On 10 February 2017, the Ministry of Finance announced the creation of special economic zones (ZEEs). Legal entities and individuals with entrepreneurial activities in a ZEE would enjoy an income tax exemption during a 10-year period and a 50% income tax exemption during the following 5 years; a reduction of 25% on social security contributions; special VAT treatment similar to that given to foreign trade transactions; and exemption from customs duties for the introduction of goods into the ZEE.
Until now, there are 118 investment projects in ZEEs, 24 of which are in an advanced phase of negotiation, representing an investment greater than $7 billion.
