Puerta del Istmo, Centro Logístico Quetzal and ZDEEP Piedras Negras, are the projects advancing in Guatemala in the process of becoming Zones of Special Public Economic Development.
In Guatemala, the regulations governing the tariffs to be applied to users, administrators and economic zones have come into force as part of the new legislation on Special Public Economic Development Zones.
The tariffs that will be applied according to the categories established in the regulation, published in the Diario de Centroamérica on June 28th, were effective.
In Guatemala, the first project to install a Special Public Economic Development Zone was approved, which will require a $14 million investment and will be on the Highway to Puerto Quetzal, Escuintla.
The name of the industrial park, which will be on a 150-hectare site and will house industrial, commercial and service sector companies, is "Michatoya Pacífico" and will require an initial investment of $13.8 million.
In Guatemala, reform of the Free Zones Law has been in place for two years, and as a result, several companies have withdrawn, while others are still waiting for the tax benefits to be restored before making any more investments.
Some companies are keeping their investments on hold, because the tax benefits applied to activities that take place in free zones were eliminated withDecree 19-2016.One such case is that of electric vehicle importer Electricmóvil. This companyis waiting for Congress to reform the Law and restore the benefits, before expanding its operations under this regime.
The project aims to create a free trade zone which will offer offshore financial services and related economic activities.
The Nicaraguan government's proposal to create a free trade zone to provide tax incentives to attract financial sector companies and to exported services from there has raised doubts in some quarters, with accusations being made that the bill evokes the concept of a tax haven.
A law has been approved which updates the tax treatment of high-value services and movement of goods from the free zone in Panama Pacific to other countries.
From a statement issued by the National Assembly of Panama:
The full National Assembly approved on its third reading Bill 118, which amends Article 41 of the Law of 20 July 2004 on the Panama-Pacific Area and adds Article 91-A.
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.
Results Company has invested $2.5 million in a new customer service center in a free zone in Heredia.
The new contact center belonging to the U.S. company, which will be its second in Latin America, will provide call center services to customers from other firms.
From the press release:
"The new call center represents the company's commitment to continued investment in Latin America, with operations in Hermosillo and Obregon, Mexico.
General Microcircuits has opened its new plant in Costa Rica, which required an investment of $2 million.
The company, which produces electronic integrated circuit boards, sited its 1,300 m2 plant in the BES zone in Alajuela, where it employs 20 people.
From there, General Microcircuits exports its production weekly to Mooresville, North Carolina, where the product is distributed to the company’s customers