The Federal Public Revenue Administration (AFIP) established the conditions and defined the steps to follow so that the holders of research, development and production projects for goods or services can access tax benefits provided for in the Biotechnology Law, through the General Resolution 5059/2021, published today (30.08.2021) in the Official Gazette.
The regulations incorporated the possibility of apply accelerated depreciation in the income tax on capital goods, special equipment, parts or components of said goods, new, acquired for the promoted project in one installment instead of three.
It also established the procedure for using the benefit of tax credit bonds issued by the Undersecretariat of Knowledge Economy, which consist of 50% of the expenses destined to the contracting of research and development services with relevant institutions of the national public system of science, technology and innovation.
LTax credit bonds may be applied to the cancellation of income tax and VAT, as advances or balances of sworn declarations corresponding to fiscal years whose due dates occur during the period of validity of said bonds.
In the case of imports, the instruments may be used to pay the taxes associated with said operation as well as their respective withholdings and collections, provided that they originate from the acquisition of inputs, capital goods, parts or components intended for the local manufacture of goods, related to the field of the biotechnology sector or any other that contributes, directly, to its development.
The measures promoted by the Government for the sector are aimed at promoting the development and production of modern biotechnology, understood as any technological application that, based on rational knowledge and scientific principles from biology, biochemistry, microbiology, bioinformatics, molecular biology and genetic engineering, uses living organisms or parts derived from them to obtain goods and services or to substantially improve production processes and products.
Source: Telam
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