The new law passed in December 1995 is designed to remove old barriers to investment and to provide equal access for foreign investors to all sectors of the economy except toxic waste disposal, public health and environment, and defense, which require express authorization from the Office of the President. Investors may remit the full amount of capital and capital gains as well as fees for technology transfer and royalties from previously-registered contracts. Foreigners may represent their products directly without need for a local agent. However, licensors must compensate licensees for the termination of any representation contracts. Investors no longer need the authorization of the Foreign Investment Directorate to invest but must register any investment with the Central bank within 90 days.
Services appear to be equally taxed.
For imports, the tax is levied on the c.i.f. value plus all customs duties and internal taxes on imports. For domestic goods, the tax base is the sales price price plus related costs such as transportation. Exporters can either deduct or receive reimbursement for the taxes they pay on the transfer of goods related to their production activities.