The plenary of the National Assembly approved Bill 724 in third debate on October 26, 2026, and the bill was sent to the Executive Branch on October 27, according to the official record of its passage. Submitted on September 21, 2026 by the Ministry of the Presidency, the bill cleared first debate on September 30 in the Economy and Finance Committee, chaired by Deputy Víctor Castillo, and second debate on October 21.

Its article 1 approves Addendum No. 1 to the contract between the State and the City of Knowledge Foundation (Fundación Ciudad del Saber), authorized by Decree Law 6 of February 10, 1998. The addendum's second clause rewrites the contract's fifth clause and grants the tax benefits for an additional term, from February 13, 2023 to February 12, 2048, renewable for periods of equal length, provided the Foundation meets its contractual obligations.

Those benefits include exemption from import duties on machinery, equipment and vehicles; from the Tax on the Transfer of Movable Goods and the Provision of Services (ITBMS) on goods and services needed for the project; from Real Estate Tax on the Foundation's property; and from levies on transfers of funds abroad linked to the project.

For organizations, companies and research centers based in Clayton, the approved text seeks to end the uncertainty that opened when the original twenty-five (25) year term expired on February 12, 2023. Article 2 declares the law of social interest and makes it retroactive to that date, which could cover the benefits applied since then. As a condition for keeping them, the Foundation must send the General Revenue Directorate each year a list of affiliated companies with their Taxpayer Registry (RUC) numbers and document their economic activities.

The effect is not immediate. The bill requires sanction by the Executive Branch and promulgation, and the addendum's fifth clause makes its own validity subject to endorsement by the Office of the Comptroller General. The third clause also creates an inter-agency commission, chaired by the Ministry of the Presidency, which will have nine (9) months from the addendum's perfection to propose, if it deems necessary, a law regulating the special regime. Nexo Capital will follow the sanction, the endorsement and the work of that commission.

Research assisted by Sentinel, with editorial verification of official sources. Discover Legislat.ai