Nicaragua: Changes in Declaration of Income Tax

A controversial clause which invalidated the right to deduct anticipated monthly minimum payments in settlement of income tax has been removed from the declaration form.

Tuesday, March 25, 2014

After receiving criticism from the private sector and experts claiming that the amendment violated the tax law, the Directorate General of Revenue (DGI) has removed from the tax form the check box that did not recognize the right of deduction of anticipated minimum monthly payments in settlement of income tax (IR).

"The announcement was made yesterday by the President of the Superior Council of Private Enterprise (Cosep), Jose Adan Aguerri, who noted that after several days of negotiations, the Treasury decided to adjust the reporting system and leave the controversial box void. He also clarified that despite the delay, for now, the DGI will keeps the tax return deadline as 31 March, in other words there will not be an extension. "

More on this topic

Deduction of Expenses in "Tax Havens"

February 2015

In Costa Rica a bill intends to discourage the use of "tax havens", controlling the legitimacy of the costs incurred in those territories.

At present the bill under discussion in the Committee on Financial Affairs, is expected to publicize a final report in mid-March. The initiative "... also excludes deductions for expenses to be made or paid by resident individuals or entities in tax havens."

Nicaragua: Businesses Need More Fiscal Reform

February 2012

Business leaders see the government’s tax reform bill as insufficient and analysts suggest including more sectors in order to stimulate economic activity.

The Superior Council of Private Enterprise (COSEP) has stated that the tax reform bill that the government has sent to the National Assembly, was not consulted on with the private sector and they consider it "inadequate", reports El Nuevo Diario on its website.

U.S. Companies Deduct Taxes for Events in Panama

January 2012

Leveraging the recent inclusion of the country as one where Americans can organize tax deductible congresses, fairs and conventions, is a priority for 2012.

This one of the aims of the Panamanian government to consolidate Panama as a destination for conventions and business tourism, and is the first target that has been set by Tourism Authority of Panama for the year just begun.

Guatemala: All Pension Funds Will Deduct Taxes

February 2011

According to a Constitutional Court decision, contributions to all pension funds may be deducted from taxes.

Before this decision only contributions to pension funds authorized by the Superintendence of Banks were deductible from income tax (ISR).

The ruling goes further and states that any mechanism for funding an individual´s pension plan may be deductible, "any mechanism for pensions and retirement which is individually funded will be fitted to deduct income tax", established the ruling.

 close (x)

Receive more news about Public Finance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Take Back Your Life. Costa Rica $100,000 Income & Residency

Property has Everything – Location, Privacy, Ocean Views, Profitable Coffee, Waterfalls, 20 Segregated and Titled Building Sites, Farm Manager.
Very Profitable, $100,000, Coffee Farm, 70 Acre: 30,000...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(Apr 12)
Brent Crude Oil
Coffee "C"