El Salvador Broadens Tax Base

With a view to increasing tax revenues, the treasury has presented a plan to broaden the country's tax base.

Tuesday, August 17, 2010

If the proposal goes ahead, from January 2011 the minimum amount subject to tax on income will be reduced from $316.67 to $209.52.

"According to the Treasury's draft document, employees earning between $209.52 and $316.67 (who are not currently required to pay tax on their income) will have withholdings applied to their pay from 2011. The proposal also suggests getting rid of income tax returns, under the assumption that employees will be taxed exact amounts," writes Daniel Choto for Elsalvador.com.

More on this topic

Guatemala Studies Tax Hike

November 2009

The Government could raise the Income Tax (IDS) to 6% and the Solidarity Tax (ISO) to 2%.

The proposal is being analyzed by a group of presidential advisers and the Ministry of Public Finances.

"ISO currently charges 1% over gross sales or net assets of a company...", reports Elperiodico.com.gt. "Another option being considered is raising the Income Tax (ISR) from 5% to 6%...".

Honduras: Increase to Income Tax Approved

April 2011

The 1% increase in the country's tax on income (ISR in Spanish) will apply from the beginning of the 2011 new tax year.

The reform to Honduran income tax law was approved by congress and only applies to companies with revenue above $529,000.

Finance Minister, William Chong, told LaPrensa.hn that, "the reforms do not affect salaried workers...

Honduras: Income Tax Increase In Effect

June 2011

With the publication in the official daily newspaper, a 1% increase on income tax (ISR) comes into force.

The amendment to the income tax law adopted by Congress applies only to companies with revenues in excess of $529 thousand (10 million lempiras). The increase will be applicable for the fiscal year beginning in 2011.

El Salvador: Proposed Adjustments to Income Tax

November 2011

The FMLN's proposed reforms include, among other things, raising the limit of exempted income.

Representatives from a faction of the FMLN have presented a series of reforms to income tax law, with which they aim to reduce the burden on those earning less and increase the burden on those earning more.

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