4.0 revolution arrives to duty-free zones
Duty free zones are spaces in which the development of commercial, industrial and services activities are performed under special regulations regarding taxation, customs and foreign trade.
With Decree 278 of 2021 certain aspects of the duty-free zones have been modified to generate more competitive spaces with aims of promoting innovative commercial projects that can bring local and regional benefits. The decree aims to: promote e-commerce, boost the export of goods and services, and reduce the requirements and processing times to foster an easier access to these zones by new companies.
Some benefits of Decree 278 are:
- A decrease on the minimum required investment amount for the declaration and prorogation of duty- free zones.
- E-commerce on duty-free zones trough postal traffic and urgent shipments.
- Removes the requirement of a minimum 20-hectare area for new permanent duty-free zones that are dedicated to the rendering of services in municipalities with less than a million habitants.
- Recognition of intangible assets (in accordance with the current intellectual property regime) as part of investment commitments (up to 20%).
If you wish to know more about how to take advantage of these benefits for your company, BéndiksenLaw can provide legal counsel and guidance regarding this matter.
Contact us for more information.