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1.87 MB
Extraction Summary
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Document Information
Type:
Report / informational document (page 7)
File Size:
1.87 MB
Summary
This document is page 7 of a report by CEFOTAJ, a non-profit organization. It analyzes the economic and regulatory landscape of Haiti following the 2010 earthquake, citing various sources like the World Bank, PRS Group, and the U.S. Department of State. The text details investment restrictions in sensitive sectors, the financial impact of the earthquake ($11.5 billion loss), and the informal nature of the Haitian business sector, while mentioning government efforts to liberalize trade.
People (1)
| Name | Role | Context |
|---|---|---|
| Yair | Contact Person |
Email address 'yair@cefotaj.org' listed in the footer.
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Organizations (10)
Timeline (1 events)
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| Location | Context |
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Key Quotes (5)
"The tax code includes a withholding tax provision that discriminates against foreign investors"Source
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Quote #1
"The January 12th, 2010 earthquake had inflicted massive human and financial damage to the country."Source
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Quote #2
"The estimated monetary loss is $11.5 billion"Source
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Quote #3
"Ninety percent of businesses are informal in Haiti; ninety-five percent of businesses are SME"Source
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Quote #4
"At the same time, there is a project for creating several trade free zones and exclusion from the taxes of the foreign investors"Source
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Quote #5
Full Extracted Text
Complete text extracted from the document (2,644 characters)
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CEFOTAJ
Centre De Formation Technique Pour
L'Avancement Des Jeunes Du Sud'Est Inc.
Centre De Formation Technique Pour
L'Avancement Des Jeunes Du Sud'Est Inc.
• The tax code includes a withholding tax provision that discriminates against foreign investors (PRS Group 2002, PRS Group 2003, PRS Group, 2005, PRS Group, 2009; USAID, 2006).
As a rule, investment in “sensitive” sectors, such as electricity, water and telecommunications require special government concession. Investment in the public health sector requires authorization from the Ministry of Public Health and Population. Investment in agriculture is subject to the Ministry of Agriculture’s approval. Exploiting mineral and energy resources require permits from the Office of Mining and Energy. Besides, natural resources are considered as the property of the country (PRS Group, 2009; Schaaf, 2009).
Haiti after the Earthquake in 2010
The January 12th, 2010 earthquake had inflicted massive human and financial damage to the country. The natural disaster damaged homes, commercial & government buildings, cities infrastructure, and took many people lives. The estimated monetary loss is $11.5 billion (U.S. Department of State, 2010).
According to the World Bank report (2010), 70% of the total damage and losses were done in the private sector. Therefore, this has lead to the loss of production, reduction in revenues, loss of jobs and wages, increase in production cost, etc. Additionally, the job market experienced 8.5 % of pre-earthquake jobs decrease due to devastation.
Ninety percent of businesses are informal in Haiti; ninety-five percent of businesses are SME (Small and Medium sized Enterprise). Business people indicated having various problems due to the natural disaster. Some of them lost their houses and facilities; therefore, they do not have money for rebuilding all the facilities. However, a vast majority of businesses do not pay taxes and do not contribute to the countries’ official GDP (Investment Facilitation centre, 2010).
Government Role in Economy
Generally, government’s role in the economy is minimal. There are several government subsidies and price controls; however, goods are mainly traded at market prices. Considering the fact that there are over 70 % of imports in Haiti, the Haitian government has eliminated tariffs and non-tariff barriers in order to liberalize trade (CIA, 2010; World Bank, 2010; PRS Group, 2009).
At the same time, there is a project for creating several trade free zones and exclusion from the taxes of the foreign investors (PRS Group, 2009.
PO Box 666 Brentwood, NY 11717 • Phone (631) 273-4100 • Fax (631) 273-4111 • yair@cefotaj.org • www.cefotaj.org
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