El Salvador: Exporters Have Incentive Options

Among incentives applied in short term is the implementation of improved energy rates and changes in collection of VAT.

Thursday, January 13, 2011

“Fearing a drop of up to 15% in exports caused by the elimination of the 6% subsidy, Rigoberto Monge, advisor to the Salvadoran Association of Industrialists (ASI), said the proposal of the Ministry of Economy (MINEC) should be supplemented with the creation of very specific tools supporting the industrial sector and exporters," reports the article in Laprensagrafica.com.

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More on this topic

Delay in regulating Law for Production Promotion

December 2011

The regulation establishing export incentives for "draw back" substitutes is still pending approval in El Salvador.

During the inauguration of the Third Meeting of Exporters, the Exporters Corporation of El Salvador (Coexport) called on the Government to establish the dates for the entry into force of the regulations on the Law for the Promotion of Production, which establishes new incentives.

El Salvador Creates Program to Support Exporters

January 2011

The program allocates $ 28 million for a total of 21 instruments to benefit exporters.

Mario Cerna, Vice Minister of Commerce and Industry in the MINEC, said half of the resources will go to "non-reimbursable funds for co-financing of all types of business."

Laprensagrafica.com outlined in their article: "The rest of the money will be divided between efforts to promote export products and returns associated with the purchase of supplies and other components to boost the sector. In the coming years it is expected to maintain the amount of resources or increase them."

El Salvador Officially Eliminates ‘Drawback’

March 2010

The Economy Ministry announced that the ‘Drawback’, a 6% incentive to exporters, will not be paid anymore in 2011.

Exporting companies are working with the government to devise a gradual elimination plan, to be executed this year.

Economy Minister Hector Dada explained that by the end of 2010 the 6% subsidy must be eliminated, because the government assumed the commitment committed to do so in the past.

El Salvador: Call to Extend Exporter Refunds

May 2009

The export sector seeks a 4-year extension of the 6% refund, which expires at the end of 2010.

Both the Corporation of Exporters of El Salvador (COEXPORT) and the Salvadoran Association of Industrialists (ASI) are requesting a 4-year extension of the 6% refund or drawback for exporters from the new government.

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