Last May, the Executive Branch made modifications to the extension term for Projects of Great Economic Dimension, within the framework of the Investment Law for homes and offices, which are granted important tax benefits.
These modifications arise from the need to extend the term for the presentation of investment projects, as well as the maximum term to execute the investments covered by the promotion regime, the following terms are extended:

1. The projects must be presented before the date January 1, 2024.
2. The investment execution period may not be extended beyond the date September 30, 2026.

However, the executed investments:
Until the period of (60) sixty months counted from the date on which the corresponding Departmental Government grants the construction permit for the project.
Until the period of (48) forty-eight months counted from the date of presentation of the project before the Application Commission, which must be registered in the Social Security Bank.

In relation to the projects presented under the original regime, the term for the execution of the included investments was extended until December 31, 2023.
Let us remember that the execution of projects of great economic dimension grants important tax benefits once all the requirements demanded by COMAP have been fulfilled and the inclusion of the project within the framework of the promoted activity has been issued, among them the following stand out:

• Exemption on imports.
• Value Added Tax Credit (VAT) – granted through credit certificates.
• Exemption from IRAE, will depend on the percentage established for the investment project.
• Exemption from Wealth Tax, for a period of (8) eight years if the project is located within Montevideo and for (10) ten years if it is developed in the interior of the country.