Tax Breaks Suspended for Two Months

Honduras's Congress has approved the 60-day suspension of tax exemptions, except for the maquila and renewable energy generation sectors.

Friday, January 18, 2013

The purpose of the measure is not to eliminate the exemptions but to verify proper use of them, calling the sectors involved to appear before a commission created for that purpose, to review all of the existing schemes and customs exemptions in the country.

"Minister Renan Inestroza (PN) said that there are 113 decrees which grant tax benefits, so a committee of 13 members, of whom only one is a representative from Congress and another from the executive, the rest are from civil society, will review these exemptions.

Article 1 of the decree states: "To suspended, for review purposes, all customs exemptions and other exemptions granted by the Ministry of Finance, including those that are pending resolution for up to a term of (60) calendar days from the entry into force of this decree", reports Laprensa.hn.

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A bill submitted to the Congress of Honduras has temporarily suspended all exemptions and tax benefits granted by the Ministry of State in the Finance Dispatches.

The deadline set in the decree is for a period of sixty days from the effective date of this decree, but it will be extended to ninety days upon approval by Congress.

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