Tax Amnesty in El Salvador
The Treasury Department is considering a one-time-only tax amnesty extension.
Monday, June 15, 2009
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.
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 Executive, Congress and delegates from the private enterprise are analyzing a possible tax amnesty.
The law proposal allows debt covenants of up to six months to pay taxes owed.
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.
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