El Salvador tax amnesty expected to yield $25 million
In an effort to increase tax collections, El Salvador's Finance Department has offered tax amnesty to past evaders in hopes that they will pay up in the future. The government hopes to collect an additional 25 million dollars with this strategy.
Friday, June 27, 2008
Finance Minister William Handal said the measure will be published in the Official Gazette this week and will take effect at once.
The Treasury Department is considering a one-time-only tax amnesty extension.
The law proposal allows debt covenants of up to six months to pay taxes owed.
The National Revenue Authority plans to raise $400 million from taxpayers who will be allowed to regularize their tax status under the Tax Adjustment Act.
The Superintendent of Tax Administration has contradicted the announcement made by the finance minister and ruled out a possible tax amnesty in the short term.
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