The Cabinet has approved the creation of a special trust for the construction of a bulk cargo terminal at Puerto Cortez.
A press release from the President of Honduras reads:
The Council of Ministers approved on Tuesday (December 20, 2011) a contract for a special trust for the construction of a bulk cargo terminal at Puerto Cortes, as part of the expansion and modernization of the national port platform.
The funding of $300 million for the construction of the Patuca III hydroelectric project has been approved by the bank Eximbank.
Financial Secretary, William Chong Wong said that negotiations of both the technical and political details with China have reached the final phase, which has led to the approval of funding by the bank.
The 1% increase in the country's tax on income (ISR in Spanish) will apply from the beginning of the 2011 new tax year.
The reform to Honduran income tax law was approved by congress and only applies to companies with revenue above $529,000.
Finance Minister, William Chong, told LaPrensa.hn that, "the reforms do not affect salaried workers... and those that have suffered losses due to natural disasters may be exempt but will have to provide justification".
"There are people with annual expenditures over $ 150,000, but only declare $ 26,000 in income" stated the Executive Director of Revenue (DEI), José Oswaldo Guillén.
With regards to the tax evasion and fraud plan announced in December by the Secretary of Finance, William Chong Wong, starting the first day of January the method of alleged income to individuals in liberal professions will be applied.
Finance Minister William Chong Wong affirmed they will be completely transparent when the International Monetary Fund reviews Honduras’ accounts.
The previous IMF visit to review national accounts, a compulsory process for all member states, was conducted in Honduras back in 2009, when Manuel Zelaya was still president. According to Proceso.hn, the mission “reviewed the numbers and found imbalances in public spending, mismanagement of state companies and noncompliance with the agreement signed with the Fund”.
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