Honduras: New Tax Code Announced

A bill prepared by the Executive and the private sector includes the concept of a single tax and the creation of an administrative court for tax matters.

Thursday, July 21, 2016

The bill must now be analyzed and approved by Congress. In addition to regulating exemptions, the new code creates the Superintendency of Tax and Customs and the Tax Administration Department.

Read bill proposal (in spanish).

A statement issued by the Presidency states that "... the new code creates the so-called single tax for small and micro-enterprises to pay taxes once a year, a format which is different from that of large enterprises."

Also, exceptions and tax exemptions will be subject to accountability and will be depend on social responsibility, job creation or any other proven benefit that the country will receive.

Also established is the concept of the Taxpayer Advocate, which will be an office attached to the National Commissioner of Human Rights (CONADEH), with a list of clear obligations and rights for taxpayers.

More on this topic

Panama: New Tax Code

January 2019

The law approved in the second debate establishes procedures and dates by which taxpayers may assert their tax rights.

From the National Assembly of Panama press release:

January 21st, 2019. After introducing new modifications, Law 692, by means of which the Tax Procedure Code is adopted, was approved in the second debate.

Global Income On The Table Again

July 2018

The new tax reform proposal presented by the Ministry of Finance of Costa Rica includes the creation of a global income system to impose and collect a tax on the profits of companies and individuals.

Taxing all of the profits of natural and legal persons, including those currently paid separately by the identity code income method, is the principal new feature of the new tax reform plan presented by the Ministry of Finance.

Honduras: New Tax Code Without Global Income

December 2016

The amendment to the Tax Code, partially approved by Congress, omits the concept of "global income", and establishes "territorial income".

Latribuna.hn reports that "...The Bill for a new Tax Code was drafted by the government, employers and a sector in the social economy, and during the dissemination it was said that the change to "Territorial Income represents a setback in the fight against capital flight."

Honduras: Consensus Over Tax Code

July 2016

The private sector and government have agreed on the basis of a bill to amend the Tax Code which will be sent to Congress for approval.

The draft law agreed between the business sector and the Hernández administration includes a single tax for small businesses. 

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