On Friday 27 October 2023, the Chamber of Deputies approved an amendment to the Investment Incentives Act, which we informed you about HERE.
We would like to remind you that the amendment to the Investment Incentives Act should abolish the obligation to submit every application for an investment incentive to the government for consideration, so the decision should be made again by the Ministry of Industry and Trade on the basis of the opinions of the ministries concerned. Only applications relating to strategic investments, i.e. investment projects where cash grant is provided for the acquisition of tangible and intangible fixed assets, should continue to be submitted to the Government.
The amended Act will also be applicable to applications submitted before the amendment comes into force, provided they have not been decided by then, which is expected to increase the success rate of applicants for investment incentives.
If you have any questions on the topic of investment incentives, please contact the authors of this article or the EY advisory team you usually work with.