Nicaragua: Tax Reform Would Affect Agriculture

Agricultural companies stated their concern in the first meeting they held to analyze the Government's proposal.

Friday, August 21, 2009

Growers will be affected by the possible increase from 1% to 2.5% in retention to transactions done through Agricultural Exchanges, said Felipe Argüello, general manager at Bolsagro, the Agricultural Products Exchange.

He also added, in an article in "It was hard for individual growers to declare by themselves, being agriculture such a disperse and fragmented sector. For this reason such scheme was successful, as it was attracting and ordering producers".

More on this topic

Nicaragua Tunes Up Fiscal Reform

August 2009

Experts and economists agree that the government is seeking funds just to cover its budget deficit.

The tax reform is being discussed behind closed doors by the Superior Council of the Private Enterprise.

Economist Néstor Avendaño told newspaper La Prensa: "This has been handled secretively ... an optimal tax reform should go beyond simply raising collection".

Nicaragua: Tax Reform On The Horizon

July 2009

A so called "tax pact" will be hurried by the Government, after pressure from the International Monetary Fund.

"We must discuss this, we must be aware of the fact that in 2010 this will impact economic performance, and this is why it is being analyzed by the Superior Council of the Private Enterprise", indicated Bayardo Arce, Presidential Adviser in economic matters, in an article in newspaper "La Prensa de Nicaragua".

Nicaragua Postpones Tax Reform

May 2009

The business sector and the Government agreed to the postponement of the tax reform for two years in order to stimulate productive activity.

President Daniel Ortega addressed the need to have a good discussion on the issue and reach a consensus.

Leonor Alvarez wrote in an article in "After a four-hour meeting, Ortega said that tax coordination will begin to be planned in October because he believes that there will be a clearer picture during the last three months of the year on world economy trends, which is the basic agent in determining tax policy."

Nicaragua announces tax reform

August 2008

The Government did not provide details on how it plans to modify the tax collection system, but made the commitment to the IMF that it will increase revenue from tax collection.

Tax law expert, Julio Francisco Báez, said that the reform will not only seek to increase collection, but to stimulate investment and eliminate anti-exporter biases.

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