The industrial union has reported that 245 industrial companies ceased paying social insurance in 2015, with some of them deciding to operate in the informal sector and other closing permanently.
Violence and insecurity, the creation of more taxes and lack of legal certainty are some of the factors behind the decision of many Salvadoran companies to completely close their operations or go to work in the informal economy.Data from the Association of Industrialists (ASI) indicates that the informal sector rose from 52% of the economy in 2010 to 72% in 2015.
The demand for credit by people who can not meet the requirements of regulated financial institutions, is favoring pawnshops and moneylenders.
Financial institutions operating under the official regulatory framework have requirements, as established in law, that many Guatemalans can not comply with when applying for a bank loan. This situation has resulted in an increase in the number of entities operating outside of the law, offering quick financing without a lot of formalities or requirements.
The Executive has proposed that individuals and business organizations that operate informally pay a single tribute of $20 a year.
The Guatemalan vice president, Roxana Baldetti proposed formalizing the informal economy through payment of a single annual tax of $20 which would apply to micro, small and medium enterprises operating in this segment of the economy.
In 2006 there were 957.017 insured people and Panama in 2011, the number exceeded 1,2 million, indicating that the informal sector of the economy has declined.
From a press release from the Ministry of Economy and Finance:
According to the publication "Panama in Figures", from the National Institute of Statistics and Census, in 2006 in Panama had 957.017 registered for social security and for 2011, the number exceeded 1,2 million, indicating that the informal sector of the economy has declined . This is a great reference for estimating the level of formality of the economy, because as people are insured, their working relationship and commercial operations are formalized, said the Director of Economic and Social Analysis at the Ministry of Economy and Finance, Roger Alvarado.
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