Investments under $50,000 do not receive the tax benefits enjoyed by investors of larger amounts.
The Nicaraguan Chamber of Small and Medium Tourism Businesses (CAMTUR), has asked the Nicaraguan government to contemplate extending exemptions for investments in tourism to small businesses.
Elnuevodiario.com.ni reports that "President of Cantur, Leonardo Torres Cespedes declared that Law 306, Incentives Act for the Tourism Sector, states that to access the exemptions small businesses must invest between U.S. $50,000 and U.S. $100,000, which he considers 'high' for the sector. "
The government intends to review current tax exemptions for several productive sectors.
With the expressed purpose of broadening the tax base and reviewing existing tax exemptions for various sectors, the Minister of Finance, Ivan Acosta announced that a tax reform bill is being prepared.
The project will be submitted to the Legislature in the month of July, including changes to the current ceilings for exemption from income tax for workers.
The government is studying charging 1% on each credit card transaction and making it deductible from the Income Tax (IR).
This was confirmed by Alberto Guevara, who added that "It is not a new tax. Businesses accepting credit cards will have to do their Income Declaration anyway, and then this 1% will be deduced from the Income Tax disbursement".
"The head of the Ministry insisted this proposal is being analyzed in order to include it in the Tax Reform Project, which would be sent to the Legislative before October 15th...", reported La Prensa de Nicaragua.