The Cabinet Council has approved sending a bill that creates the obligation to maintain accounting records for legal entities that do not have operations in Panama.
The bill submitted days ago by the Executive establishes penalties ranging from suspension of corporate rights to the dissolution of the company in cases where there is failure to comply with the payment of taxes and presentation of accounting information. The project also obliges companies to keep accounting records for registered companies, even if they do not have operations in the country.
Amcham said that the lack of a clear strategy to attract foreign investment and uncertainty over key issues such as the emergent employment law are causing the country's business climate to deteriorate.
The Executive Directorate of Revenue has announced that as part of the changes in the audit and tax collection it will oversee the transfer prices of companies headquartered abroad.
In addition to the implementation of electronic billing and other changes that aim to improve the supervision of tax collections, the Executive Directorate of Revenue (DEI) has announced that foreign companies or Honduran companies whose headquarters are outside of the country must report in detail their transfer prices.
Chambers of developed countries and their ambassadors in El Salvador are warning that expressions made by members of government against the decisions of the Constitutional Court threaten the arrival of more foreign investment.
Added to the demonstrations against some decisions of the Constitutional Court on the part of authorities is also the inability that the government has shown to implement effective measures against insecurity, lack of speed in the definition and implementation of much needed infrastructure and no long-term plans.
The Executive argues that foreign companies planning to invest in the country desist from doing so if they are not provided with tax incentives and the possibility of paying differentiated wages.
The Government is continuing to put pressure on Congress to approve the Investment and Employment Act which has been temporarily suspended due to several actions of unconstitutionality presented before the Court. State representatives say that if the option of differential wage is discontinued permenantly, several foreign companies will desist from making investments in the country.
In light of questions raised about a private organization receiving state funding, the CINDE wishes to demonstrate its position and the concrete results of its stewardship in attracting foreign investment.
From a statement issued by the Costa Rican Coalition for Development Initiatives (CINDE):
• CINDE has existed for over 32 years, as an organization responsible for attracting foreign direct investment (FDI) to Costa Rica.
In Costa Rica a proposal has been made to implement free zone regimes linked to universities with internship programs in companies.
The Ministry of Foreign Trade of Costa Rica plans to implement free zone models in Guanacaste linked to universities such as the Earth and Invenio Universities, both located in areas which are far away from the greater metropolitan area. The plan by Minister Alexander Mora is to promote the attraction of investment in these areas offering the benefits of a free trade area linked to access to skilled labor.
Toshiba has expressed interest to the Government of El Salvador in investing in the energy sector.
From a press release by the Ministry of Foreign Affairs of El Salvador:
The Deputy Minister for Development Cooperation, Jaime Miranda and the Technical Secretary of the Presidency, Alexander Segovia held a meeting today with a Japanese business delegation which has shown interest in promoting investment projects in the national energy sector.
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PRONicaragua, is the Nicaraguan Investment Promotion Agency, established in 2002. We are a non-profit, public-private institution whose mission is to generate economic growth and job creation in Nicaragua by attracting high-quality foreign direct investment. The Agency provides complimentary support services to qualified investors seeking investment opportunities in our country.
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Phone: (505) 2270 6400