The Free Zones Law (Law No. 35/20, of 12 October 2020) came into force on 12 October 2020.
Under the newly-enacted statute, free zones may be created through a presidential decree. Investors in free zones must execute an investment contract and may benefit from customs charge exemptions and tax benefits and may also be subject to special migratory, labor, foreign exchange and financial regimes, to be defined in a separate statute. The benefits set forth in the new law can be extended to activities carried out in Export Processing Zones and Free Ports, and by Free Trade Companies.
The Free Zones Law revokes, in particular, the legal regime of the Special Economic Zones.
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