A simpler scheme for importing materials is one of the new features included in the new regulations announced to facilitate procedures for free zone companies.
The leaders of the Superior Council of Private Enterprise (COSEP) announced that the new technical circular for free zone companies will be in effect from February 1, and includes, among other things, adjustments to the time and costs incurred by companies when transporting goods.
During the 2015-16 harvest the sugar industry expects to upload to the national grid between 85 and 90 MW of energy, about 22 MW more than in the previous harvest.
The National Committee of Sugar Producers of Nicaragua (CNPA by its initials in Spanish) plans to increase the energy it uploads to the national system through the four mills operating in the country, explained Jose Adan Aguerri, president of the Superior Council of Private Enterprise (COSEP) .
More workers who speak a second language are needed in order to continue growing in terms of attracting investment.
The arrival of international companies engaged in outsourcing services shows an upward trend in Nicaragua, but the main obstacle to greater growth is the lack of potential employees who speak and write two languages.
TreviGroup will be visiting the country to meet with business leaders and government officials to evaluate business opportunities in the project of the Grand Canal and other construction areas.
TreviGroup construction company will meet with representatives of the Superior Council of Private Enterprise (COSEP); the Nicaraguan Chamber of Construction (CNC) and government officials in order to find out about and evaluate participating in the construction of the Grand Canal and other construction opportunities in the country.
An agreement has been made to postpone until May 25 the effectiveness of various lists of tax breaks for the purchase of raw materials in order to work on a single document and add new products.
At a meeting between representatives of the government and the private sector it was agreed to extend the validity of the lists for tax exemptions in order to negotiate within that period the inclusion of other products and the creation of a single document. It was also agreed to remove fines for importers starting from 1 April.
The Under Secretary of Commerce in the United States sees no need for renewal of preferential tariff arrangements, which up to now have favored Nicaragua's textile industry.
Statements by the senior official of the Obama administration fell like a bucket of cold water over textile entrepreneurs, who claim that without the renewal of TPL, production costs will increase by up to 40%.
A controversial clause which invalidated the right to deduct anticipated monthly minimum payments in settlement of income tax has been removed from the declaration form.
After receiving criticism from the private sector and experts claiming that the amendment violated the tax law, the Directorate General of Revenue (DGI) has removed from the tax form the check box that did not recognize the right of deduction of anticipated minimum monthly payments in settlement of income tax (IR).
The American Chamber of Commerce of Nicaragua has rejected the amendments to the Constitution proposed by the Nicaraguan government.
This is the result of a survey carried out by AmCham among its members in order to find out its position on the proposal to reform the constitution of Nicaragua. 75.6% of respondents asserted that the initiative will affect the business climate in the country. "It is not good for the country to make changes of the dimension they wish to make to the Constitution, especially with the haste with which they have promoted them" they explained.
The reform of Article 92 of the Constitution of Nicaragua referring to databases, and telecommunications records could affect the trade and service industry.
According to Joseph Adam Aguerri, president of the Superior Council of Private Enterprise (Cosep), reform of Article 92 of the Constitution of Nicaragua proposed by the government is "counterproductive" in relation to economic matters. " ... It should not be incorporated, because of the effort that has been made in different ways with the Government to respond to modern trends in trade, and because of the attraction of the service industry," said Joseph Adam Aguerri.
The concessionaire in charge of scanning services in Nicaraguan customs offices would recover its investment in 15 months and earn $220 million in the 15 year contract.
From all this money, 10% will go to the Directorate General of Customs (DGA). According to preliminary calculations made by the Nicaraguan private sector, the company will invest about $22.4 million in the seven scanners to be installed in each of the seven Nicaragua customs offices, recovering its investment in just 15 months.
Nicaraguan millers are preparing investment projects that will increase their sugar production and the generation of energy from sugarcane bagasse.
However, "this industry requires the state to favor them with better incentives and other conditions that were raised in the proposed amendments to the Law on the Promotion of Renewable Electricity Generation, submitted to the Ministry of Energy and Mines (MEM ) ", reported Laprensa.com.ni.
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