Business rejects changes to arbitration law in El Salvador
Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.
Friday, June 20, 2008
"The deputies take two years to pass a law that encourages economic development of the country and two hours to consider one that's going to ... undermine judicial security," said Jorge Daboub, president of the national Chamber of Commerce.
Following the adoption in Guatemala of the Law on Public Information Access, El Salvador and Costa Rica are the only ones in the isthmus that lack a similar law.
Two bills presented in 2008 and 2009 have not made any progress in the legislative assembly.
A credit card law proposal being studied by the Legislative Assembly would set a maximum interest rate of 22%.
The private sector has proposed creating development zones with specific tax laws and tax free status in order to encourage local and foreign investment.
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