Appeal Against Tax Reform

In Nicaragua, the business sector is preparing an appeal of unconstitutionality against the Tax Concertation Law, approved a few days ago by the National Assembly.

Monday, March 4, 2019

The Tax Concertation Law, approved on February 27 and in effect since February 28, establishes a 1% to 3% increase in the income tax of large taxpayers, and from 1% to 2% in the income tax of medium-sized companies.

"... The president of Cosep, José Adán Aguerri, confirmed to El Nuevo Diario that the legal team of this business leadership is analyzing the mechanisms to appeal to the Constitutional Chamber of the Judiciary in rejection of this reform, which has raised much unease in different sectors of the country."

Elnuevodiario.com.ni reviews that "... It is a confiscatory reform that would promote the decapitalization of companies, the flight of capital, the lack of investments, as well as the illiquidity, insolvency and inevitable bankruptcy of many firms."

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