Tax Collection Increases in Honduras

The closure of duty-free stores in land based customs, hotels and shopping centers is thought to be the reason for the rise.

Wednesday, August 18, 2010

In February 2010, the Honduran Tax Revenue Service board of directors suspended the contracts of tax-free shopping stores after receiving complaints that these businesses were often linked with the illegal trade in cigarettes and alcoholic beverages.

"Revenue from the country's sales tax (set at 15%) on alcoholic beverage and cigarette imports increased by approximately $23.5 million between June and July 2010," reports Elheraldo.hn.

Total revenue this year from this tax is forecast to be $42.3 million.



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As provided for in Article 22-A of the Act on Public Finance Planning "... all companies with earnings of 10 million Lempiras ($480,000) per year must pay 1.5 on their gross sales even if they have had losses."

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Trade Up 7.2% at Colon Free Zone

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In the first eight months of the year, sales at the Panama free trade zone reached $ 13.08 billion.

This figure is 7.2% higher than the same period of 2009, as revealed in a bulletin prepared by the General Comptroller's Office.

The general manager of the Colon Free Zone, Leopoldo Benedetti, said "that due to economic recovery, commercial transactions in 2010 will exceed 20 billion dollars, particularly due to the increase in Christmas shopping and product demand," reports Prensa.com.

Free Trade Zone Reform in Guatemala

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If proposed reforms are approved, the country should find it easier to attract foreign investment.

The reform to the Free Trade Zone law is expected to be approved by the end of the year, stated congressman Mariano Rayo.

"This initiative seeks to create conditions favorable to encouraging investment.

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