Nicaragua: Tax Reform On The Horizon
A so called "tax pact" will be hurried by the Government, after pressure from the International Monetary Fund.
Thursday, July 23, 2009
"We must discuss this, we must be aware of the fact that in 2010 this will impact economic performance, and this is why it is being analyzed by the Superior Council of the Private Enterprise", indicated Bayardo Arce, Presidential Adviser in economic matters, in an article in newspaper "La Prensa de Nicaragua".
The Government did not provide details on how it plans to modify the tax collection system, but made the commitment to the IMF that it will increase revenue from tax collection.
Experts and economists agree that the government is seeking funds just to cover its budget deficit.
The business sector and the Government agreed to the postponement of the tax reform for two years in order to stimulate productive activity.
The COSEP of Nicaragua and the government are reviewing issues such as future tax reforms and social security, the new agreement with the IMF and the adjustments to the electricity tariff.
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