New Amendments to Special Economic Zones Law
Law 83 of 2002 regulating Special Economic Zones has been revised to give more independence to the board of directors of each zone in managing its affairs with less interference from the traditional government bureaucracy. The law repealed however the tax exemption for new investments and added non-tax incentives, including energy subsidies, refund of costs of connections to infrastructures, paying for all or part of the employees’ social insurance subscriptions, and allocation of land by way of usufruct at nominal cost.