Taxes tax reform reforms Income tax Value Added Tax (VAT) Taxation income tax Nicaragua National Assembly Private Enterprise Council (Nicaragua) tax system tax systems Fernando Herrero Ley de Equidad Fiscal Treasury Secretary of Costa Rica Agronomy

New Fiscal Rules Effective in Nicaragua

On January first new rules came into force on taxation which reduce income tax, and others that aim to reduce tax evasion.

Monday, January 7, 2013

The government hopes that with this new reform it will increase productivity and competitiveness.

"The law brings new issues, such as a fiscal method for separating of incomes: into earned income, income from economic activity and income from equity.

It also includes issues such as transfer pricing for companies, leasing and eliminating exemptions from Value Added Tax, VAT on purchases made by the public sector ", reports Elnuevodiario.com.

Other topics included in the reform include increasing taxes on cigarettes and greater benefits for SMEs investing in tourism and forestry projects.

Source: elnuevodiario.com.ni

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Key entities

Nicaragua National Assembly Private Enterprise Council (Nicaragua)

Countries

Nicaragua

Insight

tax reform reforms tax reform tax system tax systems Taxation income tax Income tax Value Added Tax (VAT) Taxes

Progress on Approval of Tax Reform in Costa Rica

November 2011

After being approved by the Special Commission, the bill has moved on to the legislative plenary discussion.

The project aims to reduce the fiscal deficit, which currently stands at 3.2% of gross domestic product, and could be approved by the plenary of the Legislative Assembly before the end of the year.

Guatemala Studies Tax Hike

November 2009

The Government could raise the Income Tax (IDS) to 6% and the Solidarity Tax (ISO) to 2%.

The proposal is being analyzed by a group of presidential advisers and the Ministry of Public Finances.

"ISO currently charges 1% over gross sales or net assets of a company...", reports Elperiodico.com.gt. "Another option being considered is raising the Income Tax (ISR) from 5% to 6%...".

Guatemala aims to tighten up on taxes

July 2008

Guatemala's proposed new tax regime will put pressure on companies to keep much stricter accounts.

Companies that pay 31 percent of net profits (the proposal describes this as the "profits from lucrative activities regime") could face serious problems if they incur in shoddy book-keeping.

New law in Guatemala to govern income tax, rates and controls

June 2008

The Executive Branch of government has proposed a lengthy new income tax law.

Under the proposal, the changes to the income tax structure would affect the general income tax, optional taxes and local taxes. It would create levies on dividends from capital and new limits on deductible expenses.