Trade and Commercial Law Assessment - Honduras - Economic ...

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TRADE AND COMMERCIAL LAW ASSESSMENT DECEMBER 2004 HONDURAS near the population center. Technical assistance with regard to transportation economics and airport facility planning will be required going forward. ♦ Initiate regional planning regarding a rail network. Honduras’s rail network is currently non-operational. The country’s border with Nicaragua provides a potential opportunity for development of a regional inter-modal rail network. Technical support on a regional planning level is required to fully determine the potential benefits of rail transportation for both the country and the region. ♦ Identify more efficient means of electricity provision. Honduras’s electricity system suffers from very high power generation costs and organizational inefficiency. The nation is highly dependent on fossil fuel thermal power generation, currently a high-cost power generation technique. In addition, the nation’s distribution network experiences unacceptable technical and non-technical losses, further increasing the cost of electricity. Honduras requires assistance in identifying alternatives for power generation and technical assistance for identifying and addressing the mix of distribution losses. An organizational privatization program is also needed. ♦ Privatize telecommunications. Honduras’s telecommunications sector is dominated by a government monopoly, resulting in large cost disparities between international calls and local calls. The organization should be privatized to eliminate government influence on the telecommunications sector. XV-17
TRADE AND COMMERCIAL LAW ASSESSMENT DECEMBER 2004 HONDURAS COMPANY LAW ATTACHMENT 1: COMPILATION OF RECOMMENDATIONS No. Type Recommendation Priority Duration 1. Legal reform Update the Commercial Code. High Long-term Assessment of parts of the Commercial Code to be reformed. Draft a modern law on companies that includes corporate governance principles, protection of minority shareholders, divestment, non- capital requirements, possibility of treasury or same- company-owned shares and the treatment of exceptional cases when the legal personality of a company can be disregarded Establish private-public working groups about these laws and workshops. 2. Institutional Modernize the Commercial Registry High Long term strengthening Monitor and complement The World Bank- Interamerican Development Bank competitiveness project on Registry’s modernization Monitor and complement the establishment of the Property and collaborate on automation of the registration processes and to acquire better equipment and better Registries’ facilities 3. Institutional Reduce regulatory steps to do business High Medium strengthening Monitor and complement the World Bank-Interamerican Development Bank competitiveness project. term 4. Institutional Conduct an in-depth analysis of SME sector to identify how to remove obstacles to Me dium Long term strengthening increased growth and to promote more involvement in the formal sector. Design economic incentives to promote the formalization and growth of SMEs. Focus resources on SME sectors with the greatest potential for progress. Design special programs for SMEs financing Set up a donors’ conference on SMEs to design regional policies. 5. Assessment Undertake a tax assessment on Honduras Medium Medium Identify discrepancies on taxes. Eliminate the unfavorable tax treatment to mergers, business asset and solidarity tax. term Determine cost-benefit of taxes Draft changes in laws and institution to make the tax system efficient. Automate the tax agency and introduce planning and management techniques for tax collection. Attachment 1, pg. 1
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