Guatemalan lawmakers oppose new taxes

Opposition lawmakers have not a decided not to sign a report that favors a tax package that will provide financing for the 2009 budget.

Thursday, October 30, 2008

Yesterday, for over two hours, Fuentes Knight tried to convince the few congressmen that attended the meeting that the tax package, which includes the creation of new taxes, is needed in order to be able to carry out social benefit programs next year.

He insisted that in order for the Government to have "least possible adequate conditions" to respond to the impact of the global financial crisis, they will need for the 2009 budget and all of its financing sources to be approved.

More on this topic

Tax Changes in Costa Rica

March 2012

Already approved in the first instance, the draft Law on the Solidarity Tax involves substantial changes which will in general raise taxes on productive and commercial activities.

An article in Elfinanciero.com.cr reviews the main consequences of the adoption of the fiscal plan.

More Taxes for Free Zones in Costa Rica?

October 2011

New taxes for businesses in free zones contained in the draft fiscal amendment, are bringing insecurity and threatening the investment climate.

The tax advantages that have made Costa Rica an attractive country for foreign investment could disappear with the approval of a tax package pact agreed between the ruling party and the opposition Citizens Action Party.

Consultation on Tax Reform in Costa Rica

November 2010

The Finance Minister began talks with political groups trying to identify a project with as much support as possible prior to presentation.

Fernando Herrero, minister of finance, stated to Aaron Sequeira of Prensalibre.cr that the basics of the first draft of the proposed tax reform is progressiveness and simplicity, with the Value Added Tax (VAT) and Income Tax as the main sources of revenue.

Panama to Approve Tax Reform in 2009

May 2009

Among the main reforms that the tax system is looking to simplify is the elimination of alternative income tax calculation.

The new income tax rate that will be applied has yet to be defined.

Prensa.com reflected the statements of the new Economy and Finance Minister, Alberto Vallarino: "I am a believer in low taxes because they help in collection, especially in countries where we do not have a culture of paying taxes, which is a reality not only in Panama, but in every Latin American country."

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