A new law on investment was approved. The new Code provides more services to investors in terms of market access and the total or partial liberalization of about half of the country’s economic activities. In particular, it is planned to abolish the authorization by the Investment Board for all those businesses that have a foreign stake of less than 50% (about 49 activities). The bill also addresses the issue on the use of foreign executives. In particular, businesses may take up to 30% of foreign managers. As for the development of investment, the new code aims to be more liberal in making it possible for foreigners to own agricultural land and property. To encourage investment, the legislation provides for the creation of a single income tax, equal to 15%, with an exception for protected areas, telecommunications, financial sector and hydrocarbons in which would apply a tax of 35%.


Source: medNews