scheme (Title I), an asset regularisation regime (Title II), a special personal assets tax payment regime, the REIBP, which expires on 31 December 2027 (Title III, art. 45), repealed the real estate transfer tax for individuals from its publication (Title IV, art. 67, repealing Title VII of Law 23.905) and amended income tax (Title V) and the simplified regime for small taxpayers (Title VI). Law 27.799, the "Fiscal Innocence" Law (BO 2 January 2026), amended by Law 27.826 (BO 9 October 2026), raised criminal tax thresholds and created a simplified income tax return for individuals. See taxes/fiscal-innocence.

10. Labour framework map

Immigration and work permits for foreign staff are covered on the immigration pages.

Key macro data (INDEC)

Table 1. Headline indicators

Table 2. Consumer price index, national, 2024 to 2026

Monthly change and year on year change of the national CPI level (base December 2016 = 100). Source: INDEC data file region "Nacional", general level.

Reading the table: inflation fell very fast in 2024, from 25.5% a month in December 2023 to below 3% a month by October 2024. Since mid 2025 it has been stuck in a range of roughly 1.7% to 3.4% a month, which compounds to about 31% to 34% a year. In September 2026, regulated prices rose 2.3% (gas, electricity and private health plans) and seasonal prices 2.9% (INDEC CPI September 2026, executive summary).

Table 3. GDP and demand, Q2 2026

Source: INDEC, GDP preliminary estimate Q2 2026, executive summary. Growth in 2026 is driven by exports, while investment and domestic consumption fell.

Table 4. What Argentina sells and to whom (goods)

Source: INDEC, foreign trade September 2026. The ten main products made up 57.3% of September exports. In September 2026, China was the largest single trading partner (exports US$ 986 million, imports US$ 1,817 million, a deficit of US$ 831 million) and Mercosur the largest trading zone (US$ 3,500 million of trade). In the whole of 2025, the largest bilateral deficits were with China and, fourth in size, the European Union (US$ 1,992 million) (INDEC, foreign trade December 2025).

How to read the trade picture. The economy is a commodity exporter whose energy exports are now growing fastest: fuels and energy exports rose 53.6% in the first nine months of 2026, and crude oil was the single largest export product in September 2026. That is the context for the RIGI regime and for the provincial role in oil, gas and mining.

Step by step

This is an orientation sequence. Each step links to the page that covers it in detail.

1. Decide the vehicle (week 1). Branch of the foreign company (LGS art. 118), SA, SRL or SAS. A foreign parent that will hold shares must first register under LGS art. 123 with the registry of the company's seat (the IGJ in the CABA, or a provincial registry). Page: entities/sas.
2. Pick the jurisdiction (week 1). The registered seat decides the registry and the "home" provincial tax agency. Check the gross income tax rate and stamp tax in that jurisdiction before signing leases. Pages: taxes/gross-income, taxes/stamp-tax.
3. Register the foreign shareholder and incorporate (weeks 2 to 6). Apostilled corporate documents of the parent, bylaws, capital subscription. SA capital of at least ARS 30,000,000 (US$ 19,183) fully subscribed (LGS art. 186). SAS: two minimum wages (Law 27.349 art. 40) (unconfirmed). Statutory registration term for an SAS with model bylaws is 24 hours (Law 27.349 art. 38), but practical times in the CABA are longer (unconfirmed).
4. Get a CUIT and register with ARCA (week 6 onwards). Registration for VAT, income tax and as employer. An SAS is entitled to its CUIT within 24 hours of registration (Law 27.349 art. 60(2)). Page: entities/sas.
5. Register for gross income tax (same week). Local registration if active in one jurisdiction; Convenio Multilateral registration through the RUT Padrón Federal if active in more than one (Comarb Padrón Federal page). Page: taxes/gross-income.
6. Open a bank account and bring in capital (weeks 6 to 8). Capital brought from abroad should be converted through the MLC if the investor wants the later repatriation route of point 3.13 of the BCRA FX rules (180 days for contributions from 21 April 2025). File the BCRA external assets and liabilities survey where applicable (point 1.9). Page: fx/exchange-controls.
7. Hire (from week 8). Register each worker with ARCA from day one, or probation is lost (LCT art. 92 bis, last paragraph). Choose an ART insurer (Law 24.557 art. 3). Check whether the hire qualifies for RIFL (Law 27.802 art. 159). Report the ID FAL before the first FAL payment (RG 5907/2026 art. 6). Pages: labor/employment-contracts-and-severance, taxes/payroll.
8. Run monthly compliance. VAT and income tax withholdings, the F. 931 social security return, gross income tax returns, bank tax credits. Pages: taxes/vat, taxes/withholdings, taxes/payroll.
9. Budget in real terms. Index peso costs to the CPI; review prices and salaries at least quarterly (see Example 1).
10. Plan the exit route on day one. Dividends: only from audited profits of fiscal years starting on or after 1 January 2025 without prior approval (BCRA FX rules, point 3.4.4.1); 7% dividend withholding (ITL art. 97). Pages: fx/exchange-controls, taxes/corporate-income-tax.

Cost to do it (orientation). Capital: ARS 30,000,000 (US$ 19,183) for an SA; two minimum wages for an SAS (unconfirmed). Registry, notary, publication and translation fees: not in the sources (unconfirmed). Time: incorporation plus tax registration typically several weeks to a few months depending on the registry (unconfirmed). Payroll: about 24% to 26.4% on top of gross salary, plus ART, times 13 salaries a year (Example 2). RIGI: at least US$ 200,000,000 of investment and an application through the Ministry of Economy (Law 27.742 art. 173).

Costs and timelines

Table 5. Rates and thresholds an investor meets first

Table 6. Deadlines and recurring dates

Table 7. Timeline of norms with Boletín Oficial dates

Worked examples

Example 1: what ARS 1,000,000 of costs means in USD and over 12 months

Facts. A foreign SME is budgeting a monthly cost line (rent, services, a supplier contract) of ARS 1,000,000 in October 2026.

Step 1. Convert at today's MEP rate. ARS 1,000,000 ÷ 1,563.90 = US$ 639.43.

Step 2. What the same basket cost a year ago, and costs today. The national CPI index was 9,384.0922 in September 2025 and 12,514.1508 in September 2026 (INDEC CPI series). 12,514.1508 ÷ 9,384.0922 = 1.33355, a rise of 33.4%, which matches the published year on year rate. So a basket that cost ARS 1,000,000 in September 2025 cost ARS 1,333,549 in September 2026.

Step 3. Project the next 12 months under two inflation scenarios. Neither is a forecast; no official forecast is in the sources.

• Scenario A, inflation repeats the last 12 months (33.4%). ARS 1,000,000 × 1.33355 = ARS 1,333,549 in October 2027.
• Scenario B, inflation stays at the September 2026 monthly rate of 1.9%. 1.019 to the power of 12 = 1.25340. ARS 1,000,000 × 1.25340 = ARS 1,253,401 in October 2027.

For reference, the average monthly rate implied by the 23.6% year to date figure is 1.236 to the power of 1/9, minus 1 = 2.39% a month, which annualises to about 32.7%.

Step 4. Translate the October 2027 cost into dollars. The dollar cost depends on how the MEP rate moves, which no source predicts. Using Scenario A (ARS 1,333,549):

Step 5. The lesson. * If the peso depreciates in line with inflation, the dollar cost stays flat at about US$ 639. * If the peso depreciates less than inflation (a real appreciation), the dollar cost rises: with a flat exchange rate, the same service costs 33% more in dollars a year later. This is the "Argentina is expensive in dollars" effect that foreign investors feel when the exchange rate moves slower than prices. * A contract fixed in pesos for 12 months at ARS 1,000,000 loses real value to the supplier every month. At 1.9% a month, the average real value of the twelve payments is about 88.7% of the first one (the sum of 1 ÷ 1.019 to the power of k, for k from 1 to 12, divided by 12). Suppliers know this and will ask for monthly or quarterly CPI adjustment, or for pricing in dollars, which the Civil and Commercial Code now protects (CCyC art. 765 as replaced by DNU 70/2023 art. 250).

Example 2: simple landed cost of a hire

Facts. A company hires an analyst at a gross monthly salary of ARS 2,000,000 (US$ 1,278.85). It is not a large services or commerce company above the "mediana tramo 2" sales limit, so the 18% unified rate applies (Law 27.541 art. 19(b)). It has more than 25 employees, so the extra ARS 10,000 deduction does not apply. The salary is below the maximum base of ARS 4,691,748.47 (ANSES Res. 257/2026 art. 3).

Step 1. Unified employer contribution (pensions, PAMI, FNE, family allowances). Base: ARS 2,000,000 − ARS 7,003.68 (Law 27.541 art. 22) = ARS 1,992,996.32. Contribution: ARS 1,992,996.32 × 18% = ARS 358,739.34.

Step 2. Employer health insurance contribution. ARS 2,000,000 × 6% = ARS 120,000 (Law 23.660 art. 16(a)).

Step 3. Monthly employer cost before ART. ARS 2,000,000 + 358,739.34 + 120,000 = ARS 2,478,739.34 (US$ 1,584.97). Employer contributions are 23.94% of gross salary.

Step 4. Work risk insurance (ART). Add the premium agreed with the ART insurer. Rates are not in the sources (unconfirmed), so the example leaves the ART out.

Step 5. Annualise with the 13th month salary. The SAC adds two half salaries a year (LCT arts. 121 and 122). On each SAC instalment the art. 22 deduction is halved (Law 27.541 art. 22, fourth paragraph): * SAC instalment: ARS 1,000,000. * Unified contribution on it: (1,000,000 − 3,501.84) × 18% = ARS 179,369.67. * Health insurance on it: 1,000,000 × 6% = ARS 60,000. * Cost per instalment: ARS 1,239,369.67; two instalments: ARS 2,478,739.34.

Annual cost: 12 × ARS 2,478,739.34 + ARS 2,478,739.34 = ARS 32,223,611.39 (US$ 20,604.65). That is ARS 2,685,300.95 a month on average (US$ 1,717.05), or 1.343 times the monthly gross salary.

Not included: ART premium, vacation pay rules (LCT art. 155) (unconfirmed), collective agreement contributions, mandatory life insurance (unconfirmed), union dues, meal or other benefits, and inflation adjustments to the salary during the year.

Step 6. What the employee takes home. Withholdings: 11% + 3% + 3% = 17%, or ARS 340,000. Net pay before income tax and union dues: ARS 1,660,000 (US$ 1,061.45). So the wedge between what the employer pays (ARS 2,478,739.34) and what the employee receives (ARS 1,660,000) is ARS 818,739.34, or 33% of the employer's cost.

Variant A, large services or commerce employer (20.40%). (2,000,000 − 7,003.68) × 20.40% = ARS 406,571.25; plus 120,000 health; monthly cost ARS 2,526,571.25 (US$ 1,615.56), contributions 26.33% of gross. Annual cost with SAC: ARS 32,845,426.24 (US$ 21,002.25).

Variant B, qualifying RIFL hire at an SME after 1 December 2026. For the first 48 months the employer pays 2% for pensions, FNE and family allowances and 3% for PAMI instead of the general rate (Law 27.802 art. 159), plus the full 6% health insurance. For RIFL hires the FAL is due without the usual offset (Decree 315/2026 art. 8), so an SME adds 2.5% (Law 27.802 art. 60). * 5% × 2,000,000 = ARS 100,000 (whether the art. 22 deduction also applies under RIFL is not stated in the sources (unconfirmed); the example ignores it). * Health: ARS 120,000. * FAL: 2.5% × 2,000,000 = ARS 50,000. * Monthly cost: ARS 2,270,000 (US$ 1,451.50), against ARS 2,478,739.34 under the general regime: a saving of ARS 208,739.34 a month (US$ 133.47), or about 8.4%.

Step 7. Real terms. If the salary is fixed for a year while prices rise 1.9% a month (Example 1, Scenario B), the employee's real pay in month 12 is about 20% lower than in month 1 (1 ÷ 1.2534 = 0.798). In practice salaries follow collective agreement increases (unconfirmed) and employers should budget for adjustments.

Example 3: reading a provincial tax bill for the same sale

A company sells ARS 10,000,000 (US$ 6,394.27) of goods, half to customers in the CABA and half in Córdoba, with half its expenses in each. Under the Convenio Multilateral general regime, 50% of the base is allocated by income and 50% by expenses (CM art. 2), so each jurisdiction taxes ARS 5,000,000 at its own rate. The rates themselves come from each jurisdiction's annual tariff law, not in the sources (unconfirmed). VAT at 21% (ARS 2,100,000) is a national tax collected by ARCA and creditable down the chain; gross income tax is not creditable and is a pure cost. See taxes/gross-income for full worked examples.

Practical traps

• Thinking "national" means "uniform". National laws apply everywhere, but provinces run courts, registries and their own taxes. The same contract may bear stamp tax in two provinces, and the same sale gross income tax in several.
• Budgeting in pesos without indexation. At 1.9% a month, a flat peso budget loses about a quarter of its real value in a year (Example 1).
• Forgetting the SAC. An annual salary is 13 monthly salaries, not 12, and the employer pays contributions on all 13 (Example 2).
• Assuming dollars bought in Argentina can leave freely. Individuals can buy dollars; companies still need prior approval for savings abroad, and dividends and repatriation have specific conditions (BCRA FX rules, points 3.4, 3.10 and 3.13).
• Bringing in capital outside the MLC. Money that is not brought in and converted through the official market may not qualify for later repatriation without prior approval (point 3.13).
• Trading MEP and buying official dollars in the same quarter. Companies that operate in securities settled in dollars face the 90 day cross restriction (point 3.16.3).
• Relying on old foreign currency case law. Before DNU 70/2023, a peso payment discharged a dollar debt (original CCyC art. 765). The new text protects the agreed currency, but enforcement against FX rules is not settled in the sources (unconfirmed).
• Mixing up the RIGI and the RIMI. RIGI is for projects of US$ 200 million or more; smaller projects should look at the RIMI under Law 27.802, Title XXIII. The same investment cannot benefit from both (Law 27.802 art. 184(f)).
• Using a DNU as if it were a statute. A DNU has force of law, but it can be rejected by Congress or challenged in court; check the current status of each provision you rely on (unconfirmed).
• Ignoring registration from day one. An unregistered worker means loss of probation (LCT art. 92 bis) and exposure to penalties and claims.
• Converting historic peso figures at today's rate. It distorts comparisons; INDEC's 2025 GDP converted at the October 2026 MEP rate is a different number from 2025 GDP in dollars of 2025.

Recent changes

• 21 Dec 2023: DNU 70/2023 published: deregulation, repeal of the Supply Law, foreign currency obligations in the Civil and Commercial Code, Companies Law changes.
• 8 Feb 2024: LGS art. 299 capital threshold set at ARS 2,000,000,000 (Res. MJ 10/2024).
• 1 Mar 2024: SA minimum capital ARS 30,000,000 (Decree 209/2024).
• 8 Jul 2024: Law 27.742 (Bases Law) published: RIGI, labour reform, privatisations, delegation of powers.
• 2024: Law 27.743 fiscal package: regularisation, asset regularisation, personal assets, income tax changes.
• 23 Aug 2024: Decree 749/2024 regulates RIGI.
• 14 Apr 2025: Individuals regain access to the FX market for savings (Com. A 8226).
• 2025: Inflation falls to 31.5% December on December, from 117.8% in 2024 (INDEC).
• 2 Jan 2026: Fiscal Innocence Law 27.799 published; health emergency extended to 31 Dec 2026 (Decree 942/2025).
• 19 Feb 2026: RIGI adhesion window extended to 8 Jul 2027 (Decree 105/2026).
• 6 Mar 2026: Labor Modernization Law 27.802 published.
• 1 May 2026: RIFL hiring window opens (Decree 315/2026).
• Q2 2026: GDP falls 0.6% quarter on quarter, still up 2.0% year on year (INDEC, 17 Sep 2026).
• 30 Sep 2026: New transfer pricing regime (ARCA RG 5903/2026).
• 9 Oct 2026: Law 27.826 amends the Fiscal Innocence Law.
• 13 Oct 2026: INDEC reports September CPI at 1.9% monthly and 33.4% year on year.
• 19 Oct 2026: INDEC reports a September trade surplus of US$ 2,976 million, the 34th in a row.
• 20 Oct 2026: FAL start moved to 1 Dec 2026 (Decree 1228/2026).

Pending changes

• FAL start, 1 December 2026. ARCA collection rules start with the November 2026 accrual period while the decree sets 1 December 2026; the mismatch is open (see taxes/payroll) (unconfirmed).
• Employer health contribution written into Law 23.660 at 6% from 1 January 2027 (Law 27.802 art. 165), with repeal of the budget law rule that set it until then (art. 166).
• Renegotiation of expired collective agreements within one year of promulgation of Law 27.802 (art. 137) (unconfirmed).
• RIFL window closes 30 April 2027 (Decree 315/2026 art. 1).
• RIGI adhesion deadline 8 July 2027, with no further extension allowed by the law (Law 27.742 art. 168).
• Health emergency under DNU 70/2023 runs to 31 December 2026 (Decree 942/2025) (unconfirmed).
• 2027 national budget and tax changes (unconfirmed).
• BCRA monetary framework and FX band (unconfirmed).
• Country risk and sovereign ratings (unconfirmed).
• Status of the DNU 70/2023 labour chapter in the courts (unconfirmed).

FAQ

1. How many "states" does Argentina have? Twenty three provinces plus the autonomous City of Buenos Aires, 24 jurisdictions in total. The provinces keep all powers not delegated to the Nation (Constitution art. 121), and the City has its own legislative and judicial powers (art. 129).

2. Is Argentine law common law or civil law? Civil law. Congress enacts national codes (Constitution art. 75(12)), chiefly the Civil and Commercial Code (Law 26.994, in force since 1 August 2015). Court decisions are persuasive, not binding precedent in the common law sense.

3. Can a foreigner own a company or property in Argentina? Yes. Foreigners enjoy all civil rights of citizens, including to trade and to own and sell real estate (Constitution art. 20). A foreign company that wants to hold shares in an Argentine company must first register in the Public Registry (LGS art. 123). Specific restrictions on rural or border land may apply (unconfirmed).

4. What is inflation now? 1.9% in September 2026, 23.6% so far in 2026 and 33.4% over twelve months (INDEC, CPI September 2026). It was 117.8% in 2024 and 31.5% in 2025 (December on December).

5. Can I sign contracts in US dollars? Yes. Since DNU 70/2023, a debtor is only discharged by paying in the agreed currency and judges may not change it (CCyC arts. 765 and 766 as replaced). FX rules still decide whether the debtor can buy those dollars in the official market, and how courts apply the rule in disputes is not covered by the sources (unconfirmed).

6. Can my Argentine subsidiary pay dividends to me abroad? Yes, without BCRA prior approval, from audited profits of fiscal years starting on or after 1 January 2025 (BCRA FX rules, point 3.4.4.1). Older profits need another route or approval. The subsidiary withholds 7% (ITL art. 97). See fx/exchange-controls and taxes/corporate-income-tax.

7. What does an employee really cost? About 24% to 26.4% on top of gross salary in employer contributions, plus the ART premium, over 13 salaries a year. A gross monthly salary of ARS 2,000,000 costs an 18% rate employer about ARS 32.2 million a year (US$ 20,605), before ART and other items (Example 2).

8. Who collects taxes? ARCA for national taxes and social security; 24 provincial tax agencies for gross income tax, stamp tax and property taxes; and municipalities for local fees. National shared taxes are distributed 42.34% to the Nation and 54.66% to the provinces, with the rest to specific funds (Law 23.548 art. 3).

9. Is the Central Bank independent? Its charter says it is not subject to orders or instructions from the Executive (BCRA Charter art. 4), and it may lend to the Treasury only within the limits of art. 20. Its board is appointed by the Executive (unconfirmed).

10. What is RIGI and does it apply to me? A regime for single projects of at least US$ 200 million in eligible sectors, with 25% income tax, reduced dividend tax, customs and FX benefits and 30 years of stability (Law 27.742 arts. 164 to 228). Applications close on 8 July 2027. Smaller investors should look at RIMI.

11. What is the MEP rate and why does this guide use it? It is a market exchange rate implied by buying a bond in pesos and selling it for dollars locally. The guide uses the rate (dólar MEP selling rate (dolarapi.com)), ARS 1,563.90 on 23 October 2026 (unconfirmed), because it is the rate at which many investors actually value peso amounts. It is not an official rate and is not in the official sources.

12. How big is the Argentine economy? INDEC's current price GDP for 2025 is ARS 850,239,798 million, which is about US$ 544 billion at the October 2026 MEP rate (a conversion that ignores 2026 inflation and depreciation) (unconfirmed). Real growth was 4.5% in 2025 and 2.0% year on year in Q2 2026.

13. What is the "country risk" today? No official source in this guide publishes it. The editor will add the latest figure with its date and source (unconfirmed).

Primary sources

• INDEC, *Índice de precios al consumidor (IPC), septiembre de 2026*, Informes técnicos vol. 10 no. 250, 13 October 2026
• INDEC, CPI series by divisions and region (data file)
• INDEC, *Informe de avance del nivel de actividad, segundo trimestre de 2026*, 17 September 2026
• INDEC, *Mercado de trabajo. Tasas e indicadores socioeconómicos (EPH), segundo trimestre de 2026*, 17 September 2026
• INDEC, *Intercambio comercial argentino, cifras estimadas de septiembre de 2026*, 19 October 2026
• INDEC, *Intercambio comercial argentino*, December 2025 and year 2025
• INDEC, *Balanza de pagos, posición de inversión internacional y deuda externa, segundo trimestre de 2026*, 29 September 2026
• Constitution of the Argentine Nation (Law 24.430)
• Civil and Commercial Code, Law 26.994 (original text)
• General Companies Law 19.550, t.o. 1984 (updated text)
• Law 27.349, SAS (Title III)
• DNU 70/2023
• Law 27.742 (Bases Law)
• Law 27.802 (Labor Modernization Law), BO 6 March 2026
• BCRA Charter (Law 24.144, as amended), published by the BCRA
• BCRA consolidated text "Exterior y Cambios" (see fx/exchange-controls for the exact file and update date)
• BCRA Com. A 8226, 11 April 2025
• Law 23.548, federal tax sharing (updated text)

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