Companies located in the Greater Metropolitan Area (GAM) will have to pay 6% income tax for the first 8 years and 15% for the following 4.
"Representatives included a transitory article, under which the state will have 4 years to foster the installation of industrial parks or modernizing the existing ones in Limón, Puntarenas, the south zone, Liberia and the north of the country", reports Nacion.com.
President Oscar Arias signed a law modifying the Free Zone regime in Costa Rica.
The bill was introduced by the Executive on April 2009, and was finally passed on December 17th by the Legislative Assembly.
This law "... intends to attract investment, foster productive chains with local companies and incentive companies to invest outside the Expanded Greater Metropolitan Area, which was specially defined for this law", reported Nacion.com.
If the act is approved in the Economic Matters Commission, the bill would move on to the Legislative Assembly.
The idea is for the bill to be passed before the end-year recess, which starts December 18th.
"This project extends the existing Free Zone law by adding a new category for manufacturing companies, and puts the country in line with WTO Agreements on subsidies and compensatory measures", reported Elfinancierocr.com.
Industrialists are urging early approval in order to eliminate investor uncertainty about the new regime that will prevail in the country.
The reform of the law on free zones in El Salvador must be current in 2016, as the World Trade Organization (WTO) has set a deadline for the country of December 31, 2015 to change its regime internationally eliminating incentives which are considered unfair competition.
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