What did the amendment to the investment incentive law bring

Amendment to the investment incentive law

• The recipients of investment incentives can apply for an extension of the general terms and conditions compliance period, if they could not fulfill them due to the COVID-19 pandemics

The recipients of investment incentives must apply for the extension = There is no automatic extension

• The Ministry of Industry and Trade (MIT) may extend the period for meeting the general terms and conditions for maximum of 2 years 
• The application must be submitted latest 30 days before the end of the original period (= 3 years after the decision was issued)
• The application must be sent to the MIT
• There is no form. The application must be submitted as a letter
  • Requirements:
    • a direct relation to the COVID-19 pandemics
    • reasoning
    • verification
  • Each case is different. Hence, every application will be different. Thus, all applications will be assessed on an individual basis
  • There is no given list of documents by which the application should be supported. Every case requires different reasoning, which requires different documentation