This article was first published in Lerman & Szlak.

Law No. 27.685 on the Development and Production Promotion of Modern Biotechnology and Nanotechnology was published today on the Official Gazette. Its main objective is to promote the development and production of modern biotechnology and nanotechnology throughout the national territory.

To this end, a series of benefits will be granted to holders of projects for the application or implementation of modern biotechnology and/or nanotechnology, aimed at the production of goods and/or services or the improvement of processes and/or products: (i) accelerated amortization of income tax; (ii) early refund of value added tax; (iii) conversion into a tax credit voucher of the fifty percent (50%) of the expenses for the hiring of technical assistance, research and/or development services with relevant entities of the National System.

There will be granted up to a maximum of one project per year for each person and a maximum of three projects for legal entities.