El Salvador: Legislators Vote No to Tax ReformThe opposition in the Assembly is calling for government approval of the bill on fiscal responsibility before approving the issuance of debt of $1.15 billion and a proposed tax package.Friday, May 23, 2014
The lawmakers argued that there is a need to thoroughly scrutinize the text of the proposed reforms, as there is uncertainty over the destination the government will chose for the proceeds as well as strategies to revive the national economy in order for the state to ensures there is liquidity rather continuing to generate more debt for the country. Source: elsalvador.com El Salvador: Dangerous Increase in Government DebtApril 2015 Instead of cutting back on spending, the State has once again called on the Legislature to approve borrowing another $900 million, which will bring total debt to a record of nearly $17 billion. El Salvador: New Warning from Fitch RatingsMarch 2015 According to the ratings agency the political polarization that characterizes the Legislature which will take office on May 1 could hamper the implementation of the fiscal reforms that the country needs. El Salvador to Issue $350 million in BondsNovember 2014 The Ministry of Finance plans to issue before the end of the year the balance remaining on the $1,150 million in bonds approved by Congress in May. More Taxes in El SalvadorJuly 2013 The third tax bill is now ready; it will tax bank transfers, luxury homes, as well as products used by printing companies.
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