Law on Incentives for Development of Renewable Energy Projects (Decree of the Congress 52-2003)
The law aims to promote the development of renewable energy projects and establish fiscal, economic and administrative incentives for the sector. It designates the Ministry of Energy and Mines as the body responsible for creating an inventory of renewable resources that can be used to generate energy. In addition, the ministry should also encourage research in this area and facilitate the certification process.
Energy producers will be granted a certification of emission reduction that is expected to enhance trade of renewable energy. Related regulation declares the rational development of national renewable energy sources as a key and urgent national interest and provides economic incentives for duty-free import of machinery and equipment for renewable energy and a 10-year exemption from income tax and the tax on commercial and agricultural enterprises.
