With the reform to the law on Tax Concentration non-resident investors in the country will have to pay 15% instead of 10% on income earned from capital.
According to Juan Sebastian Chamorro, executive director of the Nicaraguan Foundation for Economic and Social Development, the new reform "... is a positive thing for the country because it will generate an increase in the collection of such taxes but is a negative blow to natural and legal non residents because the Revenue Department will no longer deduct 10% on capital transfers, but rather 15 %. "
Promerica Group has proposed to the concessionaire of the project HKND the opening up of bank branches along the Canal and the provision of other financial services during the execution of the work.
The Production Bank, Banpro, is looking to develop a service plan appropriate to the measures and requirements of HKND Group, which would include executive support, differentiated tariffs and especially the installation of branches along the Grand Canal.
The Nicaraguan government is preparing transportconcessions which will be granted from 2015 to cover the route that will connect Costa Rica once the Las Tablillas-San Pancho border post is finished.
It is expected that in the first three months of 2015 the results will be ready of a study that will determine the number of buses needed to meet the demand of passengers emerging with the opening of the route between San Pancho and Las Tablillas. With the results the Ministry of Transportation and Infrastructure will be able to deliver the corresponding permits.
Although many still doubt that the mega project will actually be built, it's time to think and take action both to mitigate the adverse effects it may have on the Costa Rican economy and to take advantage of any business opportunities that may present.
Textile companies operating in free zones are preparing adjustments such as reduced production lines in order adapt supplies in the event of the loss of tariff preference level, or TPL.
Although the timeframe for the expiration of the Tarriff Preference Level system with the United States is December 31, several companies are already starting to take steps to adjust their production in anticipation of the agreement not being renewed.
A company dedicated to the cultivation and processing of bamboo plans to increase the number of hectares planted in 2015 from 2,400 to 3,000 and produce bamboo fiber for industrial purposes.
In order to start exporting in 2016, the group EcoPlanet Bamboo aims increase its planted areas to market bamboo fiber in the United States, so that it can be used as raw material in the production of activated charcoal.
The agreement that allows Nicaraguan products such as food and construction materials to enter the island with tariff preferences up to 100% has come into effect.
The Ministry of Foreign Trade and the Ministry of Finance and Prices in Cuba has approved the entry into force of the trade agreement signed in March, in which tariff preferences of different grades are established on products such as food, construction materials, accessories and utensils.
Between 2011 and October 2014 58,587 farms and 1.3 million head of cattle were registered in the national traceability system.
According to the latest agricultural census, Nicaragua has 4.1 million head of cattle, of which 2,237 already have an identification device which forms part of the records which must be kept by farmers in order to complete the whole traceability process.
Generates business opportunities by linking supply and demand of goods and services between Central America and the rest of the world.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 225 4786