Plans for Fiscal Reform in Nicaragua

The Government and the private sector have started negotiations to create a proposal for fiscal reform, which could include, among other things, changes aimed at achieving the financial sustainability of the Social Security scheme.

Wednesday, April 11, 2018

Without revealing details of the first sessions, the Higher Council of Private Enterprise (Cosep) reported that the reform negotiated with the authorities is focused on preventing insolvency of the Nicaraguan Social Security Institute and guaranteeing the country's economic growth.

In relation to the joint work done by the business sector and the government, the president of the Cosep, José Adán Aguerri, told that " ...'A process has been started and this process has its own dynamics, we have to understand that it is a process that is not going to happen in one day, this effort to achieve or at least try to achieve a tripartite agreement (...), but during the process, it is not our job to report what is being considered, but what things progress is being made on.'"

With respect to tax exemptions, Aguerri explained that the position of the business community is that they have " ..." pointed out that in the case of exonerations we agreed to the previous tax reform, in that a mechanism be applied in which it is demonstrated that whoever is investing, keeps that exemption: if you are not investing, if you are not generating new jobs, you are not exporting more, it means that you are not in need of any exoneration process."

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