The reform to the Free Trade Zone law is expected to be approved by the end of the year, stated congressman Mariano Rayo.
"This initiative seeks to create conditions favorable to encouraging investment. 'The export sector has been participating alongside other organizations in dialogue sessions with congress to develop this innovative and future looking proposal,' commented the director of the Guatemalan Exporters Association (AGEXPORT), Fanny D. Estrada", reports Sigloxxi.com.
If a reform of the law is approved, tax exemptions enjoyed by members of the scheme would be limited.
Although the purpose of the law reform is to modernize the free zones scheme and meet the requirements established by the World Trade Organization, companies currently operating under the scheme would be affected.