Law 27685 on Promotion of the Development and Production of Modern Biotechnology and Nanotechnology

The law aims to promote the development and production of modern biotechnology and nanotechnology in Argentina until December 31, 2034. It defines modern biotechnology as technological applications based on sciences such as biology and genetic engineering to obtain goods, services or improve Productive processes. Nanotechnology is defined as the controlled manipulation of materials at the nanometer scale to obtain special properties. The beneficiaries of this law may be Argentine natural or legal persons that present research, development, production of goods, services or improvement of processes/products projects based on these technologies. The law establishes tax benefits for approved projects, such as accelerated amortization of income tax, early refund of VAT, and conversion of part of the expenses on technical assistance or research services into tax credit vouchers. Projects must have a reliable technological impact, economic/financial capacity, comply with biosafety regulations, and contribute to industrial or agricultural innovation, economic and social impact, reduction of production costs, or increase in productivity.