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.
"There is money that people have not paid and things gradually get more complicated," he said. "This will allow people to get a fresh start."
He said that although the government has recovered 30 million dollars from contributors in arrears, there are still 80 million dollars outstanding, if interest and fines are included.

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Tax Amnesty Proposed in Panama

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The law proposal allows debt covenants of up to six months to pay taxes owed.

Tax debtors choosing to use this plan will have to pay at least 30% of their total tax debt.

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Tax Amnesty in El Salvador

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The Treasury Department is considering a one-time-only tax amnesty extension.

Treasury Minister Carlos Cáceres noted that, as the new terms expire, an efficient system of applying fines on the interest of debtors will be implemented.

Laprensagrafica.com published statements by Minister Cáceres: "... A restructuring of the Tax Code is being requested so that a more appropriate collection period can be established."

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Chicas Vílchez y Ruiz

Chicas Vilchez & Ruiz is a professional finance and accounting firm providing Auditing, Consulting, Outsourcing, and Tax services in El Salvador, Central America and the United States.
Operates in El Salvador, Costa Rica, Guatemala, Panama, Honduras and Nicaragua
Phone: (503) 2264 8069

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