The amendment to the money laundering law approved in the first debate requires accountants, lawyers and real estate agents to report suspicious transactions made by their clients.
Bill 19.951 reforming the Law on Narcotic Drugs, Psychotropic Substances, Drugs of Unauthorized Use, Related Activities, Legalization of Capital and Financing of Terrorism was approved in a first debate by the Legislature on April 21.The new regulation establishes the obligations on professionals engaged in non-financial activities, such as lawyers, accountants, notaries and real estate agents, once the law is fully approved and enacted.
The business sector has applauded the approval of a reform to the Customs Simplification Law, which is expected to achieve the much needed speed in foreign trade procedures.
From a statement issued by the Inter-Trade Commission for Trade Facilitation (CIFACIL):
April 17, 2017.The Inter-Trade Commission for Trade Facilitation (CIFACIL), wishes to express its satisfaction with the approval of the reforms to the Customs Simplification Law.The Legislative Assembly approved this initiative with 43 votes from the parties GANA, ARENA, PCN and PDC, which represents a great step forward to improving and facilitating foreign trade which has been severely affected in recent years.
The recently approved law prohibits exploration, extraction, exploitation and processing, at the surface or underground, and the use of toxic chemicals in any metal mining process.
In El Salvador the metal mining business does not have much significance, since up until now the income resulting from this activity has been very low.In 2013 the value of exported ores was only $1.3 million, going up to $1.6 million in 2014, and falling to $600,000 in 2015.
Goods and services imported from the South American country will no longer incur the "patriotic" tax of 35%, which has been levied since 1999.
From a statement issued by the National Assembly:
With the unanimous approval this March 7, of the Bill Repealing the law creating the tax on Goods and Services of Colombian origin or provenance, Nicaragua opens the door to boosting investment and improving the business climate between the two countries.
Francisco Solorzano, chief of the Superintendency of Tax Administration (SAT), noted that"... 'this tool will only be used when there is reasonable doubt about the results of the processes or execution of plans and mass selective control'."
Companies that hire people aged between 18 and 29 years will be able to deduct from income tax between 3 and 5 minimum wages, depending on the number of young people they hire.
With the amendment to the Incentive Law for the Creation of First Employment for Young People in the Private Sector, adopted by the Assembly, tax exemptions are established for businesses that hire young people aged between 18 and 29.
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