Congress passes FTZ incentives bill

[NewsWhore]

The Chamber of Deputies has passed a bill that institutes zero tariffs on inputs and raw materials used in apparel and leather goods manufactured in the DR. The bill also creates a new regulatory regime for companies that manufacture these goods both inside and outside free trade zones. These companies will be exempt from paying ITBIS and other duties, maintaining privileges similar to those enjoyed by FTZ companies over the years. These benefits are due to end in 2008, as required by the World Trade Organization. The bill, which seeks to maintain the sector's competitiveness, had already passed in the Senate and now requires President Leonel Fernandez's signature to become law.

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