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Figures for 2010’s projects approved under Uruguay’s investment promotion law -which grants tax breaks to investors- were released, showing that 829 projects were granted tax breaks, for a total investment of USD 1.2 B.

Uruguay´s investment promotion law (Act 16,909) was passed in 1998, and improved in 2007. It grants tax breaks to investors on Corporate Income Tax (up to 100% of the amount invested), Value Added Tax (on goods purchased) and Asset Tax. In order to qualify and obtain the benefits, the investor must present a plan before a committee within the Finance Ministry, known as Comap, which studies the project and evaluates its impact on the creation of new jobs, exports, technology, and even factors like the use of clean energy.

The law allows a wide array of industries to request the tax breaks, and projects approved in 2010 included companies as diverse as agricultural enterprises, call centers, professional services firms, movie centers, construction companies and logistics companies.

In the last three years, tax breaks under the investment promotion law have benefited companies making a total investment of over USD 1 B each of the three years.

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