On June 21, the Chamber of Deputies, through a Plenary Session of the Industry; Budget and Finance; Science, Technology and Productive Innovation Committees, gave its opinion on the “Promotion for the Development and Production of Modern Biotechnology and Nanotechnology Bill” presented by the Executive Power.
This Bill proposes to extend the Promotion Regimes scope of Law 26.270 on the “Development and Production of Modern Biotechnology”, to Nanotechnology and its validity for 12 more years, expiring on this way by December 31, 2034.
The purpose of this Law is to bring support and assistance to companies whose activities develop on different industries, such as seed engineering, sanitary palliative treatments, biofertilizers, environmental remediation, among others, which will ensure that Argentina strengthens its regional leadership at these areas. HB4 Drought Resistant Wheat being the most recognized case.To do so, the beforementioned Bill creates the National Registry for the Nanotechnology Promotion, modifies the tax benefits to make them compatible with the Knowledge Economy Law, and establishes the Ministry of Productive Development as the Authority of Application.
This report should not be considered as legal or any other type of advice by Allende & Brea.
