An invitation has been extended for industrial companies in the country to attend the Industrial Trade IN 16 to be held from 28th to 29th July at the Convention Center Hotel Wyndham Herradura.
From a statement issued by the Chamber of Industries of Costa Rica:
Thursday February 18, 2016. The Chamber of Industries of Costa Rica will today present its new industrial trade fair called Industrial Trade In .16. Thanks to this activity, industrial enterprises in the country, both domestic and foreign, will be able to access, in one place, the most important supply of raw materiales (goods and services) for industrial activities. The activity will be held on 28th and 29th of July at the Convention Center Hotel Wyndham Herradura.
In the last four years since the reform of the law in 2009, 132 companies registered to operate under this tax exemption scheme.
Since 2009 companies eligible under the free zone regime "... must be included in one or more of the categories set out in the law, including: handling, processing, manufacturing, production, repair and maintenance of goods, repacking and redistribution of goods and provision of services for export or re-export. "
On July 10th, representatives from companies the free zone regime will meet to discuss issues such as investments outside of the greater metropolitan area and production chains.
In addition to the issue of productive chains generated by companies operating under the free zone regime, discussion will take place on other topics such as opening free zones in areas which are less developed and more remote from the greater metropolitan area, where the majority of the sites offering this tax incentive scheme are located .
Legal jargon on public corporations is preventing twelve companies from choosing the energy supplier that offers the best prices.
Bridgestone, Grupo Mit, Irex, Amanco and Cervecería Costa Rica and seven more companies saw their request to change electricity supplier hampered when the Regulatory Authority for Public Services (ARESEP) granted the municipality the authority to resolve the matter, which then rejected the request by the companies.
For third year in a row investment flows from foreign companies in the free trade zone have decreased.
The uncertainty generated related to taxes and the loss of competitiveness of Costa Rica compared with other countries also affects the free zone regime, which in 2013 received foreign direct investment (FDI) of $528 million, 12% less than in 2012, according to figures from the Central Bank of Costa Rica.
In Costa Rica presidential candidate José María Villalta wants to reform income tax so that the financial sector contributes more.
Reforming the tax for the financial sector in Costa Rica will provide more resources to pay for public services and social security, as per the proposal by presidential candidate of the leftist party Frente Amplio.
In Costa Rica the industrial zone of Coyol has become the new center of attraction for investments, even though it lacks adequate road and water infrastructure.
A good example of the growth in the area is by Grupo Condal, which plans to invest $14 million in this region with the construction of a logistics park measuring 15,000 square meters. In addition, the multinational Walmart last May opened its largest distribution center in Central America (57,776 m²) with an investment of $70 million.
Green Valley Business and Tecnology Park will be built on 230 hectares of land in Costa Rica, designed to accommodate high-tech companies.
It is expected that the technology park to be built in Argentina de Grecia, will attract high-tech companies in areas such as manufacturing, health sciences and services. "Green Valley Business and Tecnology Park" will be built on 230 hectares of land which is currently farmland or disused land, said Francisco Bogantes, coordinator of the project, promoted by the Municipality of the town.
The causes that have been cited are the gap between supply and demand for skills, electricity tariffs, infrastructure problems, and increased competition among countries for FDI.
During 2012, the sector received $535 million whereas the previous year it received $679 million, reporting a drop of 21%.
Figures from the Central Bank of Costa Rica (BCCR), show that for two consecutive years free zones have received fewer resources, as in 2012 they received $535 million, in 2011 $679 million, and in 2010 the figure was $790 million.
In Costa Rica, the Association of Free Zones and Investment promoter CINDE are lobbying against the imposition of new taxes on businesses.
The proposed measure, now under a fast track approval system in the Legislature, include a tax on dividends for those companies who establish themselves in in the zone after 2015, plus requirement to pay municipal taxes.
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.
To lower the costs of their supplies, businesses in the Free Port zones of Costa Rica are expanding the productive chain to include local suppliers.
Nor the uncertainty of the status of the Free Port Zone Law, which is stuck in Congress, nor the impact of the global crisis that has caused exports at Costa Rican free port zones to fall 16% in the first quarter of 2009 have reduced the determination of these businesses. Furthermore, they have found a very good way to decrease costs by including local businesses in the chain of production.
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