Costa Rica: Free zones request better fiscal incentives
The companies are asking for reforms to the Law of Incentives that would allow a reduction in income tax starting 2015.
Wednesday, January 28, 2009
Nacion.com reports on its website: "Timothy Scott, director of the Association of Free Zone Companies (Azofras), explained that the companies are asking that the new tariff that will come into effect in 2015 be "one digit" (less than 10%).
With the reform to the Law on Free Zones, the country is adapting its legislation to WTO rules.
There is concern about the incentives to be received after 2015 when benefits expire according to World Commerce Organization provisions.
The economic crisis in the United States has caused the growth rate for exports from the free zones to fall to just 1.4% this last year.
During the first quarter, the Ministry of Foreign Trade (Comex) will send the bill to the Assembly in hopes of getting it passed during the first quarter of the year.
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