The Government and the private sector have started negotiations to create a proposal for fiscal reform, which could include, among other things, changes aimed at achieving the financial sustainability of the Social Security scheme.
Without revealing details of the first sessions, the Higher Council of Private Enterprise (Cosep) reported that the reform negotiated with the authorities is focused on preventing insolvency of the Nicaraguan Social Security Institute and guaranteeing the country's economic growth.
As part of a pilot plan in Nicaragua eight companies have started using the Foreign Trade Single Window system, a platform that allows pre-customs procedures to be carried out.
The window that is expected to start operating in the middle of the year will allow for procedures to obtain permits and documents needed to export or import to be done online, including payments in banks and institutions via an online platform.
Representatives of the trade union announced that the country will receive the "insignificant risk" certificate next May, which will allow it to reach new markets and export cuts of bovine meat on the bone.
Local authorities reported that in relation to bovine spongiform encephalopathy disease, better known as "mad cows disease", the World Organization for Animal Health (OIE) will grant the country the status of "negligible risk", which is necessary to sell abroad cuts of bovine meat on the bone.
Although Juan Orlando Hernández has now been declared as the winner of the elections and blockades and demonstrations have decreased, difficulties in transporting merchandise to and from Puerto Cortés, as well as land borders, remain.
As a result of the difficulties faced by entrepreneurs when transporting goods to and from Honduras, companies in neighboring countries are looking for alternatives to expedite shipments, especially those of perishable products.
Registration fees for security interests over moveable assets have been reduced from the range $163 to $327, to the range of $5 to $33.
The Superior Council of Private Enterprise (Cosep) announced that after talking with representatives from the Supreme Court of Justice, it was possible to reduce the fees that are incurred when registering security interests in order to use them later to request financing.
A law that allows companies to use their personal property as collateral to obtain production loans has now come into force.
The president of the Higher Council of Private Enterprise (COSEP), José Adán Aguerri, stated that on Thursday, October 26, 2017, the Law on Secured Transactions entered into force, which was approved by the National Assembly in October 2016.
The private companies' association is in talks with United Airlines to promote the opening of a route that connects Nicaragua with the east coast of the United States.
Representatives from the Consejo Superior de Empresa Privada (Cosep) announced that during negotiations they have also considered the possibility of a flight connecting Nicaragua with a city on the west coast, such as San Francisco or Los Angeles.
The lower house of the US Congress has approved the law known as the Nicaraguan Investment Conditionality Act or Nica Act, which proposes placing conditions on loans granted by international institutions to the government of Daniel Ortega.
The Nica Act, promoted by two US congressmen to limit investment and international financing in Nicaragua, was again seen by the lower house, which unanimously approved it. Now the bill will pass to the Senate, but in order to become effective, it must pass through three more proceedings.
The governments of Nicaragua and El Salvador have started the observation process, a step in the process to join the Customs Union which is already in effect between Guatemala and Honduras.
The process starts with the incorporation of representatives from the Nicaraguan and Salvadoran governments as observers in the meetings between Guatemala and Honduras.
In Nicaragua, a law is being prepared to facilitate concessions for the development of marinas, piers and yacht clubs, with the aim of encouraging tourist activities such as sport fishing.
The bill is an initiative by private sector entrepreneurs, who want to attract foreign investment to develop tourist activities that are centered around marinas, such as sport fishing.
The business sector estimates that if the trend observed in the first semester is mantained, by the end of the year the overall sales will be 3,000 units below the sales of 2016.
The Superior Council of Private Enterprise (Cosep) estimates that in the first half of the year vehicle sales were 15% lower than those in the same period in 2016.According to the Cosep, last year 20 thousand vehicles were sold.
Although the rules started to be applied on July 1, a regulation has not yet been defined and approved to regulate the way in which the declarations will be made.
The business sector is working on a proposal for a regulation to be agreed with the government, and once it is ready, companies can start making statements.
"..."We are working on the revision of the proposed regulation, we are in that situation at the moment, effectively it will come into force, but remember that it is not as if tomorrow companies have to go and make a presentation of the results related to this issue," said Aguerri.
Companies from Mexico, Colombia and France have shown interest in operating the Nicaraguan port terminal through means of a private concession.
The possibility of granting in concession the operation and maintenance of the port is something Nicaraguan entrepreneurs have been suggesting to the government for some time, since they believe that using this method, improvements could be made in the efficiency of the terminal's operations.
Starting from June 30, the rules that oblige companies to report transfer prices are scheduled to come into effect.
At the beginning of last year,the date of entry into forceof Chapter V of the Tax Concertation Law was postponed, after the business sector stated that it was not prepared to start complying with the rule.
The Nicaraguan private sector has proposed that the operation of the port be awarded in concession or a public-private scheme used in order to improve the efficiency and management of the port terminal.
Representatives of the Higher Council of Private Enterprise (Cosep) analyzed the scheme under which the Honduran port terminal in Cortes operates, which was granted in concession to the Central American Port Operator (OPC), to evaluate if it would be feasible to replicate the model in Port Maroon.
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