The National Government decided to make changes to the "Investment Promotion Regime for Exports", through the Decree 836 / 2021.
The regulations, published today (09.12.2021) in the Official Gazette, incorporates the following text as article 8° bis of Decree No. 234/2021: “In those cases in which the projects included in the Regime contemplate Investments exceeding five hundred million US dollars (USD 500.000.000), beneficiaries may choose to access an expanded benefit for each calendar year in which the benefit provided for in the preceding article 8 is not used, regardless of the reasons that motivate it, in accordance with the following parameters and limitations.”
It is worth remembering that the Government, through Decree 234/2021, which was published in April of this year and which launched this regime to stimulate productive investments for amounts greater than 100 million dollars, established that companies that make this type of investment will be able to freely use 20% of the dollars generated by incremental exports to pay their foreign creditors.
According to the new regulations, the benefit will be calculated based on the foreign currency obtained from exports linked to the project during the year in which the extended benefit is used.
However, the decree clarifies that "the amount of the freely applicable benefit may not exceed an annual maximum equivalent to 40% of the gross amount of foreign currency actually entered by the beneficiary in the Free Exchange Market (MLC) to finance the development of the project, at the time of using them."
Likewise, the Government highlights that when the investment exceeds 1.000 million dollars, for each calendar year in which the benefit is not used, "they may enjoy, for two consecutive calendar years, a freely applicable amount equivalent to three times the expected percentage» in the original standard.
It is also clarified that the amount of the freely applicable benefit "may not exceed an annual maximum equivalent 60% of the gross amount of foreign currency actually entered» in the Free Exchange Market to finance the development of the project, at the time of using them.
In both cases, companies will be able to access the benefit "once the second calendar year has elapsed since the first inflow of foreign currency that initiates the project." Although it is indicated that "this period may be computed as part of the period of non-use that gives rise to the use of the extended benefit."
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