Changes in investments related to Development Laws

The deadline for completion is extended for two years, in all investment projects that have been subject to the aid scheme of the Development Law of 2016.

The reason is to avoid their exclusion because of the problems caused by the pandemic.

Beyond that, for all investment plans that have been subject to the Development Laws of 2004, 2011, and 2016, the decision to complete and start the productive operation can be issued without fulfilling the condition of maintaining existing and / or creating new jobs.

This is the case if the investment activity falls under Activity Code Numbers (ACTs) of the sectors affected by the pandemic.

If the specified date of certification of the completion and start of its production operation is or will be between January 1, 2020 to June 30, 2021.

As mentioned in the amendment, the fulfillment of the condition of maintaining the existing and / or creating new jobs is controlled after this period and in accordance with the relevant institutional framework.

Beyond that, investment plans for which an application for inclusion in the aid scheme of the Development Law of 2016 have been submitted, by companies whose activity falls under the ACTs of the sectors affected by the pandemic, Annual Work Units for the years 2020 and 2021 may be calculated taking into account the employment data of the respective months of 2019.

The competent Advisory Committees have decided that in the case of investment plans of the 2004 and 2011 laws, that they are entitled to extension of the completion deadlines due to force majeure, but the relevant approval decision for the granting had not been issued until October 30, 2019, the extension of the duration approved by the decision of the competent body, is calculated after 31 December 2021.

The duration of the extension is also calculated after 31/12/2021 for all cases of investment plans of the Development Law of 2004 and 2011, decisions for granting an extension have been issued after 11/9/2019, at which time these decisions are modified at the request of the beneficiary body, submitted within one month of the amendment entering into force.