Pressure from the OECD and the Free Trade Zones
Given the commitment by Costa Rica to make its tax system more transparent, the private sector reiterated the need to change the rules for the Free Trade Zones.
Wednesday, April 8, 2009
Companies have requested for the Government to start a bill in the legislature to reform the free trade zone rules. This reform would allow companies operating under the free trade zone scheme to meet the requirements of the World Trade Organization (OMC).
The business sector is demanding that the government take action to minimize the impact of the expiry at the end of the year of tax incentives granted to foreign firms in free zones.
Investors are on the alert over possible modification to the Law on Free Zones while analysts are warning that this would generate legal uncertainty.
The Foreign Trade Promoter has revealed in a study the benefits that free trade zones contribute to the country, including the 58 thousand jobs that pay 60% above the average private sector salary.
Three points exist that could complicate the approval of the Free Port law in the Costa Rican Congress.
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