The Salvadoran Presidential Office Secretariat, the Ministry of Economic Affairs, the Ministry of Finance and the "El Salvador Processing and Exporting Area Textile Union" (CAMTEX), the "COEXPORT" and the "El Salvador General Assembly" (ASI) aim at "a new law in the Export Processing Zone of El Salvador" In consultations and discussions, it was agreed that the new law proposed in the current amendments will help the industry to stay in El Salvador, attract more investment, increase employment, attract foreign investment, and increase confidence in the El Salvador decree.
Electoral Minister of Economy Héctor Dada said that the new law in the Salvadoran processing and exporting zone under consideration will be replaced by tax incentives as incentives, which is different from the encouragement measures that the old law gave directly to exports.
The new processing and exporting zone law will encourage tax cuts by encouraging investments and creating jobs. Another alternative to the old law is to replace the original direct tax exemption with the incremental taxation of the new law.
The “San Salvador Metropolitan Region Act (AMSS)†set by the government of El Salvador targets the industry in the Sajing area and exempts business tax and city tax for the first 15 years, and exempts 60% business tax and 90% from the 16th to 25th years. The city tax is exempted from 75% business tax and city tax from the 26th year.
Now that the decentralized industries are overly concentrated in the Salvadorian capital region, the new law will give investors outside Sajing more tax concessions. For example, investors outside of Sajing will enjoy 20 years of exemption from business tax and city tax concessions.
However, Sajing or foreign investors still enjoy the reduction of real estate transaction tax. The industries defined in the new law include the textile industry, manufacturing industry, fishery and wine industry, but the cement, fuel and sucrose-containing industries have not been included.
For the investors in El Salvador, the new and old processing zone bills will be used as a buffering period for six months. After the buffer period, if the original investment companies have new investments worth more than US$500,000 and provide at least 50 job opportunities, they will The new law can be applied to give 20 years exemption from business tax and city tax concessions.
The current El Salvador Export Processing Zone Act was established in 1998. In order to comply with the requirements of the World Trade Organization, the Salvadoran government will abolish the existing Export Processing Zone Act by December 31, 2015.
The draft Salvador’s new processing export zone law has not yet been submitted to the El Salvador Congress and it can be determined when it will be difficult. At present, the direct and indirect employment population employed in Salvador's processing and export zones is 240,000, of whom 80,000 are directly employed.
Electoral Minister of Economy Héctor Dada said that the new law in the Salvadoran processing and exporting zone under consideration will be replaced by tax incentives as incentives, which is different from the encouragement measures that the old law gave directly to exports.
The new processing and exporting zone law will encourage tax cuts by encouraging investments and creating jobs. Another alternative to the old law is to replace the original direct tax exemption with the incremental taxation of the new law.
The “San Salvador Metropolitan Region Act (AMSS)†set by the government of El Salvador targets the industry in the Sajing area and exempts business tax and city tax for the first 15 years, and exempts 60% business tax and 90% from the 16th to 25th years. The city tax is exempted from 75% business tax and city tax from the 26th year.
Now that the decentralized industries are overly concentrated in the Salvadorian capital region, the new law will give investors outside Sajing more tax concessions. For example, investors outside of Sajing will enjoy 20 years of exemption from business tax and city tax concessions.
However, Sajing or foreign investors still enjoy the reduction of real estate transaction tax. The industries defined in the new law include the textile industry, manufacturing industry, fishery and wine industry, but the cement, fuel and sucrose-containing industries have not been included.
For the investors in El Salvador, the new and old processing zone bills will be used as a buffering period for six months. After the buffer period, if the original investment companies have new investments worth more than US$500,000 and provide at least 50 job opportunities, they will The new law can be applied to give 20 years exemption from business tax and city tax concessions.
The current El Salvador Export Processing Zone Act was established in 1998. In order to comply with the requirements of the World Trade Organization, the Salvadoran government will abolish the existing Export Processing Zone Act by December 31, 2015.
The draft Salvador’s new processing export zone law has not yet been submitted to the El Salvador Congress and it can be determined when it will be difficult. At present, the direct and indirect employment population employed in Salvador's processing and export zones is 240,000, of whom 80,000 are directly employed.
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